Global Stock Coatings Market: Overview
Stock coatings refer to a variety of protective coatings that are used in the marine sector so as to make ships tougher and more resilient to the rigors of humidity, corrosive stock atmosphere, and continuous contact with salt water. Finding applications across cruises, ships, yachts, and vessels, these coatings are often more dominantly applied on the exteriors and decks of these marine vehicles than on the interiors. Easy to apply with proven performance in harsh conditions, stock coatings form an important element of onboard maintenance procedures for marine vessels.
The global market for stock coatings has embarked on a path of steady growth over the years and the market continues to benefit from the continued rise in demand from the leisure yachts industry. As such, the market holds good growth promise for the next few years and is likely to witness the introduction of new products as companies focus on expanding their portfolios and application areas and government compliances compel the development of bio-based and eco-friendly products to protect marine environments from unwarranted pollutants found in conventional, oil-based coatings. This report presents a thorough account of the present and potential future growth prospects of the global stock coatings market.
Global Stock Coatings Market: Trends and Opportunities
One of the leading factors expected to work in favour of the global stock coatings is the thriving oil and gas industry and the vast rise in maritime trade in the past few years as economies witness steady financial growth and imports and exports see a surge. These factors are likely to remain the leading growth factors for the market, allowing it a steady set of growth opportunities. However, the market could be hit by the sluggish growth of the shipbuilding industry in the recent years.
Moreover, the market could also suffer adversities owing to the stringent regulatory norms imposed by governments in a number of countries pertaining to the composition of stock coatings, with conventional coatings faring high on the content of VOCs beings rapidly made to phase out. This factor is likely to be a big restraint for established companies who have mostly worked on tried and tested formulas involving the use of crude oil and its products as raw materials for the production of their popular products. So as to ensure sustainable business in these difficult regulatory environments, companies need to focus on the development of more fitting, environment-friendly products.
Global Stock Coatings Market: Geographical and Competitive Dynamics
From a geographical standpoint, the report segments the global stock coatings market into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. Of these, the market in Asia Pacific is presently the dominant force owing to the well-established shipbuilding industry in countries such as China, Japan, and South Korea. The steady expansion of the sector is likely to ensure that the Asia Pacific market retains its leading position in the global stock coatings market in the near future as well.
Moreover, there has been a notable surge in the numbers of ship-owners in Singapore in the past few years, which is expected to supplement growth promise for the regional market in the next few years. The markets in North America and Europe continue to be leading revenue generators owing to the well-developed maritime trade industry and the large number of yacht owners. Stringent environment protection norms are likely to play a major role in the future growth prospects of these regional markets in the near future.
Some of the leading companies operating in the global stock coatings market are MCU-Coatings and PPG Industries.
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