The marine coatings market is estimated to be USD 4.45 billion in 2017 and is projected to reach USD 5.29 billion by 2022, at a CAGR of 3.50% from 2017 to 2022.
The growth of the marine coatings market can be attributed to the continuous growth of the shipbuilding and offshore engineering industries in emerging economies. However, fluctuating prices of raw materials used for manufacturing marine coatings and increasing environmental regulations are the challenges for the growth of the marine coatings market.
Anti-corrosion coatings are the most widely used type of marine coatings as they enhance the life as well as quality of structures or surfaces, wherein they are applied. Anti-corrosion coatings are passive corrosion-resistant products. These coatings isolate surfaces from aggressive corrosive agents such as moisture, salts, and acids.
Epoxy marine coatings are widely used in the shipbuilding industry due to their anti-corrosion properties. These coatings prevent corrosion in those parts of ships that are continuously exposed to seawater and ultraviolet (UV) rays. This results in an increased demand for epoxy marine coatings from the shipping industry, thereby leading to the growth of the epoxy segment of the marine coatings market.
The marine coatings market has been studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is expected to lead the marine coatings market during the forecast period, owing to the increased consumption of marine coatings in emerging economies such as China, India, and South Korea.
The Asia Pacific marine coatings market is also projected to grow at the highest CAGR between 2017 and 2022, in terms of value. The demand for oil & gas is increasing in tandem with the ongoing urbanization and industrialization in the region. This, in turn, has fueled the demand for large cargo vessels from the region, thereby increasing the demand for marine coatings in the Asia Pacific region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities In Marine Coatings Market 4.2 APAC Marine Coatings Market, By Resin and Country 4.3 Marine Coatings Market, By Application 4.4 Marine Coatings Market, By Product Type
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Increasing Shipbuilding Activities In APAC 5.2.1.2 Upcoming Shipbuilding Projects and Plans 5.2.1.3 Reduction In Fuel Consumption 5.2.2 Opportunities 5.2.2.1 Increasing Demand From the Oil & Gas Industry 5.2.2.2 Advancements In Marine Coating Technologies 5.2.3 Challenges 5.2.3.1 Fluctuating Raw Material Prices 5.2.3.2 Environmental Regulations 5.3 Porter's Five Forces Analysis 5.4 Macroeconomic Indicators 5.4.1 Gdp Forecast of Major Economies 5.4.2 Trends and Forecast of Oil & Gas Industry and Its Impact on the Marine Coatings Market 5.4.3 Trends and Forecast of Shipping Industry and Its Impact on the Marine Coatings Market
