The World Market for Hull Coatings - Growth, Trends and Forecasts (2019-2024): AkzoNobel, PPG Industries, Jotun, Hempel, and BASF are Dominating - ResearchAndMarkets.com
The "Hull
Coatings Market - Growth, Trends, and Forecast (2019 - 2024)"
report has been added to ResearchAndMarkets.com's
offering.
The hull coatings market is expected to grow at a CAGR of around 7%
during the forecast period of 2019-2024.
One of the major factors driving the growth of the market studied is the
increasing oil & gas activities across the globe. On the flipside,
stringent government regulation serve as one of the major stumbling
blocks in growth of the studied market.
Key Highlights
-
Vessels segment dominated the market in 2018 and is likely to grow
during the forecast period, with the growing ship building industry in
the Asia-Pacific region, along with the increasing production rates of
leisure boats and cruise ships around the world.
-
Innovation & development of eco-friendly hull coatings is likely to
provide opportunities for the studied market during the forecast
period.
-
Asia-Pacific dominated the market across the globe, where the growth
is majorly driven by the growing demand from the ship-building
industry.
Key Market Trends
Vessels Segment to Dominate Market Demand
-
Hull coatings, which are also referred to as anti- fouling, are
essential for marine ships. They exhibit properties like
anti-corrosive and anti-fouling, which can increase the ships working
life cycle.
-
High-performance anti-fouling provides lifelong benefits, including
extended dry-dock intervals and reduced time in dry-dock, lower future
maintenance costs and reduced greenhouse gas emissions through lower
fuel consumption.
-
Hence, hull coatings play a key role in reducing the overall
operational and commercial costs of a vessel.
-
With recovery prices in oil & gas industry, the exploration &
production has started increasing across the globe. The major increase
in oil & gas offshore exploration activities is noticed in North Sea,
North America, and Middle Eastern regions.
-
With this, the demand for vessels is also increasing in these regions.
-
Besides, the demand for passenger, bulk containers, and container
vessels is also increasing with growing population, and growing trade
between nations.
-
Such trends across the globe have been leading to the growth of
production in ship building industry, which is further driving the
demand for hull coatings for application in vessels.
Asia-Pacific to Dominate the Global Market
-
Asia-Pacific region dominated the global market share in 2018.
Asia-Pacific is the world largest ship producing region in the world,
which caters to the demand for various types of vessels, ranging from
ferries, small boats, fishing vessels, tow & tug boats to oil industry
vessels, cargo ships, passenger ships, bulk carriers, and container
ships.
-
In Asia-Pacific, countries, such as China, Japan, and South Korea, are
the leading producers of vessels, while large shipyards also exist in
various other nations of the region.
-
Ships are mainly built after procuring projects and according to the
customer requirements. It takes a minimum of 2 years to complete the
production of a ship. Currently, such countries have been receiving
bulk orders for vessels.
-
For instance, in November 2018, three South Korean yards, namely
Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy
Industries, and Samsung Heavy Industries won more than 50 orders for
new large-scale LNG tankers which have to be delivered in the next
three years. Besides, China holds a contract to build 24 vessels,
Japan 15 vessels, and Singapore 1 vessel.
-
Hence, such bulk orders in line for production are projected to drive
the demand for hull coatings from the shipbuilding industry in the
region during the forecast period.
Competitive Landscape
The hull coatings market is a consolidated market, where few players
account for significant share of the market demand. Some of the major
players in the market include AkzoNobel N.V., PPG Industries Inc.,
Jotun, Hempel, BASF SE, amongst others.
Key Topics Covered
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Oil & Gas Exploration Activities
4.1.2 Increased Orders for Vessels
4.2 Restraints
4.2.1 Strict Government Regulations
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1 Coating Type
5.1.1 Self-Polishing Coatings (SPCs)
5.1.2 Fouling Release Coatings (FRC)
5.1.3 Others
5.2 By Application
5.2.1 Vessels
5.2.2 Rigs
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and
Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Axalta Coating Systems
6.4.2 AkzoNobel N.V.
6.4.3 PPG Industries
6.4.4 Jotun
6.4.5 Hempel A/S
6.4.6 Chugoku Marine Paints Ltd.
6.4.7 BASF SE
6.4.8 Boero Bartolomeo S.p.A.
6.4.9 Sherwin-Williams
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovation & Development of Eco-friendly Hull Coatings
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