(MENAFNEditorial) Marine coatings are primarily used as protective coatings that are applied on the surface of metal used for constructing marine vehicles like boats, ships, and submarines. Market Research Future (MRFR) has published and released a research report about the global marine coatings market that expects growth for this market during the forecast period between 2017 and 2023.
The market for marine coatings is growing primarily due to the reason that the cost of treating the corrosion of metal is higher than the cost of preventing it. The global marine coatings market has been segmented on the basis of application, product type, resin type, and region. The application-based segmentation segments the market into boats, cargo ships, passenger ships, and others. During the forecast period, cargo ships segment is expected to achieve the highest growth. The growing use of cargo ships in international trade has created demand for the use of marine coatings in this segment, regarding the construction of ships.
As per product types, the market has been segmented into anti-corrosion coatings, antifouling coatings, and others. Based on resin type, the market has been segmented into alkyd, epoxy, polyurethane, and others. Among these segments, the polyurethane resin is dominating the market. During the forecast period, it is expected to continue its dominance over the market. Its advantages include efficient corrosion and abrasion resistance, environment-friendly nature, impact strength, low-temperature flexibility, and versatility.
The regional segmentation of the global marine coatings market segments the market into continent-based regional markets namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). The Asia Pacific holds the lion's share of the global market, and it has been anticipated to emerge as the fastest growing regional market during the forecast period. The key factor augmenting the market growth in this region is the growing international trade from this region due to which the demand for marine coating is increasing. China and India are major shipping hubs in this region. Hence, these countries have the potential of emerging as lucrative markets. The growing energy requirement in the developing economies of this region because of which increased the oil and gas activities are increasing the demand for marine coatings in the oil rigs and other offshore structures. Other important country-specific markets in this region are Australia, Japan, and New Zealand, followed by the rest of the Asia Pacific region.
According to the report, North America is another dominant regional market. Here the market is strong due to the presence of the developed marine and oil & gas sector. Exports, as well as imports by sea, are increasing in this region. Also, North America is one of the largest market for boats, cruise liners and yachts. Therefore, the demand for marine coatings is always high in the region. The most important country-specific markets in this region are the United States of America (USA), Canada, and Mexico.
Access Report @ https://www.marketresearchfuture.com/reports/marine-coatings-market-5348
Europe is a lucrative market that is primarily driven by the growing international trade and the oil and gas industry. Due to the growing international trade mainly in Germany, Italy, and the United Kingdom (UK), the demand for vessels in this region is growing significantly, enhancing the market growth for marine coatings. Due to the developed tourism industry in Europe, the demand for cruise liners and yachts is high which will boost the market for marine coatings. Other significant country-specific markets in Europe are France and Spain, followed by the rest of Europe.
The report predicts moderate growth for Latin America due to the growing marine and energy sector. This region faces market restraints due to poor port infrastructure and complex trade laws. The primary country-specific markets in Latin America are Argentina and Brazil, followed by the rest of Latin America. In the MEA region, the market is slow and steady. Reasons for the limited market growth in this region are lack of awareness, lack of education, lack of technological development, and political instability. The cream of MEA region market generating maximum revenue comprises of Bahrain, Turkey, Israel, Qatar, Kuwait, Oman, North Africa, United Arab Emirates (UAE), and Saudi Arabia, followed by the rest of MEA region.
Key Players
The key players in the global marine coatings market include Axalta (USA), AkzoNobel (Netherlands), BASF SE (Germany), Chugoku Marine Paints (Japan), Hempel (Denmark), Jotun (Norway), Kansai Paint (Japan), Nippon Paint (Japan), PPG Industries (USA), and Sherwin-Williams (USA).
Latest Industry News
- Interplastic Corp. and Structural Composites Inc. have forged a partnership to market Advanced Marine Coatings. 27 SEP 2018
- One of the world's leading paint and coating suppliers, Jotun, has collaborated with Seagull Maritime AS, to develop an informative set of e-learning modules on the theme of onboard paint maintenance, with emphasis on in-service treatments. 3 OCT 2018.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact:
Market Research Future
+1 646 845 9312
Email:
MENAFN1610201800703489ID1097577551
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.