(MENAFN - iCrowdNewsWire) iCrowd Newswire - Aug 6, 2019
According to the new market research report " Marine Coatings Marketby Resin (Epoxy, Alkyd, Polyurethane), Product Type (Anti-Corrosion Coatings, Antifouling Coatings), Application (Cargo Ships, Passenger Ships, Boats), Region - Global Forecast to 2027″, is projected to grow from USD 3.4 billion in 2018 to USD 4.7 billion by 2027.
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Increasing demand for marine coatings from the shipbuilding industry in emerging economies such as China, India, and Brazil, is expected to fuel the growth of the marine coatings market across the globe. The marine coatings market is also expected to grow because of the rising demand for reduced fuel consumption in cargo and cruise ships. The need to reduce fuel consumption is also expected to drive the market.
Among resins, the polyurethane segment of the marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value.
Among resins, the polyurethane segment of the marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value. Polyurethane resins are versatile and environment-friendly. They are available with different degrees of rigidity and solid content. Polyurethane resins offer superior properties such as high corrosion resistance, abrasion resistance, impact strength, and low-temperature flexibility, which make them suitable for various marine coating applications.
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Among applications, the cargo ships segment accounted for the largest share of the marine coatings market, in terms of value.
Based on application, the cargo ships segment accounted for the largest share of the marine coatings market, in terms of value. The cargo ships are specifically structured to carry large quantities of cargoes compressed in different types of containers. In addition, the cost of transportation through water is substantially lesser as compared to other modes of transportation. These factors are expected to increase the demand for cargo ships, thereby leading to increased demand for marine coatings.
The Asia Pacific marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value.
The marine coatings market has been studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of the market in the Asia Pacific region can be attributed to increased demand for marine coatings from various countries such as China, India, and South Korea. Various countries of the Asia Pacific region have expanded their ship manufacturing base, which, in turn, has led to the growth of the Asia Pacific marine coatings market.
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Key players operating in the marine coatings market include PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), Chugoku Marine Paints (Japan), Nippon Paint (Japan), Kansai Paint (Japan), Axalta (US), and BASF Coatings (Germany).
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