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Global Market Insights has launched a report on marine coatings market value that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.
A number of companies are, therefore, focusing on the development of comprehensive coating and service solutions for the protection of these vessels from the impact of their demanding operational requirements. Impelled by these aspects and according to the latest research conducted by Global Market Insights Inc., marine coatings market size is anticipated to surpass USD 6 billion by 2027.
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The recent years have recorded an increase in the adoption of offshore supply vessels, opening new avenues for marine coatings market growth across various regions. The trend is majorly being driven by the rising need for advanced coatings for the maintenance of high operational performance in OSVs.
Increasing adoption of innovative technologies in the APAC
Asia Pacific marine coatings industry is slated to foresee considerable expansion through 2027, driven by an upsurge in the deployment of innovative technologies for the development and launch of various products.
For instance, in March 2021, I-Tech AB's antifouling technology, Selektope, made it to the headlines for being a major component in Chugoku Marine Paints' domestic coating range and in a new product for the Japanese leisure boat industry.
Escalating demand for antifouling paint
Typically applied to the underwater hull of ships, antifouling paint helps in preventing or discouraging the growth of organisms that get attached to the hull. The paints contain self-polishing resin and biocide, which helps in the prevention of biofouling organisms.
Furthermore, the usage of self-polishing copolymer paint helps in releasing biocide at an almost constant rate, which is another advantage propelling marine coatings industry growth through the estimated period. The mechanism of self-polishing ensures a consistency in the renewal of paint film and helps in the release of biocide on the surface for preventing the settlement and attachment of biofoulants.
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Marine coatings competitive landscape: A brief overview
Key marine coatings companies include Hempel A/S, Sherwin-Williams Company, KCC Corporation, Chugoku Marine Paints, Ltd, Jotun A/S, NipponPaint Co., Akzo Nobel N.V., Kansai Paint Co., Ltd., and others.
These companies are focused on the implementation of strategic initiatives such as acquisitions, mergers, partnership agreements, and collaborations for the establishment of a strong foothold in the industry. A few instances to support the aforesaid are as follows:
- Nippon Paint Marine Coatings Co., Ltd., in January 2021, rolled out a self-polishing antifouling coating, FASTAR. The product is the first for incorporating a hydrophobic and hydrophilic nanodomain structure by deploying a unique nanotechnology.
- In October 2021, PPG announced the expansion of its coatings offering for wastewater units. The portfolio comprises solutions for an extensive range of wastewater management processes, including sludge handling and disinfection, primary and secondary treatment, and collections.
To sum up, the rising popularity of recreational activities, including powerboat racing, sailing, and cruising, is expected to propel the demand for different types of marine coatings, boosting business expansion through the forecast period.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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