Marine Coatings Market – Demand and Sales Forecasts, Market Share, Market Size, Major Key Players


Posted May 4, 2018 by ggshri1989

Marine Coatings Market categorizes the global market by Resin, Product Type, Applications and Region.

 
The marine coatings market is projected to grow from USD 3.31 Billion in 2017 to USD 3.93 Billion by 2022, at a CAGR of 3.50% during the forecast period from 2017 to 2022. The increase in the overall international trade has resulted in the increased use of sea routes for carrying out trade activities across the globe. This has led to rise in the number of bulk carriers, container ships, and general cargo ships being manufactured across the globe, thereby widening the scope of the marine coatings market. In addition, the increasing demand for marine coatings from emerging economies such as China and South Korea is expected to fuel the growth of the marine coatings market across the globe.
Browse 125 market data Tables and 28 Figures spread through 142 Pages and in-depth TOC on "Marine Coatings Market by Resin (Epoxy, Alkyd, Polyurethane, Acrylic, Polyester, and Fluoropolymer), Product Type (Anti-corrosion Coating, Antifouling Coating), Applications (Cargo Ship, Passenger Ship, Boat), and Region - Global Forecast to 2022 "
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The marine coatings market has been segmented based on resin, product type, application, and region. Among resins, the epoxy segment is expected to lead the marine coatings market during the forecast period, in terms of value. The growth of this segment of the market can be attributed to the outstanding chemical and water resistance offered by epoxy marine coatings. Moreover, these coatings are also extremely durable and have excellent adhesion to a variety of substrates.
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 from 2017 to 2022, 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 2016, in terms of value.
Based on application, the cargo ships segment accounted for the largest share of the marine coatings market in 2016, 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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Issued By MarketsandMarkets
Country United States
Categories Business , Industry
Tags marine coatings market
Last Updated May 4, 2018