Since 70% of the earth’s surface consists of water bodies, marine vehicles has always been a reliable source of freight and passenger transportation. According to United Nations Conference On Trade And Development Review of Maritime Transport 2017, the global fleet’s collective value stands at $829 billion. A revenue of this magnitude is generated through a tireless industry of fleets which undergoes regular maintenance, through which transportation around the world is accomplished smoothly. To keep these ships protected from corrosion and insure an aesthetic appearance, the marine coatings market plays an important part. This market generates a high demand from navies of all the countries as well as commercial ships used for both cargo and passenger transportation purposes.
Marine coatings are of several kinds, the primary one being epoxy coatings. This application segment is expected to grow with a noticeable compound annual growth rate (CAGR) of 4.56% during the forecast period of 2019-2025. During the same forecast period, the global marine coatings market will grow with a healthy CAGR of 3%. This will be a substantial improvement over its evaluated market size of $5,463 in the year 2018.
Marine coatings are a type of coatings that are specifically used for marine vehicles. They offer several benefits to the ships they are painted on including improvement of appearance, weather resistance, resistance to chemical solvents such as water, oils, and resistance to impact while in transit. Workers generally spray paint these coatings and are made to wear protective attires while painting as some of the coatings can be hazardous, an obstruction that is being regulated by the governments now. As per the UNCTAD Review of Maritime Transport 2017, Asia Pacific has been phenomenal in ship production in the last few years. Japan, South Korea, and China manufactured 91.8% of the world’s ships with China owning around 5206 ships of 1000 tons and above. This has led to APAC being the geographical leader of the marine coatings market with a regional share of 36% in the year 2018.
Due to tangential forces of fluid, ships undergo a massive amount of frictional resistance inside the water while travelling from one place to another. This resistance can lead to ship degradation and can be highly disadvantageous to the marine vehicles industry. This is the reason why ships are religiously painted with anti-corrosion coatings as they protect the hull from any prospective damages. This is driving the global marine coatings market and providing imperative growth to it.
The world population is increasing exponentially. This when paired with an increase in disposable income acts as a strong growth driver for the global marine coatings market. For leisure activities, people are soliciting yacht and cruise ships for vacationing, which in turn is increasing the marine industry and increasing manufacturing of ships. It’s important for the companies to attract the consumers through improving the appearance of ships aesthetically by applying anti-fouling paints on it.
The one big challenge repeatedly encountered by the marine coatings market is the wastage of product during application on marine vehicles and the environmental damage followed. According to Epoxy Resin Committee, 20% of the epoxy utilized in marine coatings is likely to get lost during application. This challenge can be combated by the introduction of bio marine coatings that do not cause harm to the environment even when wasted.
Some of the key players of the marine coatings market are Jotun, AkzoNobel, PPG Industries, Hempel, Chugoku Marine Paints Ltd., and Nippon Paint Marine Coatings Co. Ltd., Kansai Paint, Chugoku Marine Paints, BASF Coatings, and Vermont Natural Coatings Inc,
Vermont Natural Coatings, a USA based organization specializing in coatings has developed a series of marine coatings that makes use of patented PolyWhey technology that are in accordance with defined environmental conservation standards.
The hull, one of the most important parts of a ship is also an inviter of sub-aquatic organisms that stick to the hull and promote growth of unwanted seaweeds. Key players of the marine coatings market are trying to innovate and manufacture metal free anti-fouling coatings that do not wreck the hull by possessing foul resisting properties. These coatings are equipped with foul releasing technologies that help in keeping the hull corrosion free. These coatings are manufactured out of organic products and are therefore environmentally safe.
Nowadays, these anti-fouling paints are made out enzymes that attack the fouls attached to the hull without causing any damage to the environment.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Marine Coatings Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the Marine Coatings Market, and their specific applications in different areas.
The marine coatings market can be segmented based on type, type of resins, technology, and application. On the basis of type, the market can be divided into anti-corrosion, anti-fouling, chemical resistant, and others. Based on type of resins, the market can be fragmented into epoxy, polyurethane, and others. By technology, the market can be divided into water and solvent-borne. And on the basis of application, the market can be bifurcated into containers, cargo ships, tankers, and others.
The Marine Coatings Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia