Marine Coatings Market was valued USD 7.94 Billion in 2016 and is expected to reach USD 13.56 Billion by 2026 at a CAGR of 5.5%.
Marine coatings are waterproof protective layers that are applied to surfaces that are exposed to fresh or salt water to protect against corrosion, fouling and slimes thus increasing the durability and life of the marine vessels and offshore structures. Factors contributing to this market growth is the expansion of the oil and gas market. Marine coatings market has also been witnessing the growing consumer preference for eco-friendly products; however, strict environmental regulations could pose a challenge to the growth of this market.
Marine Coatings Market
Marine coatings market based on resin has been segmented into epoxy, alkyd, polyurethane, others. Epoxy segment is expected to be one of the major contributors for the market growth during the forecast period attributed to exceptional chemical and water-resistance offered by epoxy marine coatings with high durability and excellent adhesion to a several of substrates.
Marine coatings market based on product type has been segmented into anti-corrosion coatings, antifouling coatings and others. Antifouling coatings segment is expected to hold one of the largest shares of the market due to the ability of these coatings to reduce the growth of organisms on the underwater hull of the marine vessels and to reduce the fuel consumption by marine vessels.
Marine coatings market based on application has been categorized into cargo ships, passenger ships, boats and others. The boats segment of the marine coatings market is expected to grow at a high CAGR during the forecast period. Due to the increasing coastal and maritime tourism globally.
Geographically, the marine coatings market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia-Pacific represents the key market for marine coatings due to new shipbuilding industry and dry-dockings.
Scope of the Marine Coatings Market Report:
Marine Coatings Market, by Resin:
Marine Coatings Market, by Product Type
• Anti-Corrosion Coatings
• Antifouling Coatings
Marine Coatings Market, by Application
• Cargo Ships
• Passenger Ships
Marine Coatings Market, by Geography:
• North America
• Asia Pacific
• Middle East & Africa
• Latin America
Key Players Operating in the Marine Coatings Market:
• PPG Industries (US)
• Hempel (Denmark)
• AkzoNobel (Netherlands)
• Sherwin-Williams (US)
• Chugoku Marine Paints (Japan)
• Jotun (Norway)
• Nippon Paint (Japan)
• Axalta (US)
• Kansai Paint (Japan)
• BASF Coatings (Germany)
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