Marine Coatings Market Analysis:
Marine coating is used for protection against UV radiation, fouling, ingestion, and salt water, and is employed under marine conditions. It is necessary that the ship is protected both from below and above the shore. The coatings adhere to any surface and make it water impenetrable. In addition, for protecting against rust, marine coatings play a crucial role. In addition, they exhibit the capacity to effectively protect parts or components of ships against oxidation, which depends on technical parameters such as crack resistances; higher mechanical strength; enhanced adhesion; and fundamental corrosion protection through galvanic, barrier, or inhibition effects. These coatings further provide superior protection against corrosion or rust that increase the service life of the vessel.
Key drivers of global marine coatings market
Marine coatings offer superior properties, which facilitate in protection of parts of the ships and the surfaces from abrasion and rust. In addition, they enhance the appearance and aesthetic appeal of surfaces. Moreover, development of the shipbuilding industry is anticipated to augment the growth of the global marine coatings market. Furthermore, owing to regular repair & maintenance, the demand for marine coatings is expected to increase significantly. Increase in import/export activities along with huge investments in trade activities is further projected to boost the shipbuilding industry during the forecast period, thereby augmenting the growth of the marine coatings market.
Market scenario: opportunities and Challenges
Upsurge in demand for marine coatings from the naval sector acts as a key driver of the global marine coatings market. Need for regular ship maintenance & repair generates potential business prospects for the future. In addition, government officials have developed initiatives to facilitate the import/export of commodities via shipping, thereby providing lucrative opportunities for industry players. Moreover, marine coatings are used by the shipbuilding and repair industries, which provides economically viable advantages. These developments positively affect the market growth. However, the future growth of market is expected to be restricted by rigorous environmental regulations for production and consumption of marine coatings. On the contrary, rise in mergers and acquisitions is expected to offer remunerative opportunities for key players to broaden their brand portfolios.
COVID-19 scenario analysis
Owing to the outbreak of the COVID-19 pandemic, the global marine coatings market is expected to witness a slowdown during the next couple of years. Government officials have imposed various restrictions regarding the operation activities of production plants. In addition, recent decline in the marine industry and the slowdown of economy of China, owing to the sudden outbreak of COVID-19 are acting as an obstacle for the growth of the marine coatings market. However, increase in trade activities combined with technological advances in naval industry is anticipated to boost the growth of the global marine coating market.
Key benefits of the report
- This study presents the analytical depiction of the global marine coatings industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global marine coatings market share.
- The current market is quantitatively analyzed to highlight the global marine coatings market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global marine coatings market research report
- Which are the leading market players active in the global marine coatings market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Marine Coatings Market Report Highlights
By Resin Type
By End user
Key Market Players
Chugoku Marine Paints Ltd., Nippon Paint, PPG Industries Inc., KCC Corporation, Kansai Paint Co. Ltd., RPM International Inc., Jotun A/S, Hempel A/S, AkzoNobel N.V., The Sherwin-Williams Company