"Global Marine Coatings Market report puts light on analysis of prime manufacturers, trends, opportunities, marketing strategies analysis, market effect factor analysis and consumer needs by major regions, types, and applications globally. This market research report performs an estimation of the growth rate and the market value based on market dynamics and growth inducing factors. Local, regional as well as global market has been considered here to conduct the research study of Marine Coatings Market report. The report can be accessible to the users in the form of PDF or spreadsheet. Moreover, PPT format can also be offered depending upon client’s requirement.
While preparing an outstanding Marine Coatings Market report, combination of best industry insight, practical solutions, talent solutions and latest technology have been utilized. The report aids in taking important decisions for the growth of business. What is more, with the utilization of best-practice models, comprehensive market analysis and research methodologies in this business report, it becomes simple to obtain perfect market segmentation and insights. The report also takes into consideration the detailed profiles of market’s major manufacturers and importers who are dominating the market. The world class Marine Coatings Market report enlists key competitors with the required specifications and also endows with the strategic insights and analysis of the main factors influencing the industry.
Data Bridge Market Research analyses that the marine coatings market which was USD 4.96 billion in 2022, would rocket up to USD 9.26 billion by 2030, and is expected to undergo a CAGR of 8.11% during the forecast period. “Epoxy” dominates the type of resins segment due to which has a variety of features including chemical and water resistance, high durability, and great adhesive property.
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Market Definition
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.
Marine Coatings Market Dynamics
Drivers
- Increasing Production Activities in the Marine Industry
Coatings on yachts and other leisure boats are used for interior and exterior purposes. A significant share of demand comes from the coatings used on yachts. There are different kinds of yacht coatings, like premium topcoats, high-build surfaces, different protective primers, finishing primers, and antifouling paints. Further, interior topcoats and wood coatings are used in yachts and other boats as well. Shipbuilding activities are increasing significantly across the globe, which in turn is expected to boost market growth during the forecast period. Also, the increased pressure on industries to reduce greenhouse gas emissions means that manufacturers have to do something. Because of this, the average amount of carbon dioxide released by new general cargo ships should go down by 40% by 2040. Thereby supporting the market's growth sustainably
- Increasing Demand from the oil and Gas Industry
The expansion of the oil and gas industry and the increasing exploration activities are driving the overall growth of the marine coatings industry. The oil and gas exploration carried out in the seas is increasing, where the equipment taken to the seas requires protection as the life of this equipment is crucial as well. Such factors are considered as the major market drivers of the marine coatings industry. The increasing number of innovations and investment in the industry has led to the production of products that helps in improving performance and optimizing fuel consumption. The efficacy of the products in protecting from adverse effects such as corrosions, fouling, and UV radiations effects are considered as the major drivers of the marine coatings industry
Opportunities
- Rise in Investment in Research and Development and Producing Novel Technologies
Friction and corrosion of the hull and other degradation issues are some of the crucial factors that propel ship manufacturers and key market players to invest in effective marine coatings. The degradation of the marine vessels might lead to severe loss to the marine industry and traders. Therefore the potential market players are increasing the investment in producing novel technologies and introducing new products into the industry, which is expected to boost the marine coatings market growth during the forecast period. The economic condition of the developed countries and the disposable income of the consumer make them invest in the manufacturing of the ships and soliciting yacht and cruise ships. In addition, the consumers are looking for way to add aesthetical elements to the marine vessels. Such factors are also expected to boost the marine coatings market growth during the forecast period
The global marine coatings market is segmented on the basis of type, surface, type of resins, technology, distribution channel and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
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Marine Coatings Market Regional Analysis/Insights
Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period from 2023 to 2030. This is owing to the expanding construction activity in the region, notably on commercial and industrial structures. China, India, and Southeast Asian countries are among the region's significant markets. The large public and private expenditures made in these nations in infrastructure development and commercial space building are considerably contributing to the regional market's growth.
Some of the major players operating in the global marine coatings market are
- PPG Industries, Inc., (U.S.)
- Akzo Nobel N.V., (Netherlands)
- Axalta Coating Systems, LLC (U.S.)
- Cabot Corporation. (U.S.)
- Carboline Company (U.S.)
- Delta T & Protective Products. (Canada)
- EXCEL India Protective Paints Pvt. Ltd. (India)
- General Coatings (U.S.)
- Jotun (Norway)
- Kansai Paint Co.,Ltd. (Japan)
- Lincoln Industries (U.S.)
- Mascoat (U.S.)
- Mathur Corr Tech Private Limited. (India)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Sharpshell Engineering (South Africa)
- The Sherwin-Williams Company (U.S.)
- Chugoku Marine Paints, Ltd. (Japan)
- BASF SE, (Germany)
- Boero (Turkey)
- Hempel A/S (Denmark)
Core Objective of Marine Coatings Market:
Every firm in the Marine Coatings Market has objectives but this market research report focus on the crucial objectives, so you can analysis about competition, future market, new products, and informative data that can raise your sales volume exponentially.
- Size of the Marine Coatings Market and growth rate factors.
- Important changes in the future Marine Coatings Market.
- Top worldwide competitors of the Market.
- Scope and product outlook of Marine Coatings Market.
- Developing regions with potential growth in the future.
- Tough Challenges and risk faced in Market.
- Global Marine Coatings top manufacturers profile and sales statistics.
Highlights of TOC:
Chapter 1: Market overview
Chapter 2: Global Marine Coatings Market
Chapter 3: Regional analysis of the Global Marine Coatings Market industry
Chapter 4: Marine Coatings Market segmentation based on types and applications
Chapter 5: Revenue analysis based on types and applications
Chapter 6: Market share
Chapter 7: Competitive Landscape
Chapter 8: Drivers, Restraints, Challenges, and Opportunities
Chapter 9: Gross Margin and Price Analysis
Regional Analysis for Marine Coatings Market:
- APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (U.S., Canada, and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, UAE, South Africa)
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