SELBYVILLE, Del., Oct. 12, 2018 /PRNewswire-PRWeb/ -- Based on the product, marine coatings market is segmented into anti-corrosion, anti-fouling, and foul release coatings as major categories. Used extensively in the overhauling and repairing activity, anti-fouling is also used during the building of new ships to resist the attachment and growth of marine organisms over the hull of the vessel as they end up hampering the performance and weakening body of the vessel. This segment holds a significant share in the marine coatings market and is likely to grow with a lucrative rate.
In 2015, the anti-corrosion coatings accounted in excess of USD 3 billion of the total marine coatings market and is likely to grow with a CAGR of over 6%. Continuous contact with saline water results in lower body corrosion of the vessel. Constant anti-corrosion coatings application helps prevent rusting and further enhances the life and productivity of the vessel.
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On the basis of application, marine coatings market is segmented into containers, coastal, off shore vessels, leisure boats and deep-sea vessels. The containers segment is likely to grow with a 7% CAGR and surpass USD 2.5 billion till the end of the forecast span. The coastal applications include coasters, defense ships, offshore supplies, passenger & cargo ferries, and fishing vessels mainly. In 2015, this segment accounted for over USD 3 billion and is likely to grow with a decent CAGR.
Marine Coatings Market will reach USD 15 billion by the end of 2024. The marine coatings market is also driven by the increasing needs for low fuel consumption which will further fuel the regular coatings demand. Consumption of fuel covers approximately a half of the ship's total operating cost and hence needs to be looked after efficiently to boost the marine coatings industry in the future years.
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Asia Pacific is one of the most lucrative market for shipbuilding led by countries such as China, Japan and South Korea. Being a global leader in this sector, China accounts for over a third of the global shipbuilding industry. Asia Pacific region is likely to hold a significant share in the global marine coatings market owing to countries such as China, Philippines, South Korea, Taiwan and Japan. The market in Europe and North America will also showcase healthy gains owing to huge demand for leisure boats and naval ships.
Key players operating in the global marine coatings market include BASF, DuPont, AkzoNobel, Kansai Paint, Hempel, Jotun, PPG, RPM International, Nippon Paint, Chugoku, KCC Corp, and Sherwin-Williams to name some.
Browse key industry insights spread across 120 pages with 152 market data tables & 16 figures & charts from the report Marine Coatings Market in detail along with the table of contents:
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Leisure Boat Marine Coatings Market By Product (Anti-Fouling, Anti-Corrosion, Foul Release), Region, Forecast 2024
Foul release product segment of the leisure boat marine coatings market will grow by a CAGR of more than 7.5% in the forecast period. North America is the most significant leisure boat marine coatings market and will account for more than a quarter of the overall industry by 2024. U.S. and Canada have a large coastal area and recreational boating has been a popular activity in these countries.
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