Next-Gen Marine Coatings Market:
Growth Opportunities in the Next-Gen Marine Coatings Market look promising over the next six years. This is mainly due to the reduced fuel consumption, forthcoming shipbuilding plans and projects, followed by the increasing shipbuilding activities. The increasing requirement for effective coating systems started gaining popularity will drive the market growth.
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Next-Gen Marine Coatings Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The global next-gen marine coatings market is predicted to witness an upsurge in demand during the forecast period due to the reduced fuel consumption, forthcoming shipbuilding plans and projects, and the increasing shipbuilding activities. Currently, the decline in fuel consumption is the main concern of all the shipping sectors. The traditional tin-based polishing system was not effective enough as biofouling didn’t accumulate on the submerged portion of the oceangoing vessel. With respect to time, accumulation was used to raise drag on the vessel, which surged the physical resistance of the vessel. Such fouling drag is used to raise fuel consumption to maintain needed speed. Owners of water-going vessels wasted a lot of time and money in reducing the effects of fouling on the performance of the vessel. In the past few years, the requirement for effective coating systems started gaining popularity, thus through different R&D, manufacturers developed next-gen marine coatings, which decreased fuel consumption and reduced environmental risks produced through vessel fouling. Advanced marine coatings are usually designed for specific substrate materials. Its technologies, like multi-component system, UV radiation, air setting, film drying, and laser marking and fusing, don’t allow vessels to corrode, leading to decreased fuel consumption. These factors will propel the growth of the market. On the other hand, variations or uncertain prices of raw materials which include crude oil and copper, will hinder the market growth.
Product Type Segment Drivers
On the basis of product type, the market is segmented into antifouling coatings, anti-corrosion marine coatings, and others. The antifouling coatings are predicted to rise at a faster CAGR in the coming years due to their use in the ship’s hull to improve vessel performance and durability. On the other hand, anti-corrosion coating is expected to lead the market as they are effective in ship surfaces and components from marine biofouling.
Regional Drivers
Based on regional coverage, Asia-Pacific is predicted to rise at a faster CAGR in the coming years due to the rising shipbuilding sector. The leading shipbuilding manufacturers have created manufacturing facilities owing to the easy availability of skilled and cheap labor. In addition to this, the region has favorable geographical locations, which allows effective and smooth trade.
Next-Gen Marine Coatings Market’s leading Manufacturers:
- PPG Industries, Inc.
- Akzo Nobel N.V.
- Hempel A/S
- The Sherwin-Williams Company
- Jotun A/S
- Chugoku Marine Paints, Ltd.
- Nippon Paint Holdings Co. Ltd.
- Kansai Paint Co., Ltd.
- Axalta Coating Systems, LLC
- BASF Coatings SAS
Next-Gen Marine Coatings Market Segmentation:
Segmentation by Resin:
- Epoxy
- Alkyd
- Polyurethane
- Others
Segmentation by Product Type:
- Anti-Corrosion Marine Coatings
- Antifouling Coatings
- Others
Segmentation by Application:
- Cargo Ships
- Passenger Ships
- Boats
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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