Asia Pacific Marine Coating Market size is likely to grow with a CAGR more than 7% during the forecast timeframe. Anti-fouling coatings, anti-corrosion coatings, and foul release coatings are the various types of marine coatings available in the market. These coatings are applied on ships, marine vessels, cargo ships, tugs, yacht, tanks & containers, offshore vessels, superyacht, chemical tankers, bulk carriers and military vessels. Anti-fouling coatings are the most consumed marine coatings and are likely to dominate the Asia Pacific marine coatings market during the forecast period.
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The Asia Pacific Marine Coating Market size was estimated at USD 7.6bn in 2017 and is expected to exhibit a CAGR of 7.2% from 2018 to 2025; examined based on segment, by products, by application and regional outlook and more.
The emergence of the shipbuilding industry in China has been the major driver for increasing the marine coatings demand in Asia Pacific in the recent years. Moreover, increasing ship repair and maintenance activities have been a key factor for the growth in demand for marine coatings in the region. The demand for fuel-saving and low-emission coatings is expected to drive the Asia Pacific marine coatings market in the next seven years. In addition, the growing shipbuilding industry in countries including India, Vietnam, and the Philippines will provide better opportunities for the marine coatings market during the forecast period.
China is the largest marine coatings market producing more than half of containers, shipbuilding and port equipment demand across the globe coupled with the highest number of cross-sea bridges in the world. China dominated the demand for marine coatings before the economic downturn and has now emerged as the largest region for marine coatings in the world. In addition to its dominance in the new shipbuilding market, China is leading in drydocks and drydocking activities. Thus, there is an increased demand for anti-fouling coatings in the region. Increased awareness about the hull and propeller performance is also aiding the growth of marine coatings in this region.
Segments Covered in this Report:
The above information is provided on a regional and country basis for the following: