Published Date: 2018-10-11
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According to the Graphical Research new growth forecast report titled “Asia Pacific Marine Coating Market analysis based on Product, Application, Industry Analysis Report, Country Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 12 billion by 2024.
Marine coatings would prevent the growth of microorganisms, which adds to the frictional drag in vessels. Increased frictional drag would result in a higher fuel consumption, leading to higher CO2 emissions in the atmosphere. Thus, the increasing need for fuel saving and low-emission coatings from the consumers is driving the Asia Pacific marine coatings market. An unprecedented boom in the shipbuilding industry in Asia Pacific resulted in a large number of new shipbuilding projects.
Volatility in raw material prices is one of the major factors hampering the growth of the market in the past few years. Raw materials represent the largest element of the marine coatings market. Thus, an increase in the cost of any key element can significantly impact the profitability.
Foul release coatings projected to be the fastest growing segment in the overall marine coating market during the forecast timeframe. Growing shipbuilding and ship repair & maintenance activities in the region shall propel the marine coating market growth in next few years. China is the largest producer and consumer of marine coating in Asia Pacific, owing to its increasing global trade and defense expenditure.
Key applications of marine coatings include vessels, tank and containers, cargo ships, offshore vessels, tugs, yacht, and boats. Major end-user industries involved in the industry are commercial, transportation, military, and leisure boats. Considering the increasing demand for eco-friendly marine coatings globally, technological developments are key to the growth of the market. New coating technologies would enable fuel savings, reduce carbon dioxide emissions, translating into tradable carbon credits with a cash value.
The marine coating market is diverse and includes giant multi-national players. The marine coating industry has some chief global players including BASF SE, Akzo Nobel N.V., Hempel A/S, Chugoku Marine Paints Ltd., Jotun A/S, Kansai Paint Co. Ltd, Nippon Paint Holdings Co., Ltd, KCC Corporation, PPG Industries and MCU Coatings International.
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The above information is provided on a regional and country basis for the following:
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