APAC Marine Coatings Market Valuation to Hit US$12 Billion by 2024 : GMI

SELBYVILLE, Delaware, Aug. 22, 2019 /PRNewswire/ -- The marine coatings market demand by 2024 will rise exponentially driven by rapid surge in trade activities worldwide has led to increase demand from the shipbuilding sector. According to International Marine Organization (IMO), over 90% of global trades are conducted via ships. Meanwhile, the International Transport Forum (ITF) Outlook 2019 estimates that the global freight volumes are likely to increase by 11% by 2050 owing to rapid growth in e-commerce activities.

Basically, marine coating is a type of protective coating used to protect ships, tankers, vessels and other materials from corrosion caused to continuous exposure to saline/fresh water. It offers superior protection to ship's surface material from corrosion that has a significant impact on sea carriers and their longevity.

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Factors like outstanding antifouling and anticorrosion protection as well as growing demand for environmentally friendly coating alternatives are supplementing marine coating industry outlook. Eco-friendly marine coatings along with boat bottom paints are revolutionizing the market lately. Moreover, demands like friction reduction, foul-release, non-stick coatings, water-based coatings, low VOC, non-toxic formulation and more are also driving marine coatings market trends.

Rapid rise in product demand and increasing implementation of strategic programs and acquisition between industry partakers is further boosting marine coating industry size. Numerous market contenders look to acquire companies that focus on offering value-based coatings for marine markets, eventually pushing the industry outlook.

Antifouling marine coatings segment to record significant traction owing to increasing focus on reducing development of marine biofouling over the forecast period. Antifouling coatings are the primary protective measure to mitigate marine biofouling and surface roughness on ship's hulls.

The product offers the surface an extremely good adhesion and tensile strength and can effectively prevent biofouling caused by number of organisms on wet material surface.

Due to offered inherent lubricity, antifouling coatings can indirectly improve a ship's fuel economy and speed by lowering potential engine strain. As per estimates, anti-fouling product segment held close to 40% of the overall marine coatings market share in 2015.

In fact, according to credible reports, around $60 billion in fuel, 384 million tons reduction in CO2 and 3.6 million tons in SOx emissions can likely be prevented by using antifouling coatings. Rapid technological advancements and development of novel antifouling coatings is also estimated to drive segment growth.

In 2019, U.S. chemical firm Jotun signed an agreement with shipping company Wallenius Wilhelmsen to offer its HPS (Hull Performance Solutions) antifouling coating solution across 42 vessels in the advanced RoRo fleet.

Moreover, Chugoku Marine Paints recently introduced a new antifouling coating, dubbed Sea Premier 3000 Plus, that delivers excellent algal and slime resistance with the combined power of Selektope and cuprous oxide for superior hard fouling prevention.

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Asia Pacific marine coatings market is expected to witness commendable growth on account of presence of leading shipbuilding industries as well as increasing freight demands from e-commerce giants. China Shipbuilding Industry Corporation, L&T Shipbuilding Limited, Mitsubishi Heavy Industries, Kawasaki Shipbuilding Corporation, Hyundai Heavy Industries Co., Ltd. and Samsung Heavy Industries Co., Ltd. are some of the regional companies that dominate the shipbuilding sector.

Increasing focus on using eco-friendly marine paints and increasing deployment of new ship fleets will drive demand for marine coatings in the region. For instance, in 2019, Jotun signed a MoU (memorandum of understanding) with South Korea's Hyundai Heavy Industries (HHI) for a new type of marine paint that curbs solvent emissions by around 90%.

Meanwhile, in a bid to expand ship fleets, Indian Navy is adopting new shipbuilding technology along with plans to deploy seven new warships, each costing around Rs 6,300 crore, expected to launch by 2026 or 2027. 

As per estimates, driven by the robust shipbuilding sector in South Korea, China, Philippines, and Japan, APAC held almost 66% of the overall marine coatings market share in 2015.

Europe marine coating market is anticipated to amass commendable growth owing to increasing demand for new long-haul cruise ships in tourism sector. According to the Cruise Lines International Association (CLIA), in 2018, ocean cruise passenger numbers in Europe grew by 3.3% to 7.17million following a two percent growth to 2017.

In a bid to meet growing tourist traffic in the region, shipbuilding companies are rapidly deploying new cruise that will likely drive Europe marine coatings market size. Increasing strategies to promote use of eco-friendly marine coating will accelerate regional industry growth.

For instance, under the EU-funded LEAF (Low Emission Antifouling) project, researchers in Europe have developed an environmentally friendly and sustainable antifouling paint solution that could minimize the effect of marine biofouling on cruising ships and static constructions.

Moreover, increasing sales of marine coatings and implementation of expansion strategies by industry players with foster Europe marine coating industry over the coming years. Citing an instance, in 2019, Nippon Paint Maine (Europe) reported a 35% increase in consolidated sales as it aims to strengthen its position with new marine coating products and expand into new areas and market sectors.

What does this report offer?

This report offers a brief overview of marine coatings industry comprising the segments such as product, application and region. The study elaborates insights on the industry in terms of numerous parameters like growth drivers influencing commercialization graph of business space, industry outlook, market segmentation, and global trends.

According to the report, the product segment in marine coatings market is subdivided into anti-fouling, anti-corrosion, and foul release. The key pointers encompassed pertaining to the product segment are forecasts over the anticipated duration, market share of each subsegment, and most proliferating trends.

Browse key industry insights spread across 120 pages with 152 market data tables & 16 figures & charts from the report, "Marine Coatings Market By Product (Anti-Fouling, Anti-Corrosion, Foul Release), Application (Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels), Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2024" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/marine-coatings-market

A detailed analysis of anti-fouling product segment is entailed in the research report. The study also offers an overview of marine coatings market in the application segment whilst offering a detailed collection of essential market definitions, industry scope, and major driving factors.

The marine coatings industry report elaborates on the market share of the subsegments to be held currently and by the end of projected timeframe. Numerous trends depicting the performance of the end-use landscape also have been mentioned in the study.

Regionally, marine coating market report is segmented into U.S., Canada, Germany, Italy, Malaysia, Brazil, Mexico, China, India, Japan, UK, France, Spain, Australia, Indonesia, South Africa, GCC. These regions are further divided based on market contribution, consumer base, availability of industry players, and other aspects.

In essence, the marine coatings market report encompasses a collection of essential parameters that would make it easy for stakeholders to undertake necessary business decisions. The research report includes vital information about SWOT analysis, industry driving factors, etc.

The document also provides an overview of global trends, detailed industry ecosystem analysis, executive summary, industry insights, and the market segmentation. Competitive scenario and deliverables related to regulatory spectrum are further discussed in the report along with business tactics inculcated by the industry partakers.        

Table of Contents (ToC) of the report:

Chapter 3 Marine Coatings Market Insights

3.1 Global market segmentation

3.2 Global market size and growth prospects, 2013 - 2024

3.3 Industry ecosystem analysis

3.3.1 Vendor matrix

3.3.2 Distributor matrix

3.4 Global market dynamics

3.4.1 Growth drivers

3.4.1.1 Rising Asia Pacific shipbuilding industry

3.4.1.2 Increasing ship reparing and overhaul demand

3.4.1.3 Growing need for low fuel consumption and low emission coatings

3.4.2 Industry pitfalls and challenges

3.4.2.1 Inconsistent raw material prices

3.4.2.2 Strict environmental regulations pertaining to marine coatings

3.5 Key growth opportunities

3.6 Regulatory trends

3.6.1 U.S.

3.6.2 Europe

3.6.3 China

3.7 Porter's analysis

3.8 Company market share analysis, 2016

3.8.1 Strategic landscape

3.9 PESTEL analysis

3.10 Regional price trends

3.10.1 Cost structure analysis

Browse Complete Table of Contents (ToC) @

https://www.gminsights.com/toc/detail/marine-coatings-market

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