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(I-TravelNewswire.Com, December 23, 2019 ) Market Overview
Marine coatings are waterproof, protective layers that are applied to surfaces exposed to or immersed in fresh, brackish, and salt water. They are used with boats, ships, ferries, and other watercraft, as well as with marine structures such as offshore oil rigs.
The Global Marine Coatings Market is growing at a CAGR of 4.1 % during the forecast period (2019-2026).
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The global marine coating market is being driven by the continuous growth of the shipbuilding and offshore engineering industries in emerging economies.
Further, China, South Korea, and Japan are the world’s leading shipbuilding nations. For instance, in November 2018, China approved Danish shipping giant Maersk Line’s acquisition of Hamburg Süd.
However, Biofouling is one of the main problems faced by every type of ship at sea. Marine growth such as barnacles and mussels have been the reason for the issues such as decreased ship efficiency, corrosion, etc.
Also, Biofouling not only sticks to the external surface of the ships but also gets into the water intakes and sticks to the surface of the pipes leading to problems such as blockage and corrosion. These factors hinder the swift flow of the global marine coatings market during the forecast period.
By type, the global marine coatings market is bifurcated into Anti-fouling, Foul release, Anti-corrosion, and Other coatings. Of these, Anti-fouling coatings are dominated by the global marine market. Due to, increasing ship repairs & maintenance activities, and growing demand from the oil & gas industry.
Moreover, the rising consumption of commercial vessels, passenger ships, yachts, cargo, and current offshore drilling rigs is expected to expand industry growth over the forecast period.
• Geographically, the global marine coatings market is segmented into North America, Europe, South America, Asia Pacific, and RoW. Of these, Asia Pacific dominates the marine coatings market owing to the increasing number of global trade. For instance, In January 2018, Maersk Line and Hamburg Süd are both launching new services between Asia and Latin America in connection with Maersk Line’s acquisition of the German carrier.
• Further, China accounts for the largest share of marine coatings in the Asia-Pacific region. This can be attributed to technological advances, lower costs and artistry levels in the country.
• Additionally, China is witnessing the most number of dry dockings. The recent decline of the merger in the shipbuilding industry, along with the slowdown of the Chinese economy, is a barrier to the growth of the marine coatings market in the country.
• Europe has the second largest market share in marine coatings. Leisure boats demand likely grow owing to the growing disposable income of the population in Western Europe. These boats require a significant amount of maintenance which would improve the product demand in the region propelling the marine coating market size in the future.
Marine Coatings Companies
Major companies have adopted the agreement, product launch, expansion, and merger to sustain the intense competition in this market. The key players profiled in the report include Hempel, PPG Industries, AkzoNobel, Sherwin-Williams, Jotun, BASF, KCC Corp., The Dow Chemical Company, 3M Co., Royal DSM, and Hexion. AkzoNobel is is the market leader in the global marine market.
In 2018, AkzoNobel to develop new marine fouling prevention technology that is based on ultraviolet light emitting diodes (LED) to be used in underwater surfaces for the prevention of fouling.
In 2017, Hempel offers new cargo hold coating, Hempadur Ultra-strength Fibre 47510 for improving the reduction in cargo hold maintenance costs.
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