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Marine Anti-Fouling Coatings Market - Growth, Trends, and Forecast (2022 - 2030)
SKU ID : INH-14353016 | Publishing Date : 01-Jun-2019 | No. of pages : 105
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Market Overview
The marine anti-fouling coatings market is expected to grow at a CAGR of around 6% during the forecast period of 2019 – 2024. The major factors driving the growth of market studied are the increasing production of leisure boats & cruise ships, increase in ship repairs & maintenance activities, and growing demand from oil and gas industry. On the flipside, stringent government regulations, and increased usage of high standard durable products, are hampering the growth of the studied market.
- Hull coating segment dominated the market in 2018 and is likely to grow during the forecast period, with increasing demand from the shipbuilding industry across the globe.
- The increasing expenditure on luxury goods, and new innovative coatings & application technology are likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, where the growth is majorly driven by the growing demand from the ship-building industry.
Key Market Trends
Hull Coatings Segment to Dominate the Market
- Anti-fouling hull coating applications dominate the studied market because of increasing production of offshore ships, which include passenger and cargo, along with offshore drilling activities.
- Anti-fouling hull Coatings are primarily applied to the under-water parts of a ship or yacht, to reduce the growth of the organisms and microbes in the parts attached to the hull. The coatings provide enhancement and durability along with providing benefits, such as self-cleaning and graffiti resistance.
- Its self-polishing resin and biocide, such as cuprous oxide along with a booster biocide, help to prevent bio-fouling organisms.
- Hull coatings, owing to their excellent adhesion & anti-corrosive properties (which help increase the durability of hulls), and their aesthetic properties, have become an integral part of the marine industry.
- With recovery of prices in oil & gas industry, the exploration & production has started increasing across the globe. The major increase in oil & gas offshore exploration activities is noticed in North Sea, North America, and Middle Eastern regions. With this, the demand for vessels is also increasing in these regions.
- Besides, the demand for passenger, bulk containers, and container vessels is also increasing with growing population, and growing trade between nations.
- Such trends across the globe have been leading to the growth of production in ship building industry, which is further expected to drive the demand for anti-fouling hull coatings in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. Asia-Pacific is the world largest ship producing region in the world, which caters to the demand for various types of vessels, ranging from ferries, small boats, fishing vessels, tow & tug boats to oil industry vessels, cargo ships, passenger ships, bulk carriers, and container ships.
- In Asia-Pacific, countries, such as China, Japan, and South Korea, are the leading producers of vessels, while large shipyards also exists in various other nations of the region.
- Ships are mainly built after procuring projects and according to the customer requirements. It takes a minimum of 2 years to complete the production of a ship. Currently, such countries have been receiving bulk orders for vessels.
- For instance, in November 2018, three South Korean yards, namely Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries, and Samsung Heavy Industries won more than 50 orders for new large-scale LNG tankers which has to be delivered in the next three years. Besides, China, holds contract to build 24 vessels, Japan 15 vessels, and Singapore 1 vessel.
- Hence, such bulk orders in line for production are projected to drive the demand for anti-fouling coatings from shipbuilding industry in the region during the forecast period.
Competitive Landscape
The marine anti-fouling coatings market is a consolidated market, where few players account for a significant share of the market demand. Some of the major players in the market include AkzoNobel N.V., PPG Industries Inc., Jotun, Hempel AS, and BASF SE, amongst others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The marine anti-fouling coatings market is expected to grow at a CAGR of around 6% during the forecast period of 2019 – 2024. The major factors driving the growth of market studied are the increasing production of leisure boats & cruise ships, increase in ship repairs & maintenance activities, and growing demand from oil and gas industry. On the flipside, stringent government regulations, and increased usage of high standard durable products, are hampering the growth of the studied market.
- Hull coating segment dominated the market in 2018 and is likely to grow during the forecast period, with increasing demand from the shipbuilding industry across the globe.
- The increasing expenditure on luxury goods, and new innovative coatings & application technology are likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, where the growth is majorly driven by the growing demand from the ship-building industry.
Key Market Trends
Hull Coatings Segment to Dominate the Market
- Anti-fouling hull coating applications dominate the studied market because of increasing production of offshore ships, which include passenger and cargo, along with offshore drilling activities.
- Anti-fouling hull Coatings are primarily applied to the under-water parts of a ship or yacht, to reduce the growth of the organisms and microbes in the parts attached to the hull. The coatings provide enhancement and durability along with providing benefits, such as self-cleaning and graffiti resistance.
- Its self-polishing resin and biocide, such as cuprous oxide along with a booster biocide, help to prevent bio-fouling organisms.
- Hull coatings, owing to their excellent adhesion & anti-corrosive properties (which help increase the durability of hulls), and their aesthetic properties, have become an integral part of the marine industry.
- With recovery of prices in oil & gas industry, the exploration & production has started increasing across the globe. The major increase in oil & gas offshore exploration activities is noticed in North Sea, North America, and Middle Eastern regions. With this, the demand for vessels is also increasing in these regions.
- Besides, the demand for passenger, bulk containers, and container vessels is also increasing with growing population, and growing trade between nations.
- Such trends across the globe have been leading to the growth of production in ship building industry, which is further expected to drive the demand for anti-fouling hull coatings in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. Asia-Pacific is the world largest ship producing region in the world, which caters to the demand for various types of vessels, ranging from ferries, small boats, fishing vessels, tow & tug boats to oil industry vessels, cargo ships, passenger ships, bulk carriers, and container ships.
- In Asia-Pacific, countries, such as China, Japan, and South Korea, are the leading producers of vessels, while large shipyards also exists in various other nations of the region.
- Ships are mainly built after procuring projects and according to the customer requirements. It takes a minimum of 2 years to complete the production of a ship. Currently, such countries have been receiving bulk orders for vessels.
- For instance, in November 2018, three South Korean yards, namely Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries, and Samsung Heavy Industries won more than 50 orders for new large-scale LNG tankers which has to be delivered in the next three years. Besides, China, holds contract to build 24 vessels, Japan 15 vessels, and Singapore 1 vessel.
- Hence, such bulk orders in line for production are projected to drive the demand for anti-fouling coatings from shipbuilding industry in the region during the forecast period.
Competitive Landscape
The marine anti-fouling coatings market is a consolidated market, where few players account for a significant share of the market demand. Some of the major players in the market include AkzoNobel N.V., PPG Industries Inc., Jotun, Hempel AS, and BASF SE, amongst others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
