The global market for marine coatings has significantly evolved over the many centuries since ships made primarily from wood were launched and continues to evolve as shipbuilding materials span a vast array including metals, nonmetals, and manmade fibers and materials. From including few rudimentary coating materials to expanding into a multi-billion dollar specialty coating industry, the market for marine coatings has seen some major transformations in terms of key regional markets and regulations requiring conformity of coatings to specific elemental make-up to keep marine environments safe from pollution.
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The market has, however, continued to embark upon a steady growth path and is expected to exhibit steady and healthy growth in the next few years. Factors such as the rapid rise in the maritime industry has boosted the shipbuilding market significantly. Activities related to the repair and maintenance of ships have also gained momentum due to this advancement. Apart from this, the extraction of petroleum and other oils from the sea has also increased in the recent times, augmenting the deployment of oil rigs in the oceans. All these factors are fueling the demand for marine coatings significantly across the world.
According to a report recently published by Transparency Market Research (TMR), the global market for marine coatings stood at a valuation of US$8.53 bn in 2015. The market is envisaged to clock in a CAGR of 6.1% from 2017 to 2025, rising to a valuation of US$14.52 bn by 2025.
Presence of Massive Shipbuilding Industry Strengthens Asia Pacific Marine Coating Market
The shift in major maritime business to Asia Pacific in the recent past, with ship-building customers following the trend, has remained one of the most transformational force influencing the global marine coatings market in the past few years. The thriving shipbuilding industry in the region has positioned it as one of the key consumers of marine coatings in the recent past. The presence of a large shipbuilding industry spread across China, South Korea, and Japan has been driving the Asia Pacific marine coatings market since the last few years. It accounted for a share of more than 60% in the market in 2016 based on the total demand for marine coatings.
Over the coming years, the market in Asia Pacific is projected to witness a steady growth rate. The Europe, Latin America, and the Middle East and Africa markets are also expected to experience a surge in demand for marine coatings, on account of the rapid rise in the maritime industry in Brazil, Saudi Arabia, and South Africa. North America, however, is anticipated to report a moderate demand for these coatings in the nearing future owing to the maturation of the shipbuilding industry in this region.
Market Features Consolidation despite Promising Growth Opportunities
The vendor landscape of the global marine coatings market is largely consolidated, with the leading few players accounting for the majority share in the global market. AkzoNobel, a Dutch multinational manufacturer of paints and coatings, is one of the leading players in the global marine coatings market. Other leading vendors in the market include names such as PPG Industries Inc., Jotun A/S, and Sherwin-Williams Company.
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Increased focus on the development of environmentally-safe products, massive investments on research and development activities, and strategic collaborations allow the leading vendors to continue dominating the global marine coatings market. In the next few years as well, the vendor landscape of the global marine coatings market is expected to remain majorly consolidated. Companies wishing to penetrate in the market need to focus on innovative products with a high quotient of environment-friendliness.