Next-Gen Marine Coatings Market

Marine coating is a waterproof, protective layer that is applied to surfaces which get exposed to or immersed in brackish, fresh, and salt water. Marine coatings have specific functional properties, which provide superior protection to the surfaces where they are applied. These coatings are generally applied through spray, and workers are required to wear appropriate personal protection equipment’s during application. Marine coatings are used in boats, ferries, ships, and other watercraft or marine structures such as oil rigs. Marine environment leads to bacterial and pitting corrosion in marine vessels. Thus, marine coatings are applied to remove such corrosion issues.

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Upcoming shipbuilding plans and projects, decline in fuel consumption, and rising shipbuilding activities in APAC region are some of the key factors proliferating growth of the global Next-Gen Marine Coatings market. Presently, reduction in fuel consumption is one of the major concerns of all the shipping industries. Traditional tin-based polishing system was not efficient enough as biofouling used to accumulate on submerged portion of oceangoing vessel. As the time passed, accumulation used to increase drag on the vessel, which increased physical resistance of the vessel. Such fouling drag used to increase fuel consumption in order to maintain required speed. Owners of water going vessels invested large amount of money and time to mitigate the effects of fouling on the performance of vessel. However, with passing years need for efficient coating systems started gaining traction, thus through multiple R&Ds manufacturers developed next-gen marine coatings, which reduced fuel consumption and eliminated environmental risks generated through vessel fouling. Advanced marine coatings are basically designed for specific substrate materials. Its technologies include air setting and film drying, multi-component system, laser marking and fusing, and UV radiation, which does not allow vessels to corrode, leading to reduced fuel consumption. All these factors are boosting the growth of the market. However, uncertain or fluctuation in prices of raw materials such as copper, and crude oil might hamper the growth of Next -Gen Marine Coatings market, globally.

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On basis of product type, the market is segmented into anti-corrosion marine coatings, antifouling coatings, and others. Among these, the anti-fouling coatings segment is projected to grow at a higher CAGR during the forecast period, attributed to its usage in ship’s hull in order to enhance vessel performance, and durability. Anti-corrosion coatings are significantly efficient in ship surfaces and components from marine biofouling which will further accelerate the growth of the segment.

Based on application, the market is segmented into cargo ships, passenger ships, boats, and others. Among these, the cargo ships are expected to grow at a higher CAGR during the forecast period. Marine coatings are used for protecting the containers from corrosion, caused due to long time exposure of vessels to marine environment. Cargo ships contains goods, which are required to be carried for longer distance. Hence owners of cargo ships focus toward reduce cost and maintenance, which further drives the growth of next-gen marine coatings in cargo ships.

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On the basis of region, Asia-Pacific is projected to grow at a higher CAGR during the forecast period due to the growing shipbuilding industry. Major shipbuilding manufacturers have established manufacturing facilities due to the availability of cheap and skilled labor. Moreover, region consists of favourable geographical locations which enables efficient and smooth trade.

The key players in the market includes PPG Industries, Inc., Akzo Nobel N.V., Hempel A/S, The Sherwin-Williams Company, Jotun A/S, Chugoku Marine Paints, Ltd., Nippon Paint Holdings Co. Ltd, Kansai Paint Co. Ltd., Axalta Coating Systems LLC, and BASF Coatings SAS among others.

The Global Next-Gen Marine Coatings market has been segmented based on Resin, Product Type, Application, and Region. Based on Resin, the market is segmented into Epoxy, Alkyd, Polyurethane, and Others. Based on Product Type, the market is segmented into Anti-Corrosion Marine Coatings, Antifouling Coatings, and Others. Based on Application, the market is segmented into Cargo Ships, Passenger Ships, Boats, and Others.

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Key questions answered in this research report:

• • At what pace is the global Next-Gen Marine Coatings market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in global Next-Gen Marine Coatings market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Next-Gen Marine Coatings market?
  • What are the applications in global Next-Gen Marine Coatings market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
  • Which product generated maximum revenues in 2019 and identify the most promising products during the forecast period?

Market Segmentation

Global Next-Gen Marine Coatings Market by Resin

• • Epoxy
  • Alkyd
  • Polyurethane
  • Others (Acrylic, Polyester, and Fluoropolymer)

Global Next-Gen Marine Coatings Market by Product Type

• • Anti-Corrosion Marine Coatings
  • Antifouling Coatings
  • Others (Foul Release and Moisture Cure)

Global Next-Gen Marine Coatings Market by Application

• • Cargo Ships
  • Passenger Ships
  • Boats
  • Others (Offshore Vessels, Service Ships, and Tugs)

Global Next-Gen Marine Coatings Market by Region

• • North America Next-Gen Marine Coatings Market
    (Option 1: As a part of the free 25% customization)

• • • North America Next-Gen Marine Coatings by Resin
    • North America Next-Gen Marine Coatings by Product Type
    • North America Next-Gen Marine Coatings by Application
    • United States of America (US) Next-Gen Marine Coatings Market All-Up
    • Canada Next-Gen Marine Coatings Market All-Up
  • Europe Next-Gen Marine Coatings Market
    (Option 2: As a part of the free 25% customization)
    • Europe Next-Gen Marine Coatings Market by Resin
    • Europe Next-Gen Marine Coatings Market by Product Type
    • Europe Next-Gen Marine Coatings Market by Application
    • United Kingdom (UK) Next-Gen Marine Coatings Market All-Up
    • Germany All-Up Next-Gen Marine Coatings Market All-Up
    • France Next-Gen Marine Coatings Market All-Up
    • Spain Next-Gen Marine Coatings Market All-Up
    • Rest of Europe Next-Gen Marine Coatings Market All-Up
  • Asia-Pacific Next-Gen Marine Coatings Market
    (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Next-Gen Marine Coatings Market by Resin
    • Asia-Pacific Next-Gen Marine Coatings Market by Product Type
    • Asia-Pacific Next-Gen Marine Coatings Market by Application
    • China Next-Gen Marine Coatings Market All-Up
    • India Next-Gen Marine Coatings Market All-Up
    • Japan Next-Gen Marine Coatings Market All-Up
    • Rest of APAC Next-Gen Marine Coatings Market All-Up
  • RoW Next-Gen Marine Coatings Market
    (Option 4: As a part of the free 25% customization)
    • RoW Next-Gen Marine Coatings Market by Resin
    • RoW Next-Gen Marine Coatings Market by Product Type
    • RoW Next-Gen Marine Coatings Market by Application
    • Brazil Next-Gen Marine Coatings Market All-Up
    • South Africa Next-Gen Marine Coatings Market All-Up
    • Saudi Arabia Next-Gen Marine Coatings Market All-Up
    • UAE Next-Gen Marine Coatings Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Next-Gen Marine Coatings Market All-Up

Next-Gen Marine Coatings Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • PPG Industries, Inc.
  • Akzo Nobel N.V.
  • Hempel A/S
  • The Sherwin-Williams Company
  • Jotun A/S
  • Chugoku Marine Paints, Ltd.
  • Nippon Paint Holdings Co. Ltd.
  • Kansai Paint Co., Ltd.
  • Axalta Coating Systems, LLC
  • BASF Coatings SAS.