Flourishing Shipbuilding Industry in Asia Pacific Drives Demand for Marine Coatings, Global Market to be worth US$11.8 bn by 2020

The latest report published by the market research firm Transparency Market Research, titled “Marine Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, is a professional and in-depth study of the global marine coatings market..

The report provides historical data for 2013 and presents projections for the years between 2014 and 2020. The report presents an overview of the key driving and restraining factors of the marine coatings market, along with an overview of the key trends of the past and those of the current times, and analyzes their impact on the market’s overall development.

The report states that the market, which had a valuation of US$7.65 bn in 2013, will grow at a healthy 6.5% CAGR between 2014 and 2020 and rise to US$11.88 bn by 2020. The report credits expanding global marine trade activities for the market’s healthy growth prospects. Rising ship repair and maintenance activities are also projected to present growth opportunities to the global marine coatings market in the near future, states the report.The report segments the global marine coatings market on the basis of three broad criteria: product type, application area, and geography.

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Based on the type of marine coatings in the market, the market is segmented into anti-fouling coatings, foul release coatings, anti-corrosion coatings, and others. Based on the application where marine coatings are most prominently used, the report segments the market into coastal purposes, deep sea, containers, offshore vessels, leisure boats, and others. 

On the basis of geography, the market is segmented into North America, Asia Pacific, Europe, and the Rest of the World. Of the key product types studied, the market segment of anti-fouling coatings has dominated the market for a long time and continues to be the most popular type of coatings, as they protect ships against slime and fouling organisms abundant in marine environments. Owing to their environment compatibility and biocide-free nature, the product segment of foul-release coatings is also highly popular in the market.

Application-wise, the segment of coastal applications is the largest application segment of the market and is expected to grow at the fastest pace over the report’s forecast period. In 2013, the market segment of deep sea applications held a 24% share in the market. Over the report’s forecast period, the market segment of leisure boasts is expected to garner the highest demand for marine coatings in the global market.Of the key regional markets studied in the report, the market segment of Asia Pacific held a clear dominance in the global market in 2013, acquiring nearly 64% of the market.

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The demand for marine coatings in Asia Pacific is driven by the flourishing shipbuilding industries in countries such as China, South Korea, and Japan. While the market is projected to observe sluggish growth in the North America market, the market is expected to grow at a modest pace in Europe, driven by rising ship maintenance activities in the region.Key businesses operating in the global marine coatings market include RPM International Inc., The Sherwin-Williams Company, Jotun A/S, KCC Corporation, and Nippon Paint.

The global marine coatings market is segmented as follows:

Marine Coatings Market - Product Segment Analysis

• Anti-fouling coatings
• Anti-corrosion coatings
• Foul release coatings
• Others (Including self-cleaning coatings, etc.)

Marine Coatings Market - Application Analysis

• Coastal
• Containers
• Deep sea
• Leisure boats
• Offshore vessels
• Others (Including icebreakers, etc.)