Marine coatings are a type of protective coating used mostly in the marine environment to protect ships, vessels, tankers, and other materials from saline water or fresh water. A marine coating has specific functional properties, therefore it can provide superior protection to the surfaces to which it is applied. This coating protects submerged materials as well as vessels, ships, or yachts from sea water.
Furthermore, marine coatings differ in terms of performance parameters and processing specifications. Performance parameters cover conductivity, resistivity, dielectric strength, index of refraction, transmission, and operating or use temperature. Specialty marine coatings for saltwater or freshwater applications may carry additional specifications. With regard to processing, marine coatings are specified according to coverage, dry thickness and wet thickness, cure time and cure temperature, viscosity, volatile organic chemical (VOC) content, specific gravity, and particle size.
Upcoming shipbuilding projects and plans and advancement in technology in marine coatings are some of the major factors driving the marine coating market. Furthermore, increasing shipbuilding activities in APAC coupled with reduction in fuel consumption are also the some of the factor driving the marine coating market. However, volatility in raw material prices is one of the major factor hampering growth of the marine coating market globally. Besides, increasing demand from the oil & gas industry is one of the upcoming opportunity which can drive the marine coatings market during the forecast period.
Geographically, the market is segmented into Asia-Pacific, North America, Europe and RoW. Asia Pacific region accounted for the largest market share in global marine coating market. Because the countries in this region such as China, India, Japan, South Korea, and Indonesia are witnessing remarkable surge in the usage of marine coating. Many countries of the Asia Pacific region have expanded their ship manufacturing base which is anticipated to propel the demand for marine coatings market globally.
The global marine coating market is led by key companies such as Alberdingk Boley Gmbh, Allnex Netherlands B.V., Arkema S.A., BASF SE, Covestro, Dic Corporation, Dowdupont Inc., Eternal Chemical Co. Ltd., Evonik Industries AG, Huntsman International LLC., Jiangsu Sanmu Group Corporation, Nippon Gohsei, Perstorp Holding Ab, Polynt-Reichhold, Royal DSM N.V., The Sherwin-Williams Company and Wacker Chemie. Foremost companies have invested huge capital in mergers & acquisitions and research & development activities to develop advanced products in the market.
Various resins used in marine coatings are alkyd, epoxy, polyurethane and others. The product types studied in the report are anti-corrosion marine coatings, antifouling coatings, anti-slip coatings, chemical resistant coatings, primer coatings, varnish coatings and others. Furthermore, the surface comprises of concrete, fiberglass, metal and wood. The technologies used in producing marine coating are waterborne and solvent-borne. In addition, various applications of marine coating are boats, cargo ships, passenger ships and others. Marine coating are extensively used in cargo ships.
Geographically, the market is segmented into Asia-Pacific, North America, Europe and RoW. Asia Pacific region accounted for the largest market share in global marine coating market. Because the countries in this region such as China, India, Japan, South Korea, and Indonesia are witnessing remarkable surge in the usage of marine coating. Many countries of the Asia Pacific region have expanded their ship manufacturing base which is anticipated to propel the demand for marine coatings market globally.
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