DUBLIN--(BUSINESS WIRE)--The "Global Marine Coatings Market - Segmented by Function, Resin, Technology, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global marine coatings market is expected to reach a value of USD 5348.89 million, at a CAGR of 2.28% during the forecast period, 2018-2023. The major factor driving the growth of the market is the growing ship building industry in the Asia-Pacific region, along with the increasing production rates of leisure boats and cruise ships around the world.
Cruise travelling has outpaced the general leisure travelling segment with the global cruise passengers estimated to be around 25.8 million and projected to grow to 27.2 million in 2018, according to Cruise Lines International Association (CLIA). This growth is anticipated to continue further, which, in turn, is expected to create a surge in the demand for coatings used for repair and maintenance purposes. Also, it is estimated that 27 ships, for river and ocean cruising purposes, would be coming by the end of 2018, thus, increasing the consumption of marine coatings used for OEM purposes as well.
Epoxy coatings have the largest share of all the resin types available in the global marine coatings market. Owing to their convenience to recoat, bonding ability with different materials and moisture-resistant nature, these coatings are effectively used for applications involving corrosion-resistivity. In addition, epoxy coatings possess superior properties.
- Increase in Production of Leisure Boats & Cruise Ships
- Growing Ship Repairs & Maintenance Activities
- Stringent Government Regulations
- Sluggish Growth in Shipbuilding Activities in Few Countries
- Innovations to Increase Fuel Efficiency of Ships and Reduce Emissions
- Growing Interests in Water Ways in Emerging Economies
- PPG Industries
- Chugoku Marine Paints Ltd.
- Nippon Paint Marine Coatings Co. Ltd.
- and other players include Axalta Coating Systems
- Pettit Marine Coatings
- BASF SE
- Engineered Marine Coatings
- Boero Bartolomeos.P.A
- RPM International Inc.
- Kainsai Paint Marine Co. Ltd.
- Wacker Chemie AG
Key Topics Covered
2. Executive Summary
3. Market Insights
4. Market Dynamics
5. Market Segmentation & Analysis
6. Regional Market Analysis
7. Technological Snapshot
8. Competitive Landscape
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/7rgvwj/global_marine?w=4