DUBLIN--(BUSINESS WIRE)--The "Hull Coatings Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The hull coatings market is expected to grow at a CAGR of around 7% during the forecast period of 2019-2024.
One of the major factors driving the growth of the market studied is the increasing oil & gas activities across the globe. On the flipside, stringent government regulation serve as one of the major stumbling blocks in growth of the studied market.
- Vessels segment dominated the market in 2018 and is likely to grow during the forecast period, with 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.
- Innovation & development of eco-friendly hull coatings is likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, where the growth is majorly driven by the growing demand from the ship-building industry.
Key Market Trends
Vessels Segment to Dominate Market Demand
- Hull coatings, which are also referred to as anti- fouling, are essential for marine ships. They exhibit properties like anti-corrosive and anti-fouling, which can increase the ships working life cycle.
- High-performance anti-fouling provides lifelong benefits, including extended dry-dock intervals and reduced time in dry-dock, lower future maintenance costs and reduced greenhouse gas emissions through lower fuel consumption.
- Hence, hull coatings play a key role in reducing the overall operational and commercial costs of a vessel.
- With recovery prices in oil & gas industry, the exploration & production has started increasing across the globe. The major increase in oil & gas offshore exploration activities is noticed in North Sea, North America, and Middle Eastern regions.
- With this, the demand for vessels is also increasing in these regions.
- Besides, the demand for passenger, bulk containers, and container vessels is also increasing with growing population, and growing trade between nations.
- Such trends across the globe have been leading to the growth of production in ship building industry, which is further driving the demand for hull coatings for application in vessels.
Asia-Pacific to Dominate the Global Market
- Asia-Pacific region dominated the global market share in 2018. Asia-Pacific is the world largest ship producing region in the world, which caters to the demand for various types of vessels, ranging from ferries, small boats, fishing vessels, tow & tug boats to oil industry vessels, cargo ships, passenger ships, bulk carriers, and container ships.
- In Asia-Pacific, countries, such as China, Japan, and South Korea, are the leading producers of vessels, while large shipyards also exist in various other nations of the region.
- Ships are mainly built after procuring projects and according to the customer requirements. It takes a minimum of 2 years to complete the production of a ship. Currently, such countries have been receiving bulk orders for vessels.
- For instance, in November 2018, three South Korean yards, namely Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries, and Samsung Heavy Industries won more than 50 orders for new large-scale LNG tankers which have to be delivered in the next three years. Besides, China holds a contract to build 24 vessels, Japan 15 vessels, and Singapore 1 vessel.
- Hence, such bulk orders in line for production are projected to drive the demand for hull coatings from the shipbuilding industry in the region during the forecast period.
The hull coatings market is a consolidated market, where few players account for significant share of the market demand. Some of the major players in the market include AkzoNobel N.V., PPG Industries Inc., Jotun, Hempel, BASF SE, amongst others.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Oil & Gas Exploration Activities
4.1.2 Increased Orders for Vessels
4.2.1 Strict Government Regulations
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1 Coating Type
5.1.1 Self-Polishing Coatings (SPCs)
5.1.2 Fouling Release Coatings (FRC)
5.2 By Application
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle East & Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Axalta Coating Systems
6.4.2 AkzoNobel N.V.
6.4.3 PPG Industries
6.4.5 Hempel A/S
6.4.6 Chugoku Marine Paints Ltd.
6.4.7 BASF SE
6.4.8 Boero Bartolomeo S.p.A.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovation & Development of Eco-friendly Hull Coatings
For more information about this report visit https://www.researchandmarkets.com/r/o2o4m