Global Marine Coatings Market 2017-2021 - Shift Toward Green Marine Coatings

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Nov 28, 2017, 11:45 ET

DUBLIN, November 28, 2017 /PRNewswire/ --

The "Global Marine Coatings Market 2017-2021" report has been added to Research and Markets' offering.

The global marine coatings market to grow at a CAGR of 7.46% during the period 2017-2021.

Global Marine Coatings Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

The latest trend gaining momentum in the market is Shift toward green marine coatings. A number of environmental regulations have been reinforced recently, and shipping companies are showing more interest in increasing sailing efficiency. Marine coatings not only need to maintain existing quality and efficiency but also need to include environment-friendly effects in order to survive in the market. A number of marine coatings contain chemicals that are harmful to the marine flora and fauna. Anti-corrosion coatings that contain benzene and zinc introduce chemicals in the marine environment. Strict regulations have been implemented specifically for the use of harmful chemicals to safeguard the marine environment. A number of R&D activities are being carried out to find environment-friendly alternatives to these harmful chemicals. It is expected that in the coming years, no biocide anti-fouling coatings will enter the market.

According to the report, one of the major drivers for this market is Growth of shipbuilding industry. The shipbuilding industry is a major consumer of the global marine coatings market. The growth of shipbuilding industry was very low till 2010. After 2010, it has shown rapid growth mainly because of the growth in increasing global foreign direct investment (FDI) flows, seaborne trade, and expanding multinational companies' businesses. New ship manufacturing and an increase in the repair and maintenance of old ships are the major growth drivers for the global marine coatings market.

Further, the report states that one of the major factors hindering the growth of this market is Fluctuating raw material prices. Fluctuating prices of raw materials used to manufacture marine coatings pose a major challenge to marine coatings manufacturers. Benzene, toluene, ethylene, and naphthalene are the major raw materials used to produce anti-corrosion coatings. These raw materials are extracted from crude oil, and the prices of these raw materials are dependent on the prices of natural gas and crude oil. Owing to the demand-supply instabilities and the unpredictable political situation in the Middle East, there has always been a higher volatility in the prices of crude oil in the foreign markets. These instabilities, in turn, increase the prices of these petrochemical derivatives. The manufacturers of anti-corrosion coatings, therefore, cannot plan and produce accordingly due to the fluctuating raw material prices.

Key Market Trends

Shift toward green marine coatings
Increasing use of antioxidants in marine coatings
Emergence of bio-based technology for marine coatings
Regulations on emission levels

Key vendors

Akzo Nobel
Chugoku Marine Paints
Hempel
Jotul
PPG Industries

Other prominent vendors

BASF
KANSAI PAINT
KCC CORPORATION
NIPPON PAINT MARINE COATING
RPM International
The Sherwin-Williams Company

Key Topics Covered:

Part 01: Executive Summary

Part 02: Scope Of The Report

Part 03: Research Methodology

Part 04: Introduction

Part 05: Market Landscape

Part 06: Market Segmentation By Type

Part 07: Market Segmentation By Chemistry

Part 08: Market Segmentation By Application

Part 09: Regional Landscape

Part 10: Decision Framework

Part 11: Drivers And Challenges

Part 12: Market Trends

Part 13: Vendor Landscape

Part 14: Key Vendor Analysis

Part 15: Appendix

For more information about this report visit https://www.researchandmarkets.com/research/5dfrq7/global_marine

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SOURCE Research and Markets