Analysis of Global Marine Coatings Market, Forecast to 2025

Analysis of Global Marine Coatings Market, Forecast to 2025

Stringent Regulations and Rising Environmental Concerns are Expected to Drive the Demand for Higher-end Protective and Antifouling Coatings

RELEASE DATE
03-Jun-2019
REGION
North America
Research Code: ME3F-01-00-00-00
SKU: CM01680-EU-MR_23224

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Description

Marine is one of the key industries of leading economies and caters to end-users including navy, merchants, passenger cruise owners etc. Ships and boats and related components and products that are in operation or are being manufactured require a variety of highly specific and durable coatings for various applications on different above and below waterline components. Such products are collectively referred to as marine coatings in this study.

The marine coatings market in this study is analyzed for end-users including new shipbuilders and maintenance. The major vessel types Large Vessels (cargo & passenger and naval), Leisure Boats (yachts and other pleasure crafts), and Fishing Vessels and Boats. Major chemistries include epoxy, polyurethane, alkyd, and others for anti-corrosion coatings, and acrylates and silicones & fluorosilicones for antifouling coatings. Coatings are selected for an application based on a variety of requirements such as corrosion resistance, resistance to fuels and other chemicals, stability under various temperature ranges and pressure conditions, resistance to humidity, and resistance to biofouling. The requirements vary depending on the end application. Coatings formulations are required to be UV resistant with durable color retention for above waterline exterior applications, and greatly corrosion and chemical resistant for structural applications.

Asia Pacific is the largest market for the marine sector with huge shipbuilding and maintenance bases in countries including China, South Korea, and Japan. The shipping industry in Europe is dynamic and competitive from both economic and social perspectives and contributes significantly to the marine coatings market. The region holds more than 140 large shipyards and about a third of these are active in the global market catering to large seagoing commercial vessels.

The market for marine coatings is greatly impacted by mega trends such economic slowdown in key markets and countries and stringent environmental regulations mandating use of lower volatile organic compound (VOC) emitting and harmful biocide and other metal containing coatings. However, market growth may gain from increasing use of advanced antifouling coatings that are priced higher than the conventional coatings in the coming few years.

The marine coatings market is highly competitive among large and global manufacturers. The competitive environment in the market is highly skewed towards the larger market participants who increasingly engage in mergers and acquisitions and joint ventures among themselves and also smaller companies to acquire new products, technologies, and market shares due to which the market points towards further consolidation in the coming few years. Manufacturers engage in continuous product development activities based on the changing market needs and regulatory environment. By establishing long term relationships with their customers, manufacturers try to ensure that they are equally proactive and reactive to the various requirements of this industry.

Marine coatings face regulatory pressures from organizations such as International Maritime Organization (IMO), US Environmental Protection Agency (US EPA), and REACH that mandate the use of products with lower VOC emissions and eliminate the use of heavy metals. There is an increasing trend of customers moving to higher solids aerospace coatings and waterborne coatings for want of lower volatile organic compound (VOC) emissions, better specifications, and durability. Manufacturers are increasingly investing in product development to enhance environmental sustainability and product efficiency. Customers are increasingly looking for products that are easier to apply, impart greater fuel efficiency by reducing drag, and regulatory compliant.

Table of Contents

Key Findings

Executive Summary—Strategic Factsheet

Market Engineering Measurements

Market Engineering Measurements (continued)

CEO’s Perspective

Market Definitions

Geographic Scope

Market Definitions

Market Definitions (continued)

Market Definitions (continued)

Key Questions this Study will Answer

Market Segmentation

Market Drivers

Drivers Explained

Drivers Explained (continued)

Drivers Explained (continued)

Market Restraints

Restraints Explained

Restraints Explained (continued)

Restraints Explained (continued)

Market Engineering Measurements

Market Engineering Measurements (continued)

Forecast Assumptions

Revenue Forecast

Volume Shipment Forecast

Percent Revenue Forecast by Region

Revenue Forecast by Region

Percent Volume Shipment Forecast by Region

Volume Shipment Forecast by Region

Volume Shipment and Revenue Forecast Discussion by Region

Percent Revenue Forecast by Vertical Market

Revenue Forecast by Vertical Market

Percent Volume Shipment Forecast by Vertical Market

Volume Shipment Forecast by Vertical Market

Volume Shipment and Revenue Forecast Discussion by Vertical Market

Key Product and Technology Trends

Value Chain

Value Chain Description

Marine Coatings—Regulations

Market Share

Competitive Environment

Competitive Factors and Assessment

Growth Opportunity 1—Increased Defense Spending

Growth Opportunity 2—Export-Oriented Shipbuilding in Latin America

Strategic Imperatives for Success and Growth

Market Overview

Market Engineering Measurements

Volume Shipment and Revenue Forecast

Volume Shipment and Revenue Forecast Discussion

Volume Shipment and Revenue Forecast Discussion (continued)

Pricing Trends and Forecast

Pricing Trends and Forecast Discussion

Percent Volume Shipment Forecast by Chemistry

Percent Volume Shipment Forecast Discussion by Chemistry

Percent Volume Shipment Forecast by Technology

Competitive Environment

Market Overview

Market Engineering Measurements

Volume Shipment and Revenue Forecast

Volume Shipment and Revenue Forecast Discussion

Volume Shipment and Revenue Forecast Discussion (continued)

Pricing Trends and Forecast

Pricing Trends and Forecast Discussion

Percent Volume Shipment Forecast by Chemistry

Percent Volume Shipment Forecast Discussion by Chemistry

Percent Volume Shipment Forecast by Technology

Competitive Environment

North America—Segment Characteristics and Overview

Market Engineering Measurements

Volume Shipment and Revenue Forecast

Volume Shipment and Revenue Forecast Discussion

Percent Volume Shipment Forecast by Sub-region

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion

Percent Volume Shipment Forecast by End-user

Percent Volume Shipment Forecast by End-user Discussion

Percent Volume Shipment Forecast by Vessel Type

Percent Volume Shipment Forecast Discussion by Vessel Type

Competitive Environment

Europe—Segment Characteristics and Overview

Market Engineering Measurements

Volume Shipment and Revenue Forecast

Volume Shipment and Revenue Forecast Discussion

Percent Volume Shipment Forecast by Sub-region

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion (continued)

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion (continued)

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion (continued)

Percent Volume Shipment Forecast by End-user

Percent Volume Shipment Forecast by End-user Discussion

Percent Volume Shipment Forecast by Vessel Type

Percent Volume Shipment Forecast Discussion by Vessel Type

Competitive Environment

Asia Pacific—Segment Characteristics and Overview

Market Engineering Measurements

Volume Shipment and Revenue Forecast

Volume Shipment and Revenue Forecast Discussion

Percent Volume Shipment Forecast by Sub-region

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion (continued)

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion (continued)

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion (continued)

Percent Volume Shipment Forecast by End-user

Percent Volume Shipment Forecast by End-user Discussion

Percent Volume Shipment Forecast by Vessel Type

Percent Volume Shipment Forecast Discussion by Vessel Type

Competitive Environment

Rest of World—Segment Characteristics and Overview

Market Engineering Measurements

Volume Shipment and Revenue Forecast

Volume Shipment and Revenue Forecast Discussion

Percent Volume Shipment Forecast by Sub-region

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion (continued)

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion (continued)

Percent Revenue and Volume Shipment Forecast by Sub-region Discussion (continued)

Percent Volume Shipment Forecast by End-user

Percent Volume Shipment Forecast by End-user Discussion

Percent Volume Shipment Forecast by Vessel Type

Percent Volume Shipment Forecast Discussion by Vessel Type

Competitive Environment

The Last Word—3 Big Predictions

Legal Disclaimer

Market Engineering Methodology

Abbreviations and Acronyms Used

Abbreviations and Acronyms Used (continued)

Abbreviations and Acronyms Used (continued)

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

Related Research
Marine is one of the key industries of leading economies and caters to end-users including navy, merchants, passenger cruise owners etc. Ships and boats and related components and products that are in operation or are being manufactured require a variety of highly specific and durable coatings for various applications on different above and below waterline components. Such products are collectively referred to as marine coatings in this study. The marine coatings market in this study is analyzed for end-users including new shipbuilders and maintenance. The major vessel types Large Vessels (cargo & passenger and naval), Leisure Boats (yachts and other pleasure crafts), and Fishing Vessels and Boats. Major chemistries include epoxy, polyurethane, alkyd, and others for anti-corrosion coatings, and acrylates and silicones & fluorosilicones for antifouling coatings. Coatings are selected for an application based on a variety of requirements such as corrosion resistance, resistance to fuels and other chemicals, stability under various temperature ranges and pressure conditions, resistance to humidity, and resistance to biofouling. The requirements vary depending on the end application. Coatings formulations are required to be UV resistant with durable color retention for above waterline exterior applications, and greatly corrosion and chemical resistant for structural applications. Asia Pacific is the largest market for the marine sector with huge shipbuilding and maintenance bases in countries including China, South Korea, and Japan. The shipping industry in Europe is dynamic and competitive from both economic and social perspectives and contributes significantly to the marine coatings market. The region holds more than 140 large shipyards and about a third of these are active in the global market catering to large seagoing commercial vessels. The market for marine coatings is greatly impacted by mega trends such economic slowdown in key markets and countries and stringent environmental regulations mandating use of lower volatile organic compound (VOC) emitting and harmful biocide and other metal containing coatings. However, market growth may gain from increasing use of advanced antifouling coatings that are priced higher than the conventional coatings in the coming few years. The marine coatings market is highly competitive among large and global manufacturers. The competitive environment in the market is highly skewed towards the larger market participants who increasingly engage in mergers and acquisitions and joint ventures among themselves and also smaller companies to acquire new products, technologies, and market shares due to which the market points towards further consolidation in the coming few years. Manufacturers engage in continuous product development activities based on the changing market needs and regulatory environment. By establishing long term relationships with their customers, manufacturers try to ensure that they are equally proactive and reactive to the various requirements of this industry. Marine coatings face regulatory pressures from organizations such as International Maritime Organization (IMO), US Environmental Protection Agency (US EPA), and REACH that mandate the use of products with lower VOC emissions and eliminate the use of heavy metals. There is an increasing trend of customers moving to higher solids aerospace coatings and waterborne coatings for want of lower volatile organic compound (VOC) emissions, better specifications, and durability. Manufacturers are increasingly investing in product development to enhance environmental sustainability and product efficiency. Customers are increasingly looking for products that are easier to apply, impart greater fuel efficiency by reducing drag, and regulatory compliant.
More Information
No Index No
Podcast No
Author Christeena Thomas
Industries Chemicals and Materials
WIP Number ME3F-01-00-00-00
Is Prebook No
GPS Codes 9100-A2,9869-A2,9948-A2,9595