Global Marine Coatings Market is Expected to Reach USD 11.88 Billion in 2020: Transparency Market Research

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Transparency Market Research

Feb 02, 2015, 06:00 ET


Albany, New York (PRWEB) February 02, 2015 -- Transparency Market Research has published a new report titled “Marine Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.” According to the report, the global marine coatings market was valued at USD 7.65 billion in 2013 and is anticipated to reach USD 11.88 billion in 2020, expanding at a CAGR of 6.5% between 2014 and 2020.

Maine coatings offer protection from abrasion, corrosion and impact to vessels, carriers, ships and containers, among others. Anti-fouling coatings is one of the key product segments in the marine coatings market. Increase in ship repair and maintenance activities across the globe is likely to provide higher opportunities for the market over the next few years. However, volatility in prices of raw materials is estimated to hamper market growth in the near future.

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Anti-fouling coatings dominated the product segment for marine coatings in 2013. These coatings offer protection to vessels and ships from fouling organisms and slime. Anti-corrosion coatings accounted for the second-largest market share in the global marine coatings market in 2013. Foul release coating, which is biocide-free and environmentally compatible, is one of the popular marine coatings in the market. However, other marine coatings such as self-cleaning and self-polishing coatings are expected to be the fastest growing products in the marine coatings market during the forecast period.

Coastal has been the largest application segment for marine coatings over the past few years. Marine coatings are applied in the new shipbuilding stage as well as during drydocking. Deep sea accounted for over 24% of the global marine coatings market in 2013. Leisure boats is projected to be one of the fastest growing applications for marine coatings during the forecast period.

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Asia Pacific has been dominating the demand for marine coatings over the past few years. This trend is anticipated to continue during the forecast period. Vast shipbuilding industry in South Korea, Japan and China has been key factor for the growth of the marine coatings industry in Asia Pacific. The region was followed by Europe, which is estimated to be one of the major markets for ship repair and maintenance during the forecast period. This, in turn, would drive the growth of marine coatings in Europe. North America is likely to exhibit sluggish growth in the marine coatings market during the forecast period. Market share of Rest of the World is projected to increase in the marine coatings market in the next few years.

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The report provides a comprehensive view of the marine coatings market in terms of volume and revenue. Additionally, the report includes current demand analysis and forecast for product segments and applications in North America, Europe, Asia Pacific and Rest of the World. The report comprises the following segments:

Marine Coatings Market - Product Segment Analysis

  • Anti-fouling coatings
  • Anti-corrosion coatings
  • Foul release coatings
  • Others (Including self-cleaning coatings, etc.)

Other Report:

Marine Coatings Market - Application Analysis

  • Coastal
  • Containers
  • Deep sea
  • Leisure boats
  • Offshore vessels
  • Others (Including icebreakers, etc.)

Marine Coatings Market - Regional Analysis

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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Mr. Nachiket, Transparency Market Research, http://www.transparencymarketresearch.com, +1 518-618-1030, [email protected]