The global marine coatings market is poised for solid growth and is set to hit $14.52 billion by 2025, expanding at a CAGR of 6.1%, mainly due to an increase in maintenance and ship repair activities, according to a report by Transparency Market Research (TMR).

The global marine coatings market is consolidated with a handful of dominating players who account for significant shares of the market.

These players are majorly leading in the market on account of their focus on development of products that are advanced as well as increasing their range so as to cater to specific demands of clients.

The list includes top names such as PPG Industries, Akzo Nobel, Jotun, Chugoku Marine Paints, Sherwin-Williams Company and Hempel A/S, stated the key market intelligence provider in the report.

On the basis of products, the market is led by the antifouling coatings as it offers solid protection from fouling organisms and slimes, said the TMR report.

In addition to this, an increase in maintenance and ship repair activities which require antifouling coatings will also boost the growth of the global marine coatings market.

According to TMR, the market is also supported through enforcement of norms such as the IMO ballast tank coating. It is anticipated that there will be product innovations in the near future as government policies are becoming strict and there will be a need to create eco-friendly products.

Thus, manufacturers are focusing on developing metal-free antifouling coatings which has no negative impact on marine life or the environment. However, the slow growth of the shipbuilding industry is limiting the growth of the global marine coatings market, it stated.

By geography, Asia Pacific is leading in the marine coatings market and it accounted for 60% of the total market in 2016, with China, South Korea, and Japan at the forefront, it added.

"The deep sea application of ships requires the ships and vessels to be protected against harsh weather conditions, while also maintaining their appearance and this is the major factor boosting the growth of the marine coatings market," said a lead analyst at TMR.

"In addition to this, marine coatings play an important role in boosting the fuel efficiency of vessels. The rising ship repair and maintenance activities will also boost the demand for marine coatings during the forecast period. In order to ensure long-term security of marine assets, the oil and gas industry makes use of marine coatings extensively," he added.-TradeArabia News Service

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