The marine coatings market share is expected to post an incremental growth of USD 4.25 billion, accelerating at a CAGR of 6.73% over the next five years. The growth of the shipbuilding industry will offer immense growth opportunities to market vendors during the forecast period.
The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers to provide growth projections and insights. This analytical examination of the market will enable businesses to plan and set the path for future growth prospects. Unlock Free Sample Report
The marine coatings market is segmented by Type (Anti-corrosive, Anti-fouling, and Others), Market Landscape (Epoxy, Polyurethane, and Others), Application (Coastal, Deepsea, Containers, Offshore house, and Others), and Geography (APAC, Europe, North America, MEA, and South America).
Owing to the government support for the development of coastal shipping infrastructure, the marine coatings market growth in the coastal segment will be significant during the forecast period. 81% of the market growth will originate from APAC during the forecast period. The growth of the shipbuilding industry will facilitate the marine coatings market growth in APAC over the forecast period.
The increasing use of antioxidants in marine coatings is one of the major marine coatings market trends that will support the market growth. The marine coatings market report provides a detailed analysis of all the segments, key trends, and challenges that are likely to influence growth.
One of the primary factors that will drive market growth is the growth of the shipbuilding industry. However, fluctuating raw material prices are a major challenge for the marine coatings market growth. The marine coatings market report provides an understanding of all the other drivers that are likely to impact market growth. These insights will enable clients to design growth strategies that will leverage opportunities and neutralize challenges effectively.
The market is fragmented. Akzo Nobel NV, BASF SE, Baril Coatings USA, Chugoku Marine Paints Ltd., Endura Coatings, Hempel AS, Nippon Paint Holdings Co. Ltd., Orkla ASA, PPG Industries Inc., and The Sherwin-Williams Co. are some of the major marine coatings market vendors.
Technavio's research report provides insights into the top market player and their product portfolio along with pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Download the Free PDF Sample Report