The marine coatings market is projected to grow from USD 8.29 Billion in 2017 to USD 10.82 Billion by 2022, at a CAGR of 5.45% during the forecast period from 2017 to 2022.
Increasing demand for marine coatings from the shipbuilding industry in emerging economies such as China, India, and Brazil, is expected to fuel the growth of the marine coatings market across the globe, says a research by Market and Markets.
Among resins, the polyurethane segment of the marine coatings market is projected to grow at the highest CAGR from 2017 to 2022, in terms of value. Polyurethane resins are versatile and environment-friendly. They are available with different degrees of rigidity and solid content.
Polyurethane resins offer superior properties such as high corrosion resistance, abrasion resistance, impact strength, and low-temperature flexibility, which make them suitable for various marine coating applications.
Based on application, the cargo ships segment accounted for the largest share of the Marine Coatings Market in 2016, in terms of value. The cargo ships are specifically structured to carry large quantities of cargoes compressed in different types of containers.
In addition, the cost of transportation through water is substantially lesser as compared to other modes of transportation. These factors are expected to increase the demand for cargo ships, thereby leading to increased demand for marine coatings.
Key players operating in the Marine Coatings Market include PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), Chugoku Marine Paints (Japan), Nippon Paint (Japan), Kansai Paint (Japan), Axalta (US), and BASF Coatings (Germany).