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Marine Coatings Market – Global Industry Analysis, Trends and Forecast Report

Based on these factors, a recent research report by Global Market Insights Inc., states that the global marine coatings market size will surpass a valuation of over USD 6 billion by 2027.

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Marine Coatings Market – Global Industry Analysis, Trends and Forecast Report

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  1. Marine Coatings Market – Global Industry Analysis, Trends and Forecast Report to 2027 Fuel Cell Market size worth $25.5bn by 2024

  2. KeyInsights from Marine Coatings Market : • Based on these factors, a recent research report by Global Market Insights Inc., states that the global marine coatings market size will surpass a valuation of over USD 6 billion by 2027. • The marine coatings market worldwide is at the forefront of prolific growth, mainly driven by the influx of various effective corrosion control strategies to protect marine vessels among other carriers above and below the waterline. The rising exposure of ferries, boats and ships to moisture occurring from rain, saltwater, freshwater, or brackish water has steered the higher focus on waterproof marine paints or coatings to offer a protective layer.

  3. Continued... • Marine coatings are primarily a form of protective coating utilized in marine environments to guard ships, tankers, yachts, vessels, and other structures from the salty water of the sea. When applied on surfaces, they provide specific functional properties, to deliver a greater level of protection. The growing instances of bacterial and opposing corrosion as well as marine decomposition have also made way for several negative impacts on the sea vessels and their durability. This has, in turn, prompted the higher spending capacities on protecting these vessels from marine corrosion. • The increasing emphasis on various marketing initiatives, including innovations, and partnership-oriented strategies by key manufacturers will further drive up the adoption of marine coatings. For instance, in February 2021, Nippon Paint Marine unveiled a new antifouling technology to enhance the antifouling performance to a higher level and consistency. This novelty also significantly improves the time and film thickness needed for applications, in comparison to other hull coatings.

  4. Browse key industry insights spread across 250 pages with 222 market data tables & figures from the report, “Marine Coatings Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/marine-coatings-market Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/1142

  5. Continued... • Akzo Nobel N.V., Jotun A/S, Hempel A/S, Chugoku Marine Paints, Ltd, Kansai Paint Co., Ltd., NipponPaint Co., Sherwin-Williams Company, PPG Industries, RPM International, and KCC Corporation are some other players operating in this business space across the globe. • Foul-releasing coatings are witnessing higher preference in recent times, as they not only reduce the operating costs but also improve the ship owners’ profit margins. This can be accredited to their robust abilities to exhibit slippery, non-sticky and low frictional properties on the surface of vessels while not leaching biocides into the sea. • While antifouling paints make use of a biocide, foul-release coatings utilize physical means to limit the chances of fouling by creating a surface that is challenging for marine organisms to adhere to.

  6. Continued... • Citing an instance, in 2021, the U.S. government announced the allotment of over USD 241 million as part of a discretionary grant funding for 25 projects for enhancing the port facilities across 19 states. This move also aimed at strengthening the country’s supply chains to meet the rising demand arising from the rapid economic recovery over the past year while helping to address the inflationary pressures. • The use of marine coatings has largely transformed in recent times, as they not only mitigate the need for more power while making the ship's hull smooth but also reduce friction to ensure that the vessels glide effortlessly through the water with limited fuel use. The rising focus on research activities for improving the corrosion resistance and antifouling performance of organic coatings in marine environments, and the emergence of new coating techniques will also contribute to the market growth.

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