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Marine Coatings Market by Type, Chemistry, Application, and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR45429
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The marine coatings market has the potential to grow by USD 4.25 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 6.73%.

This marine coatings market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by type (anti-corrosive, anti-fouling, and others), chemistry (epoxy, polyurethane, and others), application (coastal, deepsea, containers, offshore house, and others), and geography (APAC, Europe, North America, MEA, and South America). The marine coatings market report also offers information on several market vendors, including 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. among others.

What will the Marine Coatings Market Size be in 2021?

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Marine Coatings Market: Key Drivers and Trends

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growth of the shipbuilding industry is notably driving the marine coatings market growth, although factors such as fluctuating raw material prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the marine coatings industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • The growth of the shipbuilding industry will fuel the growth of the marine coatings market size.
  • The shipbuilding industry is a major consumer of the global marine coatings market. 
  • New ship manufacturing and an increase in the repair and maintenance of old ships are the major growth drivers for the global marine coatings market.
  • The demand for marine coatings for vessels that operate in harsh weather conditions is increasing, which is boosting the growth rate of the global marine coatings market.
  • The growth of the shipbuilding industry is directly related to the growth of the global marine coatings market. 
  • The development in technology will drive the marine coatings market growth during the forecast period.
  • The marine coatings market has several types of innovations and variations.
  • Regulations for the safety of the marine environment are the drivers for innovations.
  • R&D is being carried out by major vendors such as Akzo Nobel and Jotun to find new solutions to prevent biofouling and cause the least harm to the marine environment.
  • Non-stick foul release coatings, copper-free anti-fouling coatings, and nano anti-fouling coatings are some examples of advances in technology in this market.

This marine coatings market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Marine Coatings Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • 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.
  • The Sherwin-Williams Co.

 

This statistical study of the marine coatings market encompasses successful business strategies deployed by the key vendors. The marine coatings market is fragmented and the vendors are deploying growth strategies such as investing in the R&D of new products to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The marine coatings market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Marine Coatings Market?

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81% of the market’s growth will originate from APAC during the forecast period. China, South Korea (Republic of Korea), and Japan are the key markets for marine coatings in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

Increasing investments for the development of the marine sector will facilitate the marine coatings market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Type Segments in the Marine Coatings Market?

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The marine coatings market share growth by the anti-corrosive segment will be significant during the forecast period. Anti-corrosion coatings are chemically resistant barriers that provide protection to metal surfaces. They safeguard the metal surfaces, and at times non-metal surfaces also against the degrading effects of moisture, oxidation, salt spray, or chemical exposure. The rising popularity of acrylic-based waterborne anti-corrosion coatings because of their environment-friendly nature is one of the primary market trends that is expected to continue during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the marine coatings market size and actionable market insights on post COVID-19 impact on each segment.

 

Marine Coatings Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6.73%

Market growth 2021-2025

$ 4.25 billion

Market structure

Fragmented

YoY growth (%)

4.50

Regional analysis

APAC, Europe, North America, MEA, and South America

Performing market contribution

APAC at 81%

Key consumer countries

China, South Korea (Republic of Korea), Japan, US, and Belgium

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

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.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period

Customization purview

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What are the Key Factors Covered in this Marine Coatings Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive marine coatings market growth during the next five years
  • Precise estimation of the marine coatings market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the marine coatings industry across APAC, Europe, North America, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of marine coatings market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Application

    • Market segments
    • Comparison by Application
    • Coastal - Market size and forecast 2020-2025
    • Deepsea - Market size and forecast 2020-2025
    • Containers - Market size and forecast 2020-2025
    • Offshore house - Market size and forecast 2020-2025
    • Others - Market size and forecast 2020-2025
    • Market opportunity by Application

    Market Segmentation by Type

    • Market segments
    • Comparison by Type
    • Anti-corrosive - Market size and forecast 2020-2025
    • Anti-fouling - Market size and forecast 2020-2025
    • Others - Market size and forecast 2020-2025
    • Market opportunity by Type

    Market Segmentation by Chemistry

    • Market segments
    • Comparison by Chemistry
    • Epoxy - Market size and forecast 2020-2025
    • Polyurethane - Market size and forecast 2020-2025
    • Others - Market size and forecast 2020-2025
    • Market opportunity by Chemistry

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • APAC - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • North America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • 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.
      • The Sherwin-Williams Co.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
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      The marine coatings market growth will increase by $4253.14 million during 2021-2025.
      The marine coatings market is expected to grow at a CAGR of 6.73% during 2021-2025.
      Technavio has segmented the marine coatings market by type (Anti-corrosive, Anti-fouling, and Others) ,other1 (Epoxy, Polyurethane, and Others) , and application (Coastal, Deepsea, Containers, Offshore house, and Others).
      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., The Sherwin-Williams Co. are a few of the key vendors in the marine coatings market.
      APAC will register the highest growth rate of 80.94% among the other regions. Therefore, the marine coatings market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
      • China
      • South Korea (Republic of Korea)
      • Japan
      • US
      • Belgium
      The key factors driving the marine coatings market growth are:
      • Growth of the shipbuilding industry
      The marine coatings market vendors should focus on grabbing business opportunities from the anti-corrosive segment as it accounted for the largest market share in the base year.
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