Marine Coatings Market By Key Players, Deployment Type, Applications, Vertical, and Region – Forecast 2022-2031

The market for Marine Coatings is anticipated to register a CAGR of over 2% during the forecast period. The major factor driving the growth of the market is the growing ship building industry in the Asia-Pacific region, along with the increasing production rates of leisure boats and cruise ships around the world.

– Increase in the production of leisure boats & cruise ships and growing ship repairs & maintenance activities are augmenting the growth of the market.
– Stringent government regulations & sluggish growth in shipbuilding activities in few countries are likely to hinder the market’s growth.
– Innovations to increase fuel efficiency of ships & reducing emissions are projected to act as an opportunity for the market in future.

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Key Market Trends

Increasing Production Activities in the Marine Industry

– Coatings are used for both interior and exterior purposes on yachts and other leisure boats. A significant share of demand comes from the coatings used for yachts.
– Yacht coatings are available in different variants, such as premium topcoats, high-build surfaces, various protective primers, finishing primers, and antifouling paints.
– Further, interior topcoats and wood coatings are used in yachts and other boats as well.
– In addition, cruise travelling has outpaced the general leisure travelling segment with the global cruise passengers estimated to be around 25.8 million and projected to grow to 27.2 million, according to Cruise Lines International Association (CLIA). This growth is anticipated to continue further, which, in turn, is expected to create a surge in the demand for coatings used for repair and maintenance purposes.
– All the aforementioned factors are expected to drive the global market during the forecast period.

China to Dominate the Asia- Pacific region

– Asia-Pacific is the largest ship producing region in the world, catering to the demand for various types of vessels, ranging from ferries, small boats, fishing vessels, tow and tugboats, to the oil industry vessels, cargo ships, passenger ships, bulk carriers, and container ships.
– In Asia-Pacific, countries, such as China, Japan, and South Korea, are the leading producers of vessels, while large shipyards also exist in various other nations of the region. China accounts as the largest market for marine coatings, owing to both growing new shipbuilding and repair activities.
– The decline in the shipbuilding industry, and the slowdown of Chinese economy are the roadblocks for the expansion of the marine coatings market.
– Oversupply of ships has disturbed the entire ship-building industry in the country. The government has been trying to cut on subsidizing over-capacity. This has had an impact on marine OEM for building new ships.

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