March 18, 2020
As per the report titled ‘Asia Pacific Marine Coatings Market Share By Product, Application, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025’, available with Market Study Report LLC, Asia Pacific marine coatings market is projected to cross USD 12 billion by the year 2024.
Marine coatings prevent the growth of microorganisms, reducing the frictional drag, hence lowering fuel consumption and carbon emissions. Growing inclination towards fuel-saving and low emission solutions is driving the growth of marine coatings in Asia Pacific. Surging number of shipbuilding projects owing to rising sea trade is further boosting the demand for marine coatings. However, fluctuating raw material prices may hinder the market growth during the forecast period.
According to the study, foul release coatings segment is anticipated to account for a significant market share by the end of 2024. Increasing shipbuilding projects, in tandem with rising ship repair & maintenance activities in the region will propel the demand for marine coatings.
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Extensive usage of marine coatings in an array of applications such as vessels, tank & containers, offshore vessels, cargo ships, tugs, boats, and yacht will continue to augment the product demand. Apart from this, growing inclination towards the use eco-friendly products and technological advancements with a focus towards fuel savings and CO2 emission reduction will present new growth opportunities for the market in coming years.
Major participants of Asia Pacific marine coatings market are Kansai Paint Co. Ltd., BASF SE, Hempel A/S, Jotun A/S, Nippon Paint Holdings Co., Ltd., KCC Corporation, MCU Coatings International, Chugoku Marine Paints Ltd., Akzo Nobel N.V., and PPG Industries.
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