According to the research report titled ‘Middle East & Africa Marine Coatings Market Size by Product, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report, Middle East & Africa marine coatings market is expected to surpass USD 19 billion by the year 2024.
 

As per the report, increasing disposable income and rising investments towards construction & infrastructure are fostering the growth of marine coatings market in Middle East & Africa. Marine coatings play a significant role in preventing the ships from wear & tear as well as helps in improving their lifespan. High concentration of shipyards and ports in countries such as Qatar, Oman, Saudi Arabia, Abu Dhabi and Dubai along with increasing shipbuilding activities are driving the expansion of Middle East & Africa marine coatings industry.
 

Marine coatings not only provide protection but also gives glossy finish to boats & ships. Increasing application of marine coatings in leisure boats such as cruise liners, super yachts, and yachts is also stimulating the industry outlook. Growing preference for low emission coatings has compelled various key industry players to develop environment friendly, low biocides content and VOC free marine coatings, which in turn is augmenting business scenario. However, strict environmental regulations pertaining to VOC emissions may hinder the overall market growth.
 

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The report states that anti-fouling coatings market is presumed to expand substantially during the forecast period. Increasing shipbuilding as well as repair & maintenance activities across the region are favoring the market outlook.
 

Elaborating on the application spectrum, MEA marine coatings market from leisure boats segment is expected to register significant growth during the estimated timeframe. Escalating disposable income coupled with high maintenance cost of leisure boats are aiding the market share.
 

The prominent companies operating in Middle East & Africa marine coatings industry are MCU Coatings International, PPG Industries, KCC Corporation, Nippon Paint, Jotun, Chugoku Marine Paints Ltd., Hempel, Sherwin-Williams, BASF SE, DuPont, Kansai Paint, and Akzo Nobel.