Marine Coatings Market Trends and Forecast 2014 - 2020

Transparency Market Research (TMR) has recently published a study on the global marine coatings market and projected the market to rise at a healthy CAGR of 6.50% during the period from 2014 and 2020. The market is expected to increase from a value of US$7.7 bn in 2013 to an estimated value of S$11.9 bn by the end of the forecast period.The research report is titled, “Marine Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.”

Marine coatings are protective coatings utilized mostly in the aquatic ecosystem to protect ships, yachts, tankers, vessels, and other objects from being corroded and abraded. Due to their specific properties, these coatings are capable of providing superior protection to the surfaces to which they are applied. In recent times, the demand for marine coatings has increased significantly owing to the rapid expansion of the maritime industry across the world.

In this report, the global marine coatings market has been studied on the basis of its regional distribution, the application of marine coatings, and the products available in this market.

On the regional basis, the global market for marine coatings has been segmented into Asia Pacific, Europe, North America, and the Rest of the World. In terms of demand, Asia Pacific led the global market with a share of more than 64% in 2013. The rise in the shipbuilding industry in Asia countries such as Japan, South Korea, and China has propelled the marine coatings market in Asia Pacific.

Europe accounted for the second position in the overall market in 2013. The increasing demand for these coatings in ship repairing and maintenance has boosted the Europe marine coatings market significantly over the past few years.

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Over the forecast period, the report expects the North America marine coating market to experience sluggish growth, whereas, the Rest of the World market is likely to register a significant rise owing to the rapid increase in the marine industries in Saudi Arabia, Brazil, and South Africa, notes the research study.

The global marine coating market is segmented into:

By Product

• Anti-fouling coatings

• Anti-corrosion coatings

• Foul release coatings

• Others (Including self-cleaning coatings, etc.)

By Application

• Coastal

• Containers

• Deep sea

• Leisure boats

• Offshore vessels

• Others (Including icebreakers, etc.)

By Region

• North America

• Europe

• Asia Pacific

• Rest of the World