Global Marine Coatings Market Is Estimated to Witness High Growth Owing To Rising Demand for Eco-Friendly Coatings

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Global Marine Coatings Market Is Estimated to
Witness High Growth Owing To Rising Demand for
Eco-Friendly Coatings
The global Marine Coatings Market is estimated to
be valued at US12,662.7 million in 2021 and is
expected to exhibit a CAGR of 6.5 over the
forecast period 2021-2028, as highlighted in a
new report published by Coherent Market Insights.
A) Market Overview
Marine coatings are protective coatings applied
to ships and other marine vessels to protect
them against corrosion, fouling, and other
environmental factors. These coatings offer
numerous advantages such as increased durability,
improved fuel efficiency, reduced maintenance
costs, and enhanced aesthetics. With the growth
of maritime trade and the increasing need for
maintaining the longevity of marine vessels, the
demand for marine coatings is expected to rise
significantly.
B) Market Key Trends
One key trend in the Marine Coatings Market is
the rising demand for eco-friendly
coatings. Environmental regulations and concerns
regarding the use of toxic substances in
conventional marine coatings have led to a shift
towards more sustainable and environmentally-frien
dly alternatives. Bio-based coatings, water-based
coatings, and low VOC (volatile organic compound)
coatings are gaining popularity in the market.
These coatings not only reduce environmental
pollution but also offer improved performance and
safety.
For example, AkzoNobel N.V., one of the key
players in the market, introduced Interpon
Hydro C, a water-based powder coating solution
for offshore wind turbines. This coating
eliminates the
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need for solvents and reduces VOC emissions,
making it a sustainable and eco-friendly option.
C) PEST Analysis
- Political Stringent environmental regulations
and policies regarding the use of
hazardous substances in coatings influence the
market dynamics. Governments are promoting the
adoption
of
eco-friendly
coatings
to
reduce
pollution
and
protect
marine
ecosystems.
- Economic The growth of international trade and
maritime activities drives the demand for
marine coatings. The economic stability of
countries heavily dependent on sea trade
significantly impacts the market.
- Social Increasing awareness among consumers
about the environmental impact of marine coatings
and the need for sustainable solutions is shaping
the market trends. Social responsibility and
sustainable practices are becoming important
considerations for both consumers and industry
players.
- Technological Technological advancements in
the development of eco-friendly coatings, such as
self-polishing anti-fouling coatings,
nanotechnology-based coatings, and UV-curable
coatings, are driving market growth. These
coatings offer enhanced performance and
durability.
D) Key Takeaways
The global Marine Coatings Market Growth,
exhibiting a CAGR of 6.5 over the forecast
period, due to increasing demand for eco-friendly
coatings. Stringent environmental regulations and
rising awareness about sustainability
are driving the adoption of these
coatings.
In terms of regional analysis, Asia Pacific is
the fastest-growing and dominating region in
the marine coatings market. The region's booming
shipbuilding industry, increasing maritime trade,
and supportive government policies contribute to
its market dominance. Europe and North America
also hold significant market shares due to their
strong presence in the maritime sector.
Key players operating in the global Marine
Coatings Market include AkzoNobel N.V.,
Chugoku Marine Paints Ltd., Hempel A/S, Jotun
A/S, Kansai Paint Co. Ltd., KCC Corporation,
Nippon Paint, PPG Industries Inc., RPM
International Inc., and The Sherwin-Williams
Company. These players focus on product
innovation, strategic partnerships, and mergers
and acquisitions to
strengthen
their
market
positions
and
cater
to
the
growing
demand.
In conclusion, the global Marine Coatings Market
is poised for high growth as the demand for
eco- friendly coatings increases. Environmental
regulations, economic factors, social awareness,
and technological advancements are shaping the
market dynamics. The Asia Pacific region leads in
terms of growth and dominance, while key players
focus on innovation and strategic collaborations.