The market value of marine coatings blowout exceeded 10 billion US dollars

By 2019, the market value of marine coatings blowout exceeded 10 billion US dollars

According to the report, in 2013, the Asia-Pacific region was the dominant market for marine coatings, accounting for more than 75% of the market size in terms of output and value. According to the national calculation, China is the largest consumer of marine coatings and the largest market of marine coatings which is higher than the global average compound annual growth rate by 2019. As a result of the construction of new ships and ship repairs, South Korea is a growing demand for marine coatings in the Asia-Pacific region. 

Before 2019, the market value of marine coatings blowout exceeded $10 billion

The report explains that there are three main factors leading to the growth of marine coatings market. These factors include the continued expansion of the oil and gas market and the wider use of marine coatings to ensure the long-term protection of ships and the implementation of the IMO Ballast Tank Coatings Rules. Therefore, strict environmental protection rules and users'preferences for eco-friendly marine coatings are promoting the innovation of marine coatings. Scientists and industrialists are developing metal-free antifouling coatings that do not affect marine life. Some of the challenges facing the marine paint industry are the merger of shipping companies and the anticipated decline in shipbuilding. The merger of shipping companies is putting pressure on the price of marine coatings produced by marine coatings manufacturers.

As far as the production and sales of marine coatings in 2013 are concerned, anticorrosive coatings are the most commonly used marine coatings, accounting for 60% of the total market share of marine coatings. It is expected that anticorrosive coatings will continue to be the most consumed marine coatings, and will have the highest annual growth rate of composite coatings between 2014 and 2019. Antifouling coatings rank behind anticorrosive coatings, accounting for 34% of the market share of marine coatings in 2013.

The report also predicts that the consumption of epoxy resin-based marine coatings will continue to be the largest annual growth rate of composite coatings between 2014 and 2019. Because of the various advantages of epoxy resin-based marine coatings, epoxy resin-based marine coatings will be used in different parts of a ship, mainly underwater hull, oil tank, deck, upper structure and above the waterline. Therefore, the demand for epoxy resins will increase because of a huge market for anticorrosive coatings.