By 2024, the global market for marine coatings will exceed $19 billion

According to Global Market Insights, Inc. The market size of marine coatings is expected to exceed $19 billion by 2024. 

Marine coatings play an important role in preventing the damage of various ship components caused by corrosion. They improve the service life of these parts and components by minimizing the possibility of unnecessary maintenance and repair on-line coatingol.com. Global business is diversifying due to favourable economic conditions and higher profits. Many companies use naval transportation to transport goods and other products. As a result of the government's support policy, maritime trade activities will increase in the future. These coatings are widely used in marine transportation to maintain operational efficiency. The development of new ports and the existence of cost-effective trade routes provide ample opportunities for maritime trade and will promote the development of shipbuilding industry. The growing shipbuilding industry will increase product demand in the forecasting period. Regular maintenance and maintenance of old ships will increase the marine paint market by 2024.

More and more important fuel saving in maritime transport will be the characteristics of market growth in the coming years. The product is effective in reducing fuel consumption to help minimize CO emissions along 2. Various regulations enacted by the United States Environmental Protection Agency (EPA) and the European Union to limit VOC content will force manufacturers to produce low-emission coatings. However, market growth will be hampered by changes in raw material costs. Due to the sudden change of raw material cost, the profitability of product manufacturers will decrease, which will have a negative impact on the growth of the market.

According to the product, the market is divided into anti-fouling, anti-fouling and anti-corrosion. In the forecasted time span, the antifouling paint sector will maintain a share of nearly 45%. These coatings are very effective in reducing the harmful effects of marine biofouling. Due to the wide application of shipbuilding industry, anticorrosion industry will show a large growth rate of more than 6% at the end of the forecast period. On the basis of application, the product market is divided into coastal, offshore, container, deep-sea and leisure vessels. Coastal routes will account for about 34% of the total, and will grow significantly in the forecast period. It includes defense boats, passenger or freight ferries, fishing boats, roller coasters, etc. The leisure boat sector is expected to grow at a compound annual growth rate of more than 7% between 2017 and 2024. High disposable income and luxury lifestyle will increase the desire for leisure boats, cruise ships, yachts, etc. This will bring a favorable trend to the product market in the next few years.

The Asia-Pacific region will dominate the marine coatings market and is expected to exceed $12 billion in the forecast period. China, Japan and Korea are the main countries in shipbuilding industry. Favorable economic conditions, the existence of major shipbuilding enterprises and huge investment will promote the shipbuilding industry in the future. This trend will stimulate market growth in 2024. North America is likely to grow at a compound annual growth rate of more than 5.5% due to the increased use of products for ship maintenance and maintenance. In addition, the growing popularity of leisure boats in the region will contribute to market growth.