The global marine coatings market to grow at a CAGR of 7.46% during the period 2017-2021.
Global Marine Coatings Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is Shift toward green marine coatings. A number of environmental regulations have been reinforced recently, and shipping companies are showing more interest in increasing sailing efficiency. Marine coatings not only need to maintain existing quality and efficiency but also need to include environment-friendly effects in order to survive in the market. A number of marine coatings contain chemicals that are harmful to the marine flora and fauna. Anti-corrosion coatings that contain benzene and zinc introduce chemicals in the marine environment. Strict regulations have been implemented specifically for the use of harmful chemicals to safeguard the marine environment. A number of R&D activities are being carried out to find environment-friendly alternatives to these harmful chemicals. It is expected that in the coming years, no biocide anti-fouling coatings will enter the market.
According to the report, one of the major drivers for this market is Growth of shipbuilding industry. The shipbuilding industry is a major consumer of the global marine coatings market. The growth of shipbuilding industry was very low till 2010. After 2010, it has shown rapid growth mainly because of the growth in increasing global foreign direct investment (FDI) flows, seaborne trade, and expanding multinational companies’ businesses. New ship manufacturing and an increase in the repair and maintenance of old ships are the major growth drivers for the global marine coatings market.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuating raw material prices. Fluctuating prices of raw materials used to manufacture marine coatings pose a major challenge to marine coatings manufacturers. Benzene, toluene, ethylene, and naphthalene are the major raw materials used to produce anti-corrosion coatings. These raw materials are extracted from crude oil, and the prices of these raw materials are dependent on the prices of natural gas and crude oil. Owing to the demand-supply instabilities and the unpredictable political situation in the Middle East, there has always been a higher volatility in the prices of