Posted on May 11 2022 7:05 AM

"Key segments covered in Marine Coatings Market are By Product Type, By Application and Regional Forecast 2022-2029 "

“Marine Coatings Market ” analysis report contains all study material about market overview, growth, demand, and forecast research all over the world. Growth inducing factors, market restraints, and recent developments has also been analyzed in the report in order to provide deeper knowledge about the industry. To gain insightful analyses of the market and have a comprehensive understanding of the global market and its commercial landscape.

The global marine coatings market size is expected to gain momentum owing to the increasing demand for the shipbuilding industry during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Marine Coatings Market, 2022-2029.” With the expansion in infrastructure and building projects in emerging nations, the increasing need for elevated coating is driving the market growth. Furthermore, the marine coating reduces friction and increases the life of maritime equipment, and the continuous need for repair and maintenance is propelling the market forward. For instance, in August 2021, Jotun Paints UAE attended the World Sustainable Business Forum, which was co-hosted by Gulf News and the International Federation of the Indo-Israel Chambers of Commerce (IFIICC). According to Corporate Knights, a Toronto-based sustainable business journal, the world's most sustainable firms are often Nordic, according to the Global 100 Index in 2020.

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Russia-Ukraine War Implication

The Russia-Ukraine war could change the Marine Coatings Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Marine Coatings Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.

There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.

The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.

Segments-

By product type, the market is segmented into anti-corrosion coatings, anti-fouling coatings, and others. On the basis of application, the market is segregated into cargo ships, passenger ships, boats, submarines, service ships, offshore vessels, and others. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

What does the Report Offer?

The report includes the recent activities and market situation of the market size to comprehend the existing prospects and possible investment pockets. The report elucidates the major drivers, constraints, and opportunities and their thorough effect evaluations.

Drivers & Restraints-

Increasing Popularity of Eco-Friendly Products to Stimulate Growth

The global marine coatings market growth is expected to grow due to the rising environmental concerns during the projected period. An increase in customer desire for environmentally friendly products is a significant driver in the worldwide marine industry. Customers' preferences for environmentally friendly products are shifting due to rising environmental legislation and limitations, putting pressure on producers to adopt eco-friendly items. This is projected to fuel growth during the predicted period. The majority of the main players now provide silicone-based foul-release solutions. In big container ships that consume a lot of fuel, foul-release technology leads to long-term fuel savings. The desire to reduce fuel usage is a significant market driver. As a result, businesses are investing in the development of environmentally friendly products.

REGIONAL INSIGHTS

Increasing Sea Trade Activities to Promote Growth in Asia Pacific

Asia Pacific is expected to hold the largest global marine coatings market share during the forecast period.  This is due to rising sea trade and increasing oil & gas exploration activities. The region's market development may be ascribed to the growing demand for marine coatings from nations such as China, India, and South Korea.

North America is expected to have a sizable share of the market. This is due to the region's developing maritime and oil and gas sectors and growing exports and imports.

Competitive Landscape-

Increasing Number of Mergers to Create Opportunities for Market Growth

The report examines the market and provides information on the goods supplied by major players. To enhance their market position, manufacturers are creating novel marine coatings with reduced volatile organic compounds. They are collaborating with ship dealers in order to increase their industrial footprint. Mergers are anticipated to be a significant strategy for businesses looking to broaden their brand portfolios and extend their market reach. Furthermore, this marine coatings market study report discusses emerging trends and challenges that will impact market growth.

Industry Development-

• September 2019: Hempaguard MaX, a fouling protection hull coating product from Hempel, has been introduced. It is suited for all vessel types and stays fully effective in both warm and cold water and a slow and regular pace - even after up to 120 days of inactivity. An anti-corrosive primer is included in the coating system.

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List of Key Players Profiled in the Global Market for Marine Coatings:

• Hempel A/S
• AkzoNobel N.V.
• Nippon Kansai Paint Co.
• Axalta Coating Systems
• Jotun A/S
• KCC Corporation
• Baril Coatings
• MCU Coatings

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