Marine Coatings Market is Growing Exponentially in Order to Gain More Demand by 2022

(IT-NEWSWIRE.COM, October 21, 2022 ) The global "Marine Coatings Market is projected to grow from USD 3.31 billion in 2017 to USD 3.93 billion by 2022, at a CAGR of 3.50% during the forecast period from 2017 to 2022. The major driver for the growth of the Marine Coatings Market across the globe is the growing demand for marine coatingsfrom the Asia Pacific region, owing to the rapid development of the shipbuilding and offshore engineering industries in the region.

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Target Audience:

Manufacturers of Marine Coatings
Chemical Suppliers
Raw Material Suppliers
Manufacturers of Coatings
Government and Research Organizations
Traders, Distributors, and Suppliers of Marine Coatings
Industry Associations
Research and Consulting Firms
Among applications, the cargo ships segment accounted for the largest share of the marine coatings market in 2016, in terms of value.

Based on application, the cargo ships segment accounted for the largest share of the marine coatings market in 2016, in terms of value. The cargo ships are specifically structured to carry large quantities of cargoes compressed in different types of containers. In addition, the cost of transportation through water is substantially lesser as compared to other modes of transportation. These factors are expected to increase the demand for cargo ships, thereby leading to increased demand for marine coatings.

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Browse in-depth TOC on "Marine Coatings Market”

125 - Market Data Tables

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The Asia Pacific marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value.

The marine coatings market has been studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of the market in the Asia Pacific region can be attributed to increased demand for marine coatings from various countries such as China, India, and South Korea. Various countries of the Asia Pacific region have expanded their ship manufacturing base, which, in turn, has led to the growth of the Asia Pacific marine coatings market.

Key players operating in the marine coatings market include PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), Chugoku Marine Paints (Japan), Nippon Paint (Japan), Kansai Paint (Japan), Axalta (US), and BASF Coatings (Germany).

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Further breakdown of the Rest of Asia Pacific, Rest of Europe, Rest of South America, and Rest of the Middle East & Africa marine coatings markets
Further breakdown of subsegments of the marine coatings market
Detailed analysis and profiles of additional market players (up to five)
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Marine Coatings Market is Growing Exponentially in Order to Gain More Demand by 2022