Sellbyville, DE -- (SBWIRE) -- 05/01/2019 -- Marine Coatings Market is estimated to witness a CAGR of 7% over the period of 2016-2024. Rising demand for marine coatings during ship mending and maintenance activities will lead to an upsurge in Marine Coatings Market. These coatings offer a defense against the corrosive marine environment. Along with increasing hull performance, these coatings are as well preferred for enhancing the aesthetics. Marine coatings are also important in enhancing the fuel efficiency of a vessel by minimizing the contact of the metal body with the environment.

Stringent norms filed by the regulatory bodies will set agenda for R&D and the coating manufactures to develop biodegradable coatings giving rise to the increasing number of consumers preferring environment friendly coatings. Need for low emission and fuel saving coatings will augment the marine coatings industry.

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Based on type of marine coatings available in the marine coatings market the industry is segmented into anti-corrosion, foul release, anti-fouling, and other coatings. Anti-fouling coatings market accounted for more than 40% of the overall marine coatings industry in 2015. This product is extensively used to prevent fouling growth on the outer layer of the vessel. This segment will also witness healthy growth, owing to a large number of ships which require maintenance down the line.

Anti-corrosion coatings market is another lucrative segment anticipated to grow at a rate of 6% CAGR over 2016-2024. These coatings prevent the hull body from rusts and corrosion, in turn enhancing the performance of the vessels. These properties will boost the demand for preventive coatings thereby, stimulating marine coatings market.

Marine coatings industry find wide set of application in coastal, containers, deep sea, leisure boats, and offshore vessels. The coastal application generated over USD 3 billion in 2015, and will witness significant gains over the coming years. Coastal application includes fishing vessels, cargo ferries, tugs, dredgers, offshore supply vessels, coasters, and defense ships.

Growing consumer purchase parity in the U.S., Canada, and Western European countries will enhance the leisure boats demand in the coming years, making this application for marine coatings market a high growing segment with close to 7% CAGR.

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Asia pacific will hold sway the global marine coatings market with nearly two-third of the overall share in 2015. This heavily active shipbuilding industry in countries such as China, South Korea, Japan, and Philippines signify the growing demand in this region.

AkzoNobel N.V., Jotun, PPG Industries, and Hempel are the top marine coatings industry players along with Kansai Paint, Nippon Paint, DuPont, Sherwin-Williams, BASF, KCC Corporation, Chugoku, RPM International, and several other important manufacturers.

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