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Marine Coatings Market to Reach USD 3.93 Bn by 2022

Published on 2020-02-19. Author : SpecialChem

TAGS:  Marine and Protective Coatings     Industrial Coatings    

ship-coatingThe 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. Increasing demand for marine coatings from the shipbuilding industry in emerging economies such as China, India, and Brazil, is expected to fuel the growth of the marine coatings market across the globe.

Polyurethane Segment to Boost Marine Coatings Industry


Among resins, the polyurethane segment of the marine coatings market is projected to grow at the highest CAGR from 2017 to 2022, in terms of value. Polyurethane resins are versatile and environment friendly. They are available with different degrees of rigidity and solid content. Polyurethane resins offer superior properties such as high corrosion resistance, abrasion resistance, impact strength, and low-temperature flexibility, which make them suitable for various marine coating applications.

Among applications, the cargo ships segment accounted for the largest share of the marine coatings market in 2016, in terms of value.

Cargo Ships Segment Accounted for Largest Share of Marine Coatings


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.

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.


Source: MarketsandMarkets
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