Market Research Report
Marine Coatings Market Size, Share and Industry Analysis Report by Product, Application and End Users, Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2021 - 2027
|Marine Coatings Market Size, Share and Industry Analysis Report by Product, Application and End Users, Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2021 - 2027|
Published: July 19, 2021
Global Market Insights Inc.
Content info: 250 Pages
Delivery time: 2-3 business days
The marine coatings market is estimated to observe significant growth by 2027 owing to surging product demand in leading regions across the globe. Additionally, advancements in product technology are expected to further fuel market expansion over the forecast timeline.
Marine coatings refer to waterproof and protective layers applied to surfaces that are exposed to or submerged in brackish, fresh, and/or salt water. These coatings are typically used with ships, ferries, boats, and other watercraft as well as with marine structures like offshore oil rigs. Their increased significance in the marine industry has played a vital role in industry growth.
Recently, with growing climate consciousness, companies and other organizations have been focusing on developing eco-friendly products, which has positively influenced business outlook worldwide. For instance, in July 2021, Repela Tech, a sustainability technology startup from Wayne State University based out of Detroit, received an STTR (Small Business Technology Transfer) Phase II grant by the National Science Foundation (NSF) to support the research and development of a patent-pending first-of-its-kind and safe antifouling marine coating.
Biofouling, the accumulation of barnacles, algae, or other organisms on underwater surfaces, can result in major issues, such as drag, which can slow down the vessel and augment fuel consumption by almost 40%. This project would work on the formulation of a novel non-toxic antifoulant that would keep the hulls of marine vessels free from biofouling without the environmental damage caused by existing antifoulant products.
For in-depth analysis, the marine coatings market has been segmented based on application, product, end user, and region. From the application perspective, the market has been divided into deep sea, coastal, containers, offshore vessels, leisure boats, and others.
The coastal sub-segment is estimated to witness substantial growth by 2027, delivering a CAGR of approximately 5.5% over the projected timeframe. Marine coatings are used across numerous coastal applications, such as oil & gas platform, refinery, marine, and coastal air for monitoring expose equipment and sampling systems to exceedingly corrosive salt environments, which is set to propel segmental adoption through the forthcoming years.
The marine coatings market from the others sub-segment is speculated to expand at a notable pace over the analysis period to garner a considerable valuation by the end of 2027. Other marine coatings include low frictional, self-cleaning, and self-polishing coatings. Their high-performance characteristics, along with the ability to provide effective protection against biofouling and corrosion, are likely to bolster segmental demand in the coming years.
In the regional landscape, the Middle East & Africa marine coatings market is calculated to progress at around 5% CAGR through the assessment timeframe to register lucrative gains by the end of the forecast period. Fast-developing countries, such as Israel, Turkey, Saudi Arabia, Iran, and the UAE, are anticipated to contribute to market demand over 2021-2027. Efforts by governments to diversify the economy have led to an increase in sales of crude oil and rise in the export of products from Asian and European nations, which is slated to drive regional market expansion in the future.