Global Hull Coatings Market - Segmented by Coating, Application, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The global hull coatings market is expected to witness a moderate CAGR during the forecast period, 2018-2023. The major factor driving the growth of the market is the growing ship building industry in the Asia-Pacific region, along with the increasing production rates of leisure boats and cruise ships around the world.
Increasing Production Activities in the Marine Industry
Coatings are used for both interior and exterior purposes on yachts and other leisure boats. A significant share of demand comes from the coatings used for yachts. Yacht coatings are available in different variants, such as premium topcoats, high-build surfaces, various protective primers, finishing primers, and antifouling paints. In addition, cruise travelling has outpaced the general leisure travelling segment, with the global cruise passengers estimated to be around 25.8 million and projected to grow to 27.2 million in 2018, according to Cruise Lines International Association (CLIA). This growth is anticipated to continue further, which, in turn, is expected to create a surge in the demand for hull coatings used for repair and maintenance purposes. Also, it is estimated that 27 ships, for river and ocean cruising purposes, would be coming by the end of 2018, coming up, increasing the consumption of hull coatings at a significant rate.
Marine Vessels Occupy the Majority Share
Marine vessels are the single largest users of hull coatings. High-performance hull coatings or anti-fouling coatings provide lifelong benefits, including extended dry-dock intervals and reduced time in dry-dock, lower future maintenance costs, and reduced greenhouse gas emissions through lower fuel consumption. The vessel coatings market is estimated to increase rapidly, due to growth in the shipbuilding industry in recent years. Despite the dip in demand, the recovery of oil & gas offshore exploration activities is supporting the growth of the offshore support vessels market. In addition, growing oil trade through vessels in the Middle East & African region is expected to boost the demand for aftermarket hull coatings in the coming years.
Asia-Pacific to be the Dominant Region
Asia-Pacific is currently the dominating region, in terms of consumption of hull coatings, owing to the manufacturing of new ships and dry dockings in the region. The booming shipbuilding and offshore structure industries in Korea, Japan, and China are majorly driving the market. Countries, like Singapore, India, and Vietnam, are also expected to turn out to be vital markets for the shipbuilding and maintenance activities in the region. This can be attributed to the lower costs and technological advances and workmanship levels in the region. Despite the recent slowdown in the Chinese shipbuilding industry, the bright prospects for growth of the hull coatings market in many countries in the region are expected to increase the usage of hull coatings during the forecast period.
Key Developments in the Market
• February 2018: AkzoNobel to develop new marine fouling prevention technology that is based on ultraviolet light emitting diodes (LED) to be used in underwater surfaces for prevention of fouling.
• June 2017: Expansion of AkzoNobel’s US R&D facilities with an investment of USD 3.5 million.
• March 2017: Hempel started a new Central Distribution Center in Texas, United States, to expand its operations in North America.
Major Players: Jotun, AkzoNobel, PPG Industries, Hempel, and Chugoku Marine Paints Ltd, among others.
Reason to Purchase the Report
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The application that is expected to dominate the market
• The regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (In excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Increasing Production Activities in the Marine Industry
Coatings are used for both interior and exterior purposes on yachts and other leisure boats. A significant share of demand comes from the coatings used for yachts. Yacht coatings are available in different variants, such as premium topcoats, high-build surfaces, various protective primers, finishing primers, and antifouling paints. In addition, cruise travelling has outpaced the general leisure travelling segment, with the global cruise passengers estimated to be around 25.8 million and projected to grow to 27.2 million in 2018, according to Cruise Lines International Association (CLIA). This growth is anticipated to continue further, which, in turn, is expected to create a surge in the demand for hull coatings used for repair and maintenance purposes. Also, it is estimated that 27 ships, for river and ocean cruising purposes, would be coming by the end of 2018, coming up, increasing the consumption of hull coatings at a significant rate.
Marine Vessels Occupy the Majority Share
Marine vessels are the single largest users of hull coatings. High-performance hull coatings or anti-fouling coatings provide lifelong benefits, including extended dry-dock intervals and reduced time in dry-dock, lower future maintenance costs, and reduced greenhouse gas emissions through lower fuel consumption. The vessel coatings market is estimated to increase rapidly, due to growth in the shipbuilding industry in recent years. Despite the dip in demand, the recovery of oil & gas offshore exploration activities is supporting the growth of the offshore support vessels market. In addition, growing oil trade through vessels in the Middle East & African region is expected to boost the demand for aftermarket hull coatings in the coming years.
Asia-Pacific to be the Dominant Region
Asia-Pacific is currently the dominating region, in terms of consumption of hull coatings, owing to the manufacturing of new ships and dry dockings in the region. The booming shipbuilding and offshore structure industries in Korea, Japan, and China are majorly driving the market. Countries, like Singapore, India, and Vietnam, are also expected to turn out to be vital markets for the shipbuilding and maintenance activities in the region. This can be attributed to the lower costs and technological advances and workmanship levels in the region. Despite the recent slowdown in the Chinese shipbuilding industry, the bright prospects for growth of the hull coatings market in many countries in the region are expected to increase the usage of hull coatings during the forecast period.
Key Developments in the Market
• February 2018: AkzoNobel to develop new marine fouling prevention technology that is based on ultraviolet light emitting diodes (LED) to be used in underwater surfaces for prevention of fouling.
• June 2017: Expansion of AkzoNobel’s US R&D facilities with an investment of USD 3.5 million.
• March 2017: Hempel started a new Central Distribution Center in Texas, United States, to expand its operations in North America.
Major Players: Jotun, AkzoNobel, PPG Industries, Hempel, and Chugoku Marine Paints Ltd, among others.
Reason to Purchase the Report
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The application that is expected to dominate the market
• The regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (In excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
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