The marine coatings market will reach USD 3.93 billion in 2022

Source: Chemical Information Time: 2020-02-21

According to the research report, the marine coatings market is expected to grow from US$3.31 billion in 2017 to US$3.93 billion in 2022. During the forecast period from 2017 to 2022, the compound annual growth rate will be 3.5%.

In emerging economies such as China, India and Brazil, the shipbuilding industry's increasing demand for marine coatings is expected to drive the growth of the global marine coatings market.

Among resins, in terms of value, the polyurethane market in the marine coatings market is expected to grow at the highest compound annual growth rate from 2017 to 2022. Polyurethane resin is widely used and environmentally friendly, and can provide different degrees of hardness and solid content. Polyurethane resin has excellent properties, such as high corrosion resistance, wear resistance, impact strength and low temperature flexibility, making it suitable for various marine coating applications.

Depending on the application, the cargo ship segment accounted for the largest share of the marine coatings market in 2016. These cargo ships are specifically designed to carry a large amount of cargo compressed in different types of containers. In addition, compared with other modes of transportation, the cost of transportation by water is much less. It is expected that these factors will increase the demand for cargo ships, resulting in an increase in the demand for marine coatings.

The report studies the marine coatings market in North America, Europe, Asia Pacific, South America, Middle East and Africa. In terms of value, the Asia-Pacific marine coatings market is expected to grow at the highest compound annual growth rate during the forecast period. The growth of the Asia-Pacific market can be attributed to the increased demand for marine coatings in countries such as China, India and South Korea. Countries in the Asia-Pacific region have expanded their shipbuilding bases one after another, thereby driving the growth of the Asia-Pacific ship coatings market.