Target Audience of Hull Coatings Market: Manufacturer / Potential Investors, Traders, Distributors, Wholesalers, Retailers, Importers and Exporters, Association and government bodies.
Hull Coatings Market Report provides key statistics on the market status of the Hull Coatings Key-players/Manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the Industry
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.
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Major companies covered in this Report:
- Axalta Coating Systems
- AkzoNobel N.V.
- PPG Industries
- Hempel A/S
- Chugoku Marine Paints
- BASF SE
- Boero Bartolomeo SpA
Reason to Purchase the Report
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This Hull Coatings market report offers an overview of the market trends, drivers, and barriers with respect to the market. A detailed analysis of key players, along with key growth strategies adopted by them is also covered in this report on Hull Coatings market.