Hull Coatings Market (2018 – 2023) research report provides List of manufacturers, regional analysis, segmentation by type & applications and the actual process of whole Hull Coatings industry. Hull Coatings Market report delivers a detailed study of present and upcoming Opportunities to clarify future investment in the market.
“Hull Coatings Market report is expected to register a CAGR of XX% over a five years forecast period.”
List of Major Key players operating in the Global Hull Coatings Market are –
- Axalta Coating Systems
- AkzoNobel N.V.
- PPG Industries
- Hempel A/S
- Chugoku Marine Paints
- BASF SE
- Boero Bartolomeo SpA
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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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Global Hull Coatings Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2018-2023):
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Spain and Benelux)
- Asia Pacific (China, Japan, India, Southeast Asia and Australia)
- Latin America (Brazil, Argentina and Colombia)
- The Middle East and Africa
Key Questions Answered About Hull Coatings Market:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the Hull Coatings market for selective countries?
- Which region or sub-segment is selected is expected to drive the market in the forecast period?
- What factors are estimated to drive and restrain the market growth?
- What are the key technological and Hull Coatings market trends shaping the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
Reasons to Purchase Hull Coatings Market Report:
- The report analyses how stringent emission control norms will drive the global Hull Coatings market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on 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 Hull Coatings market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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Hull Coatings Market Report TOC Includes:
- Introduction of Hull Coatings Market
- Research Approach and Methodology
- Hull Coatings Market Overview
- Hull Coatings Market Segmentation
- Competitive Landscape
- Company Profiles
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