Global Marine Coatings Market Size to grow USD 7.75 Billion by 2030 | CAGR of 5%: Spherical Insights

New York, United States, Feb. 15, 2023 (GLOBE NEWSWIRE) — According to a research report published by Spherical Insights & Consulting, The Global Marine Coatings Market Size to grow from USD 5.00 billion in 2021 to USD 7.75 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5% during the forecast period. Over the projected period, the demand for Marine Coatings in the market will increase due to a rise in the demand for product in favourable economic conditions may lead to a rise in seaborne commerce activity and a beneficial impact on consumer demand for marine coatings.

Key Insights

• The global Marine Coatings Market was valued at USD 5 Billion in 2021.
• The Market is growing at a CAGR of 5% from 2022 to 2030
• The global Marine Coatings Market is expected to reach USD 7.75 Billion by 2030
• The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.

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On credit portfolios, the COVID-121.9 epidemic has had a negative effect. The enormous growth has hampered the solvency of customers and business in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programmes. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to reevaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.

Browse key industry insights spread across 200 pages with 137 market data tables and figures & charts from the report “  Global Marine Coatings Market Size, Share, and COVID-19 Impact Analysis By Product (Anti-fouling coatings, Anti-corrosion coatings, Foul release coatings and Others), By Application (Coastal, Containers, Deep sea, Leisure boats, Offshore vessels and Others), By End-use (New Ships and Repair Work) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030. “in detail along with the table of contents. https://www.sphericalinsights.com/reports/marine-coatings-market 

The Anti-fouling segment to account for the largest market size during the forecast period

 Based on the Product, the Marine Coatings Market trends is categorized into Anti-fouling coatings, Anti-corrosion coatings, Foul release coatings and Others. The Anti-fouling segment to account for the largest market size during the forecast period. Throughout the forecast period, the Anti-fouling segment is anticipated to maintain its leading position Due to when anti-fouling is treated to a maritime vessel, subaquatic development is slowed down, resulting in a smoother hull and increased fuel efficiency. Chugoku Marine Paints, Ltd., for instance, introduced a fuel-efficient anti-fouling solution for oceangoing boats in June 2021. Over the predicted period, expanding product availability will enhance category penetration.    

The Leisure boats segment to hold a higher CAGR during the forecast period

 Based on the application, the Marine Coatings Market share is categorized into Coastal, Containers, Deep sea, Leisure boats, Offshore vessels and Others. The Leisure boats segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Leisure boats segment is anticipated to maintain its leading position while expanding at the fastest CAGR due to the value of the marine coatings market is being supported by the growing boating and water sports industries as well as the introduction of numerous water clubs throughout the world.

The New Ships segment to hold a higher CAGR during the forecast period.

Based on the End-use, the Marine Coatings Market Growth is categorized into New Ships and Repair Work. The New Ships segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the New Ships segment is anticipated to maintain its leading position while expanding at the fastest CAGR due to the marine sector has seen increased investment and rising commercial activity, which has strengthened the shipbuilding industry. In addition, a number of government agencies have developed programmes to encourage the trade of products by maritime transportation.

 Marine Coatings Market Report Scope: –

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Asia Pacific is estimated to account for the highest market share in 2022.

The Global Marine Coatings Market has been segmented into five major regions:  North America, Europe, Asia-Pacific, South America, The Middle East and Africa. The demand for Marine Coatings is being driven by the rising acceptance by the market. The market for Marine Coatings was dominated by the Asia Pacific region this is mostly due to China, Japan, and South Korea building a lot of new ships. Shipbuilding businesses have opened factories all across the region thanks to the accessibility of cheap and competent labour. The expansion of the marine coatings industry is being supported by advantageous geographic conditions that make maritime trade efficient and straightforward. Governmental agencies help the shipbuilding sector through financial and regulatory support. North America to hold a higher CAGR during the forecast period.

Market Segment

This study forecasts global, regional, and country revenue from 2019 to 2030. The market is segmented by

Global Marine Coatings Market, By Product

• Anti-fouling coatings
• Anti-corrosion coatings
• Foul release coatings
• Others

Global Marine Coatings Market, By Application

• Coastal
• Containers
• Deep sea
• Leisure boats
• Offshore vessels
• Others

Global Marine Coatings Market, By End-use

Regions Covered

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

List of Key Market Players

• BASF
• Boero Bartolomeo
• Jotun
• RPM International
• Sherwin-Williams
• Nippon Paint Marin Coatings
• Kansai Paint Marine Coatings
• Wacker Chemie
• Axalta Coating Systems
• AkzoNobel
• PPG Industries
• Pettit Marine Paints
• Engineered Marine Coatings
• Hempel
• Chugoku Marine Paints
• Other

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Some Recent Developments News in the Global Marine Coatings Market:

• USA, June 2021, A fuel-efficient anti-fouling solution for ocean-going vessels was introduced by Chugoku Marine Paints, Ltd. Over the predicted period, expanding product availability will drive category penetration.

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FAQs are covered

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About the Spherical Insights 

Spherical Insights is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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