Marine Coatings Market Research Reports and Industry Analysis, 2012-2018

Marine coatings are applied in military and commercial ships in offshore oil rigs, yachts, and in boats. It is expected that the marine coatings market will witness a double digit growth rate in the next six years owing to higher demand for reducing fuel consumption of ships and the eco-friendly nature of coatings. A specific area of marine yachts and vessels requires specialty marine coatings to prevent fouling above and below the waterline areas. For the last 40 years organotin tributyltin (TBT) compounds were used as active ingredients in antifouling coatings but it is completely banned by the International Maritime Organization from January 2003. After this, copper based coatings replaced TBT compounds but it acted as a biocide and hence its usage was reduced. So there is a need for innovative product development that will prevent fouling.

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The marine coatings market can be segmented into deep sea, coastal, leisure crafts, and containers. Some factors which are responsible for the success of marine coatings industry include oil prices, defense spending, and the level of sea borne trade and ship building. Oil prices have a major impact on the demand of marine coatings used on offshore tankers and other facilities. The marine coatings market is primarily driven by expansion of the oil and gas market, implementation of IMO ballast tank coating rules and the extensive use of coatings for long-term protection of marine facilities.

The marine coatings market is dominated by commercial ship building followed by leisure boats and containers. The Asia-Pacific region is the largest consumer of marine coatings. The demand for coatings is increasing in this region owing to new ship builds and dry-docking. Strict environmental regulations and customer preference for eco-friendly products is boosting innovation. Scientists and industrialists are developing metal-free...