APAC Marine Coatings Market to Hit $12Bln in 2024
The marine coatings market demand by 2024 will rise exponentially driven by rapid surge in trade activities worldwide has led to increase demand from the shipbuilding sector.
APAC marine coatings market valuation to hit $12Billion by 2024. According to International Marine Organization (IMO), over 90% of global trades are conducted via ships.
Meanwhile, the International Transport Forum (ITF) Outlook 2019 estimates that the global freight volumes are likely to increase by 11% by 2050 owing to rapid growth in e-commerce activities.
Asia Pacific marine coatings market is expected to witness commendable growth on account of presence of leading shipbuilding industries as well as increasing freight demands from e-commerce giants.
China Shipbuilding Industry Corporation, L&T Shipbuilding Limited, Mitsubishi Heavy Industries, Kawasaki Shipbuilding Corporation, Hyundai Heavy Industries Co., Ltd. and Samsung Heavy Industries Co., Ltd. are some of the regional companies that dominate the shipbuilding sector.
Increasing focus on using eco-friendly marine paints and increasing deployment of new ship fleets will drive demand for marine coatings in the region. For instance, in 2019, Jotun signed a MoU (memorandum of understanding) with South Korea's Hyundai Heavy Industries (HHI) for a new type of marine paint that curbs solvent emissions by around 90%.
Meanwhile, in a bid to expand ship fleets, Indian Navy is adopting new shipbuilding technology along with plans to deploy seven new warships, each costing around Rs 6,300 crore, expected to launch by 2026 or 2027.
As per estimates, driven by the robust shipbuilding sector in South Korea, China, Philippines, and Japan, APAC held almost 66% of the overall marine coatings market share in 2015.