Coatings Market to Reach $9.34bln by 2025
Global marine coatings market to grow at a steady rate of 3.5% from 2018 to 2025 and reach $9.34 billion by 2025, said Frost & Sullivan.
The Asia-Pacific region is expected to dominate the market owing to its large base of shipbuilding and dry-docking facilities, it added.
The analysis reveals that the increased development and adoption of more environmentally sustainable and durable antifouling coatings using higher priced chemistries such as silicones and fluorosilicones will propel revenues and boost growth opportunities.
“Most of the presently used antifouling coatings for marine applications contain biocides to mitigate the effects of bio-fouling over underwater components. With increasingly stringent environmental regulations, manufacturers are investing in R&D and product development to replace traditional biocides with organic biocides that have minimum impact on the environment,” said Christeena Thomas, Industry Analyst, Chemicals & Materials in Infrastructure & Mobility.
“Product innovation is the backbone of competitive success in the marine coatings industry. Although product innovation to qualification is often a time-consuming process, it is essential to stay ahead of the competition in terms of developing application-specific solutions,” noted Thomas.
Participants are co-creating products based on innovative variants of technologies, such epoxy-based antifouling coatings using organic biocides, to manufacture functional and sustainable coating products, enhance their portfolios and attract customers that are focused on higher durability, greater fuel efficiency, and environmentally sustainable marine coatings, it said.