Subscribe
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.
Jul 16, 2019
