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Global Hull Coatings Market Growth 2019, CAGR Status, Analysis, Business Overview and Development Strategies by 2024 – 360 Market Updates

Hull Coatings

Hull Coatings Market (2018 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Hull Coatings market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.

Hull Coatings Market report is anticipated to register a CAGR of XX% over a five years forecast period (2018 – 2023).”

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List of Major Key players operating in the Global Hull Coatings Market are –

  • Axalta Coating Systems
  • AkzoNobel N.V.
  • PPG Industries
  • Jotun
  • Hempel A/S
  • Chugoku Marine Paints
  • Ltd
  • BASF SE
  • Boero Bartolomeo SpA
  • Sherwin-Williams

The global hull coatings market is expected to witness a moderate CAGR during the forecast period, 2018-2023. The major factor driving the growth of the market is the growing ship building industry in the Asia-Pacific region, along with the increasing production rates of leisure boats and cruise ships around the world.

Increasing Production Activities in the Marine Industry

Coatings are used for both interior and exterior purposes on yachts and other leisure boats. A significant share of demand comes from the coatings used for yachts. Yacht coatings are available in different variants, such as premium topcoats, high-build surfaces, various protective primers, finishing primers, and antifouling paints. In addition, cruise travelling has outpaced the general leisure travelling segment, with the global cruise passengers estimated to be around 25.8 million and projected to grow to 27.2 million in 2018, according to Cruise Lines International Association (CLIA). This growth is anticipated to continue further, which, in turn, is expected to create a surge in the demand for hull coatings used for repair and maintenance purposes. Also, it is estimated that 27 ships, for river and ocean cruising purposes, would be coming by the end of 2018, coming up, increasing the consumption of hull coatings at a significant rate.

Marine Vessels Occupy the Majority Share

Marine vessels are the single largest users of hull coatings. High-performance hull coatings or anti-fouling coatings provide lifelong benefits, including extended dry-dock intervals and reduced time in dry-dock, lower future maintenance costs, and reduced greenhouse gas emissions through lower fuel consumption. The vessel coatings market is estimated to increase rapidly, due to growth in the shipbuilding industry in recent years. Despite the dip in demand, the recovery of oil & gas offshore exploration activities is supporting the growth of the offshore support vessels market. In addition, growing oil trade through vessels in the Middle East & African region is expected to boost the demand for aftermarket hull coatings in the coming years.

Asia-Pacific to be the Dominant Region

Asia-Pacific is currently the dominating region, in terms of consumption of hull coatings, owing to the manufacturing of new ships and dry dockings in the region. The booming shipbuilding and offshore structure industries in Korea, Japan, and China are majorly driving the market. Countries, like Singapore, India, and Vietnam, are also expected to turn out to be vital markets for the shipbuilding and maintenance activities in the region. This can be attributed to the lower costs and technological advances and workmanship levels in the region. Despite the recent slowdown in the Chinese shipbuilding industry, the bright prospects for growth of the hull coatings market in many countries in the region are expected to increase the usage of hull coatings during the forecast period.

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Scope of the Report:

The report analyses Hull Coatings market, which includes –

  • Analysis of the growth of Hull Coatings market in global and regional level including Asia-Pacific, Americas, and EMEA.
  • The report provides Hull Coatings market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
  • The report offers country level Hull Coatings market volume and value by end-user segment for the period 2012-2023.
  • Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Hull Coatings market are discussed.
  • The report provides competitive landscape at country level for the year 2018. It also covers key policies and initiatives, key deals, and key upcoming projects.

Highlighted points of Hull Coatings Market Report:

  • Varying dynamics of the Hull Coatings industry.
  • Prospective changes in sales volumes and worldwide share growth in upcoming years (2018-2023).
  • Hull Coatings market report recognizes the key drivers of growth and challenges of the key industry players.
  • Competitors profiles along with product description, overview, and business data.
  • A complete analysis of market risks, opportunities, limitations, and growth of the market.
  • Market driving and restraining factors.
  • Delivers information on the historical and current market size and the future potential of the market.
  • Hull Coatings market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.

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Reasons to Purchase Hull Coatings Market Report:

  • The report analyses how stringent emission control norms will drive the global Hull Coatings market.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
  • Study on the product type that is expected to dominate the market.
  • Study on the regions that are expected to witness the fastest growth during the forecast period.
  • Identify the latest developments, market shares and strategies employed by the major Hull Coatings market players.
  • 3 months’ analyst support along with the Market Estimate sheet (in excel).

In this study, the years considered to estimate the market size of Hull Coatings:

History Year: 2013-2017
Base Year: 2017
Estimated Year: 2018
Forecast Year 2018 to 2023

Look into Table of Content of Hull Coatings Market Report @ https://www.360marketupdates.com/TOC/12885073#TOC

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360 Market Updates

Mr. Ajay More

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