Companies striving to offer eco-friendly products
The global marine coatings industry is poised to sail forward on the growing demand for reduced fuel consumption in cargo and cruise ships.
Increasingly stringent environmental regulations are boosting the prospects of high-value, eco-friendly coatings. Innovation has been the only constant, with all companies striving to offer eco-friendly products.
New analysis from Frost & Sullivan, Strategic Analysis of the Global Market for Marine Coatings, finds that the market earned revenues of $5,030.1 million in 2011 and estimates this to reach $10,216.3 million in 2018.
The research covers anti-corrosive, anti-fouling and foul-release coatings.
“The need to lower fuel consumption is a strong market driver and antifouling coatings applied to ships’ hulls offer one way to combat emissions and reduce fuel consumption,” explained Frost & Sullivan Research Director Dr Leonidas Dokos.
“Foul-release technology, which also results in substantial fuel savings, is particularly useful for large cargo ships, which consume a lot of fuel.”
Marine coatings manufacturers are generally conservative in adopting new practices.
However, increasingly stringent environmental legislation, paralleled by customer preference for more eco-friendly products, is pushing innovation in the market.
“Companies are investing in developing eco-friendly products such as metal-free, anti-fouling coatings,” noted Dokos.
“Most major participants now offer silicone- or fluororesin-based foul-release products.”
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Source: ENGINEER Live