Report unveils marine coating market worth $10.4 billion by 2019
The new research report, “Marine Coatings Market by Type (Anti-corrosive, Anti-fouling, and Others), and based on Chemistry (Epoxy, Polyurethane, and Others) – Global Trends & Forecasts to 2019”, defines and segments the marine coatings market with an analysis and forecast of by product type, based on chemistry by volume as well as value. “Asia-Pacific is the key market for marine coatings due to new shipbuilding industry and dry-dockings” Asia-Pacific dominated the marine coatings market in 2013 and accounted for over 75% of the market size, by volume and value. Country-wise, China is the top consumer of marine coatings products, and is also the largest market for marine coatings products registering a CAGR higher than the global average till 2019. South Korea is the second-largest marine coatings consumer in the world. The demand for coatings is increasing in this region owing to building of new ship and dry-docking. There are three main factors contributing to growth in the marine coatings market. These include the continued expansion of the oil and gas market, more extensive use of coatings to ensure long-term protection of marine assets and the implementation of IMO ballast tank coating rules. However, strict environmental regulations and customer preference for ...
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