Study Predicts Marine Coatings Market to Hit $15 Billion by 2024
OCEAN VIEW, DE - According to a report by Global Market Insights Inc., the global marine coatings market will exceed a revenue collection of $15 billion by 2024 with an annual growth rate of nearly 7% over the period of 2016 to 2024.
The Asia-Pacific shipbuilding industry, led by China, will be the principal driver for the global marine coatings market in the forecast period. In 2015, the shipbuilding industry in China registered over 20 gross tons, followed by other countries of the region including Japan, South Korea, Philippines and Taiwan. Mandatory use of the products to enhance the performance and longevity of ships will promote the application of good-quality and environment-friendly coatings, boosting the overall industry in the coming years.