Report Estimates Marine Coatings Market in Europe to Reach $2 Billion by 2025
PUNE, India – According to business research firm Graphical Research, Pune, India, the marine coatings market in Europe is estimated to exceed $2 billion by 2025.
Marine coatings products increase a vessel’s life by preventing biofouling and corrosion. Many manufacturers in countries such as the UK, Belgium and Spain are producing new coatings with foul-release technology that provide substantial fuel savings, especially for large cargo ships. Companies are developing eco-friendly coatings such as metal-free antifouling agents to help sustain aquatic life and control oceanic pollution. According to the study, these factors will positively drive the European marine coatings market size into 2025.
Strict government policies against the use of toxic coatings and volatile product prices may become obstacles in the growth of the European marine coatings market. However, increasing awareness of the use of eco-friendly coatings will help to increase market size in the forecast period.
According to the report, anti-fouling coatings accounted for more than 40% of the overall market size in 2017. These coatings are applied to the underwater area of the vessel for better performance and durability. These coatings act as a barrier from marine organisms that degrade and weaken metal on the vessel. These coating also help to self-polish the hull when the vessel travels. The self-polishing property of these coatings will boost product demand.
The study predicts that the European marine coatings market for leisure boats is projected to rise at a compound annual growth rate (CAGR) of more than 5.5% by 2025. Demand in this segment is likely to grow due to increasing disposable incomes in Western Europe. These boats require a significant amount of maintenance, which will improve product demand in the region.
Market size of marine coatings in Europe is likely to grow at a CAGR of over 5% in the forecast period. Shipping is an important mode of transport in the region. Approximately 90% of all goods come through various vessels, making shipping an industry that significantly contributes to the EU’s overall GDP. Therefore, marine coating products possess a significant amount of demand in the region, helping to increase the European marine coating market.
The European marine coatings market is quite consolidated, with prominent players accounting for over half of the total business size in 2017. Major players include Jotun Paints (Europe) Ltd., AkzoNobel, SigmaKalon Group BV, BASF Coatings, ICI Paints, PPG Europe, Kuraray Europe GmbH, Sherwin Williams, Supreme Paints and Coatings, and Sika.
For additional information about the report, Europe Marine Coatings Market Analysis Based on Product, Application, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018–2025, click here.