Albany, NY -- (SBWIRE) -- 01/24/2017 -- The new shipbuilding industry has been experiencing sluggish growth of late. However, rising demand for marine coatings during ship repair and maintenance activities is likely to boost market growth during the forecast period. Marine coatings protect ships from harsh weather conditions and enhance their aesthetics. The marine industry comprises bulk tankers and carriers, cargo ships, cruise ships and container ships. Marine coatings are also considered vital in enhancing the fuel efficiency of a vessel and decreasing the impact on the environment.

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Based on the types of products, the marine coatings market has been classified into anti-fouling, anti-corrosion, foul release coatings and self-cleaning coatings, among others. Anti-fouling coatings have been dominating the global marine coatings market over the last few years. These coatings are primarily consumed during ship repair and maintenance activities. Anti-fouling coatings offer protection to the surface from fouling organisms. Increase in ship repair and maintenance activities in various regions across the globe is projected to boost the demand for anti-fouling coatings during the forecast period. In terms of volume, the anti-corrosion coatings segment was ranked second in the maritime industry in 2013. Anti-corrosion coatings are majorly applied during new shipbuilding activities. These coatings offer protection to the surface from abrasion, corrosion and impact. Foul release coating is one of the popular marine coatings in the maritime industry. Foul release coatings are biocide-free and environmentally compatible. Demand for other marine coatings such as self-cleaning and self-polishing coatings is likely to be stable during the forecast period.

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High demand for marine coatings in Asia Pacific, especially due to the emergence of China as a major player in the shipbuilding industry, is driving the marine coatings market in the region. Need for fuel-saving and low emission coatings are factors driving the growth of the marine coatings market over the past few years. Growth in the shipbuilding industry in India, Vietnam and the Philippines is expected to provide large opportunities for players in the marine coatings market during the forecast period. However, volatility in prices of raw materials is projected to hamper market growth during the forecast period.

Coastal applications accounted for the largest demand for marine coatings in 2013. Marine coatings protect ships and vessels from corrosion and fouling organisms. Coastal applications require higher protection during the shipbuilding and repair and maintenance stages. Deep sea applications have been experiencing the second-highest demand for marine coatings over the past few years and accounted for over 24% of the market share in 2013. Containers and offshore vessels were among the major applications of marine coatings in 2013. Demand for marine coatings in containers and offshore vessels is rising due to increasing marine trading and logistics activities. Leisure boats is anticipated to be among the fastest growing segments for marine coatings during the forecast period. Other applications for marine coatings comprise icebreakers, cargo holds and riverboats.

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Asia Pacific accounted for the highest demand of over 64% of the global marine coatings market in 2013. Demand for marine coatings in the region is high due to the vast shipbuilding industry in countries such as China, South Korea and Japan. In terms of demand, Asia Pacific was followed by Europe in 2013. Demand for marine coatings in Europe is growing due to increasing demand during ship repair and maintenance activities. North America is expected to experience sluggish demand for marine coatings during the forecast period. Rest of the World is likely to exhibit potential growth for marine coatings in the next few years. Growth in the maritime industry in Brazil, Saudi Arabia and South Africa has been a key factor for increasing demand for marine coatings in the region.

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