Investment in product development and innovation will open up fresh growth opportunities, finds Frost & Sullivan
LONDON, July 16, 2019 /PRNewswire/ -- Frost & Sullivan's latest analysis, Global Marine Coatings Market, Forecast to 2025, reveals that the increased development and adoption of more environmentally sustainable and durable antifouling coatings using higher priced chemistries such as silicones and fluorosilicones will propel revenues and boost growth opportunities. The Asia-Pacific region is expected to dominate the market owing to its large base of shipbuilding and dry-docking facilities. Frost & Sullivan expects the market to grow at a steady rate of 3.5% from 2018 to 2025 and reach $9.34 billion by 2025.
"Most of the presently used antifouling coatings for marine applications contain biocides to mitigate the effects of bio-fouling over underwater components. With increasingly stringent environmental regulations, manufacturers are investing in R&D and product development to replace traditional biocides with organic biocides that have minimum impact on the environment," said Christeena Thomas, Industry Analyst, Chemicals & Materials in Infrastructure & Mobility.
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"Product innovation is the backbone of competitive success in the marine coatings industry. Although product innovation to qualification is often a time-consuming process, it is essential to stay ahead of the competition in terms of developing application-specific solutions," noted Thomas.
Participants are co-creating products based on innovative variants of technologies, such epoxy-based antifouling coatings using organic biocides, to manufacture functional and sustainable coating products, enhance their portfolios and attract customers that are focused on higher durability, greater fuel efficiency, and environmentally sustainable marine coatings.
Forward-looking participants will aim to tap additional growth opportunities by:
- Collaborating with the shipbuilding and dry-docking companies to understand application demand and provide sustainable solutions. Customer collaboration and engagement is the key to sustainable business.
- Focusing on product compliance and performance as these criteria influence material selection for production of antifouling coatings.
- Developing portfolios with wider application scope to enjoy better market traction as customer engagement becomes easier.
- Establishing and expanding their market presence by collaborating with key distributors and end customers such as shipbuilding companies and dry-docking facilities.
Frost & Sullivan's recent analysis, Global Marine Coatings Market, Forecast to 2025, presents an assessment of the current status and future prospects of the global marine coatings market. It takes into account volume shipments and revenue generated from marine coatings from 2015 to 2025. End-user analysis includes new shipbuilders and maintenance with major vessel types. Chemistries such as epoxy, polyurethane, alkyd and others for anti-corrosion coatings, and acrylates, and silicones and fluorosilicones for antifouling coatings are assessed.
Global Marine Coatings Market, Forecast to 2025 is part of Frost & Sullivan's Chemicals & Materials in Infrastructure and Mobility research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Marine Coatings Market, Forecast to 2025