Market Size of Asia-Pacific Marine Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 6.00 % |
| Largest Market | Asia |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Marine Coatings Market Analysis
The Asia-Pacific Marine Coatings Market is expected to reach USD 5243.77 Million by the end of this year and is projected to grow at a CAGR greater than 6% during the forecast period.
The Asia-Pacific Marine Coatings has seen an increase in demand in 2021 and its majorly because of increase in the production of new ship building activities in countries like china, Japand and others. The consumption of marine coatings has increase in developing countires like India, Pakistan and Bangladesh where ship maintenance and repair works take place at a largest extent.
- The driving factors that tend to the market growth include production of new ships by many countries in the Asia pacific region. For instance India is aiming to develop indigenous production sites for the manufacturing of containers in order to start local prodcution of ships used for trade.
- The stringent regulations regarding the VOC limits and other toxic substances in paints and coatings are creating hindrances in the market.
- The growing options for bio-based coatings, innovations to increase the fuel efficiency of ships and reduce emissions, and growing interests in water transport are further likely to provide opportunities for the studied market during the forecast period.
