Market Trends of Asia-Pacific Marine Coatings Industry
Increase in the Ship and Container Construction to Drive The Marine Coatings Market
- Container coatings occupy a major share of the overall marine coatings market. There is a global shortage of containers across the globe and many countries in the region have started manufacturing new ships to attain the supply-demand equilibrium.
- For instance, India requires approximately 350,000 containers every year. The country depends mostly on foreign exports to produce containers for shipments. Hence, the country aims to develop production sites to manufacture the containers.
- In 2021, the Ministry of Shipping took several initiatives to encourage container production at Bhavnagar. The ministry has selected 10 sites for production. The country expects private players to invest approximately USD 12.55 billion and cater to the increasing demand for containerized cargo in India and globally.
- Recently there has been an increase in demand for passenger and cargo vessels in the Asia Pacific region. Many developing countries, such as India, have entered cargo vessel construction to reach the demand.
- Under the "Make in India" initiative Cochin Shipyard Ltd (CSL), a shipbuilder, received an order for four passenger vessels.
- After the COVID-19 pandemic, Phillipines has also started focusing on reviving the shipbuilding and the ship repair sector. The country has one of the highest number of shipyards globally, totalling 118 shipyards.
- To boost the economy through the shipbuilding sector, in 2021, the Philippines government included the shipbuilding sector among industries that would receive tax incentives.
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Polyurethane Resin Coatings to Grow at a Fast Pace
- Polyurethane coatings are mostly used as a top coat in marine coatings due to their excellent UV resistance, high gloss, and enhanced durability.
- The International Maritime Organization (IMO) has set a goal of reducing the total greenhouse gas (GHG) emissions from international shipping by at least 50% by 2050, compared to the 2008 levels.
- A target has been set to reduce the carbon intensity of shipping by 40% by 2030, thus emphasizing the need for rapidly introducing existing and new smart technologies like the Waterborne Technology Platform.
- Polyurethane coatings are made of either water or oil bases. Driven by stringent laws of VOC emission in various countries, polyurethane water-based coating is in greater demand due to its low VOC emission quality.
- Polyurehtane 2k high solids are majorly used on decks of a vessels which are mostly made of wood. They are desinged for high-performance protection with outstanding exterior gloss and color retention.
- With the increase in the production of new veseels in the market, polyurethane coatings are expected have a high demand in the forecast period.
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