Hull Coatings Market - Growth, Trends, and Forecast (2019 - 2024)

The Market is Segmented by Coating Type (Self-polishing Coatings, Fouling Release Coatings, and Other Coating Types), and Application (Vessels and Rigs), and Geography.

Market Snapshot

Hull Coatings Market - Market Summary
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The hull coatings market is expected to register a CAGR of around 7%, during the forecast period (2019-2024). One of the major factors driving the growth of the market studied is the increasing oil and gas activities across the world. On the flipside, stringent government regulations serve as one of the major stumbling blocks in the growth of the market studied.

  • The vessels segment dominated the market in 2018, and is likely to grow during the forecast period, with the growing ship building industry in the Asia-Pacific region, along with the increasing production rates of leisure boats and cruise ships around the world.
  • Innovation and development of eco-friendly hull coatings are likely to provide opportunities for the market studied, during the forecast period.
  • Asia-Pacific dominated the market across the world, as the growth is majorly driven by the surging demand from the ship-building industry.

Scope of the Report

The scope of the hull coatings market report includes:

Coating Type
Self-polishing Coatings (SPCs)
Fouling Release Coatings (FRC)
Other Coating Types
By Application
Vessels
Rigs
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Vessels Segment to Dominate the Market Demand

  • Hull coatings, also referred to as “anti-fouling”, are essential for marine ships. They exhibit anti-corrosive and anti-fouling properties, which can increase the working life cycle of ships.
  • High-performance anti-fouling provides lifelong benefits, including extended dry-dock intervals and reduced time in dry-dock, lower future maintenance costs, and reduced greenhouse gas emissions through lower fuel consumption.
  • Hence, hull coatings play a key role in reducing the overall operational and commercial costs of a vessel.
  • With a growth in the recovery prices in the oil and gas industry, the exploration and production processes have started increasing across the world. The major increase in oil and gas offshore exploration activities is noticed in the North Sea, North America, and Middle Eastern regions.
  • With this, the demand for vessels is also increasing in these regions.
  • Additionally, the demand for passenger, bulk containers, and container vessels is also increasing, owing to the growing population and growing trade between nations.
  • Such trends across the world have been leading to the growth of production in the ship building industry, which may drive the demand for hull coatings for application in vessels.
Hull Coatings Market - Segmentation

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The Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the global market share, in 2018. Asia-Pacific is the largest ship producing region in the world, catering to the demand for various types of vessels, ranging from ferries, small boats, fishing vessels, tow and tug boats, to the oil industry vessels, cargo ships, passenger ships, bulk carriers, and container ships.
  • In Asia-Pacific, countries, such as China, Japan, and South Korea, are the leading producers of vessels, while large shipyards also exist in various other nations of the region.
  • Ships are mainly built after procuring projects, and according to the customer requirements. It takes a minimum of 2 years to complete the production of a ship. Currently, such countries have been receiving bulk orders for vessels.
  • For instance, in November 2018, three South Korean yards, namely, Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries, and Samsung Heavy Industries, won more than 50 orders for new large-scale LNG tankers, which are expected to be delivered in the next three years. Furthermore, China holds a contract to build 24 vessels, while Japan and Singapore hold contracts to build 15 vessels and 1 vessel, respectively.
  • Hence, such bulk orders in line for production are projected to drive the demand for hull coatings from the shipbuilding industry, in the region, during the forecast period.
Hull Coatings Market - Regional Trends

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Competitive Landscape

The hull coatings market is consolidated, with few players accounting for significant share of the market demand. Some of the major players in the market include AkzoNobel NV, PPG Industries Inc., Jotun, Hempel,  andBASF SE, among others.

Major Players

  1. AkzoNobel
  2. PPG
  3. Jotun
  4. Hempel
  5. BASF SE

* Complete list of players covered available in the table of contents below

Hull Coatings Market - Market Concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Oil and Gas Exploration Activities

      2. 4.1.2 Increased Orders for Vessels

    2. 4.2 Restraints

      1. 4.2.1 Strict Government Regulations

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porters Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Coating Type

      1. 5.1.1 Self-polishing Coatings (SPCs)

      2. 5.1.2 Fouling Release Coatings (FRC)

      3. 5.1.3 Other Coating Types

    2. 5.2 By Application

      1. 5.2.1 Vessels

      2. 5.2.2 Rigs

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Axalta Coating Systems

      2. 6.4.2 AkzoNobel NV

      3. 6.4.3 PPG Industries

      4. 6.4.4 Jotun

      5. 6.4.5 Hempel AS

      6. 6.4.6 Chugoku Marine Paints Ltd

      7. 6.4.7 BASF SE

      8. 6.4.8 Boero Bartolomeo SpA

      9. 6.4.9 Sherwin-Williams

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Innovation and Development of Eco-friendly Hull Coatings

**Subject to Availability

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