Market Size of South Korea Marine Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Marine Coatings Market Analysis
South Korea Marine Coatings Market was valued at USD 1000 million by the end of this year, and the market is projected to register a CAGR of over 5.5% during the forecast period.
COVID-19 negatively impacted the market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is forecasted to grow steadily in the future.
- The driving factors that tend to the market growth include initiatives and policies from the government for developing the marine shipbuilding and repairing industry, cost-effective services, and manufacturing complex-low emission technologies being offered in the region for shipping companies.
- The stringent regulations regarding the VOC limits and other toxic substances in paints and coatings create 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.
