International. The global marine coatings market will reach US$11.88 billion in 2020, up from US$7.65 billion in 2013. If the figures are true, the market is going to show a CAGR of 6.5% between 2014 and 2020.
According to transparency market research (TMR) report, the marine coatings market is primarily driven by the emergence of China as a key player in the shipbuilding industry and the growing need for low-emission and fuel-saving solutions across the globe.
Increasing ship repair and maintenance activities across the globe will open up opportunities for the marine coatings market, TMR analysts say. However, volatile commodity prices, which are based on crude oil, will have a negative impact on this market. The report notes that antifouling coatings led the product segmentation of the market in 2013.
