International. A Frost & Sullivan study called "Strategic Analysis of the Global Marine and Nautical Paints Market" says the sector earned revenues of $5.03 billion in 2011 and estimates it will reach $10.216 billion in 2018.
The research covers anti-corrosive, antifouling and contaminant release coatings. "The need to reduce fuel consumption is a strong factor in the market and antifouling coatings applied to ship hulls offer a way to combat emissions and reduce fuel consumption," explained Frost & Sullivan Director Leonidas Dokos.
Increasingly strict environmental legislation, in parallel with the customer's preference for more eco-friendly products, is driving innovation in the market. "Companies are investing in the development of eco-friendly products, such as antifouling coating and free metals," Dokos said.
The study indicates that until the beginning of 2014, new shipbuilding activities are expected to fall. This will lead to a decrease in volume demands in the short term. The consolidation of shipping companies will increase their purchasing power, while putting additional pressure on the prices of marine coatings.
