International. Transparency Market Research has released a new report indicating that the global marine coatings market was valued at $7.65 billion in 2013 and is projected to reach $11.88 billion in 2020, growing at a CAGR of 6.5% between 2014 and 2020.
Antifouling coatings dominated the product segment for marine coatings in 2013. Anticorrosives accounted for the second largest market share in the global marine coatings market in the same year.
Fouling release coatings, which are biocide-free and environmentally friendly, are one of the popular marine coatings on the market. However, other marine coatings such as self-cleaning and self-cleaning are expected to be the fastest growing products on the market during the forecast period.
Asia Pacific has been dominating demand in recent years. This trend is expected to continue over the forecast period. The shipbuilding industry in South Korea, Japan and China has been a key factor in the growth of the industry in that region. Europe is the second region where one of the main markets for ship repair and maintenance during the forecast period is estimated to be.
Meanwhile, Slow growth is likely to be observed in North America. The market share of the rest of the world is projected to increase in the coming years.
