European Marine Coating Market to Surpass €1.7 Billion by 2025
According to the Graphical Research, in its new forecast analysis, the “Europe Marine Coatings Market” is estimated to surpass $2 billion by 2025.
Sturdy demand for marine coating products to increase the vessel’s life by preventing it from biofouling and corrosion will propel the Europe marine coating market size by 2025. For instance, many manufacturers in countries such as the U.K., Belgium, Spain etc. are producing new coatings with foul-release technology that is useful in substantial fuel savings, especially for large cargo ships. Companies are developing eco-friendly coatings such as metal-free anti-fouling agents to help sustain the aquatic life and control the oceanic pollution, which would positively drive the Europe marine coating market size by 2025.
Strict government policies against the use of toxic coatings and volatile product prices may become an obstacle to the growth of the Europe marine coating market size in the near future. However, increasing awareness for the use of eco-friendly coatings would profoundly augment the Europe marine coating market size in the forecast period.
Anti-fouling coatings accounted for more than 40 percent of the overall market size in 2017. It is applied to the underwater area of the vessel for better performance and durability. It acts as a barrier for the metal from marine organisms that degrade and weaken it. The coating helps in self-polishing the hull when the vessel travels. The self-polishing property of the coating would boost the product demand directly boosting the Europe marine coating market size by 2025.
Europe marine coating market size for leisure boats is projected to rise at a CAGR of more than 5.5 percent by 2025. Leisure boats demand is likely growing due to the rising disposable income of the population in Western Europe. These boats require a significant amount of maintenance which would improve the product demand in the region propelling the Europe marine coating market size in the near future.
Europe marine coating market size is likely to grow at a CAGR of more than five percent in the forecast timespan. Shipping is one of the most important mode of transport in the region. Approximately 90 percent of all goods come through various vessels such as food, cars, clothes, oil, gas, electrical appliances etc. It is one of the main industries to contribute to the EU’s overall GDP. Therefore, marine coating product possesses a significant amount of demand in the region which would augment the Europe marine coating market by 2025.
Europe marine coating market share is exceedingly consolidated, with prominent players accounting for over half of the total business size in 2017. The major players include Jotun Paints (Europe) Ltd, Akzo Nobel Coatings, SigmaKalon Group BV, BASF Coatings, ICI Paints, PPG Europe, Kuraray Europe GmbH, Sherwin Williams, Supreme Paints and Coatings and Sika.