The need to reduce fuel consumption of ships, coupled with a surge in developing eco-friendly coatings, are expected to help double the global marine coating market over the next four years, according to a new market study.
“Strategic Analysis of the Global Market for Marine Coatings,” published by Frost & Sullivan, finds that the market earned revenues of $5,030.1 million in 2011 and estimates this to reach $10,216.3 million in 2018.
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The need to reduce fuel consumption will help drive coating development and innovation, as large cargo ships consumer large amounts of fuel.
The report covers anti-corrosive, anti-fouling and foul-release coatings.
Reduction in Fuel Consumption
“The need to lower fuel consumption is a strong market driver, and antifouling coatings applied to ships’ hulls offer one way to combat emissions and reduce fuel consumption,” said Dr. Leonidas Dokos, Frost & Sullivan research director.
“Foul-release technology, which also results in substantial fuel savings, is particularly useful for large cargo ships, which consume a lot of fuel.”
Stringent environmental regulations and customer preference for more “eco-friendly” products is also pushing the innovation envelope, according to the report.
“Companies are investing in developing eco-friendly products such as metal-free anti-fouling coatings,” said Dokos. “Most major participants now offer silicone- or fluororesin-based foul-release products.”
While these are positive winds for the market, it is not expected to be “all smooth sailing,” the report warns.
Manufacturers will have to contend with two major challenges: projected declines in shipbuilding production and the consolidation of shipping management companies.
New shipbuilding activities are expected to decline until the beginning of 2014, leading to declining volume demands in the near term.
Moreover, consolidation of the shipping management companies will increase their buying power, while placing additional pressure on marine coatings prices, the report said.
“Strategic Analysis of the Global Market for Marine Coatings” is part of the Chemicals & Materials Growth Partnership Service program, which also includes research in the following areas: Paint and Coatings Market, Intumescent Coatings Market, Chinese Automotive Coatings Market and Decorative Coating Companies in Asia Pacific.