The market for marine deck coatings is expected to grow at a CAGR of more than 5% during the forecast period. Major factors driving the market studied is increasing production of leisure boats & cruise ships, increasing shipbuilding activities in Asia-Pacific
- On the flip side, regulations regarding VOC is likely to hinder the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
Key Market Trends
Water-Borne to Dominate the Market
- Water-borne paints and coatings market is estimated to witness the fastest growth during the forecast period.
- The major reason for its gain over solvent-borne is because of its environment-friendly nature, as it is generally lower in volatile organic compounds (VOCŐs), which degrade the environment.
- Also, other properties, like low odor, more durability, and block resistance make water-borne paints more preferable.
- The increasing environment-friendly nature and the versatile properties of water-borne coatings are increasing the demand for water-borne coatings across Europe and Asia-Pacific.
- All the above factors are likely to increase the demand for the market over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to hold a major share of more than 70% in terms of revenue, with China dominating the market.
- China is expected to hold the largest share of the market in Asia-Pacific.
- The major reason for the same being the friendly policies related to the market by the government and also the availability of skilled labor at a cheap rate. China is followed by South Korea and Japan. \
- For instance, South Korea is the home to some of the major ship building companies in the world, such as Hyundai Heavy Industries Group, STX Group, DSME, and many others. Apart from this, the country also has a supportive government that invites investment from various foreign markets for the betterment of the shipping industry.
- All such factors are likely to increase the demand for the market over the forecast period.
The marine deck coatings market is partially consolidated. Major players include PPG Industries Inc, Akzo Nobel NV, Hempel A/S, and Jotun, and The Sherwin Williams Company, among others.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Production of Leisure Boats & Cruise Ships
4.1.2 Increasing Shipbuilding Activities in Asia-Pacific
4.2.1 Regulations Regarding VOC
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1.1 Water Borne
5.1.2 Solvent Borne
5.2.1 New Build
5.2.2 Professional Maintenance
5.2.3 Do-it-Yourself (DIY)
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle East & Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Akzo Nobel NV
6.4.2 BASF SE
6.4.3 Beckers Group
6.4.4 Chugoku Marine Paints, LTD
6.4.5 Hempel A/S
6.4.7 Kansai Paint Co.,LTD
6.4.8 KCC Corporation
6.4.9 Nippon Paint Co., Ltd.
6.4.10 PPG Industries Inc.
6.4.11 RPM International
6.4.12 The Sherwin Williams Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.