Hull Coatings Market - Forecast(2023 - 2028)

Report Code: CMR 71428 Report Format: PDF + Excel
The Hull Coatings Market size is forecast to reach around $10 billion by 2025, after growing at a CAGR of 6.5% during 2020-2025. The use of coating helps to reduce the resistance of the ship hull through water and acting as a barrier against corrosion on metal hulls. Furthermore, the growth of marine transportation and infrastructural activities in developed and developing economies are also driving the growth of the Hull Coatings market size over the forecast period. Whereas, due to outbreak of COVID-19 globally, the global hull coating market industry is expected to witness an exponential decline in its growth rate from 2020-2021 globally, due to slow down across various industry verticals and disruption of supply chain and international trade network worldwide.

Report Coverage
The report: “Global Hull Coatings Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Global Hull Coatings Industry. 

By Type: Self-Polishing Coatings (SPCs), Biocide-Free Fouling Release Coatings (FRCs), Others 
By Application: Vessels, Liquefied Natural Gas Carriers, Bulk Carriers, Crude Oil Tankers, Cruise Vessels, Others, Rigs, Others
By Geography: North America, South America, Europe, APAC, RoW
 
Key Takeaways
  • Among the regions, in 2019, the Asia-Pacific dominates the Hull Coatings market owing to growing transportation, increasing urbanizations, and developing marine infrastructure across the region. 
  • The high investment cost required for Hulls coatings and presence of volatile materials in coatings are restraining the growth of this market during the forecast period. 
  • Emerging interest in green solutions to reducing the carbon emission and improve characteristics such as anticorrosion, durability, anti-fouling paint, and reduced friction drives the growth of this market over the study period.

By Type - Segment Analysis
The Self-Polishing Coatings (SPCs) segment held the largest share of more than 80% in the global Hull coating market in 2019 due to widely used in the marine ship coating. The use of SPCs provide various benefits such as to control polishing rate, optimal biocide release, and inherent self-smoothing to control the hull roughness and deliver extreme fuel efficiency. These benefits of SPCs make tit suitable for the hull coating applications. Whereas, the stringent environmental regulations across the United States and Europe and the presence of  volatile organic compounds (VOCs) in coating drives the demand for biocidal SPC anti fouling release coating further propels the growth of this segment in the global Hull coatings market during the forecast period.

By Application - Segment Analysis
Among the application types, vessels segment was the largest segment in 2019 contributing more than 45% share in the global market. Marine vessels and rigs are the largest users of hull coatings. Additionally, the growing offshore crude oil production activities in the South America, Western Europe, and North America region further drives the growth of coating, which in turn boosts the growth of global Hull coating industry during the study period.

Geography - Segment Analysis
In 2019, APAC dominated the Hull Coatings market with a share of more than 35%, followed by North America and Europe. The presence of emerging countries with large customer base like Chin and India, availability of low cost labors, flourishing manufacturing sector, and growing Hull construction projects in China, Japan, and India are contributing to the growth of Hull coating market share in APAC region during the study period. The decline in crude oil and natural gas prices has risen the import of crude oil and LNG from China and India is also contributing for the growth of this market in APAC region during the forecast period.

Drivers – Hull Coatings Market

  • Implementation of Stringent Environment Regulations
The growing environmental awareness and stringent environment norms from developed and developing regions drive the demand for green solution coatings. Whereas, the regulations are helping to increase the value add associated with higher levels of performance. Governments globally are focusing on green practices for reducing the impacts of chemicals on marine life, human health, and the environment. For instance, in 2018, the US state of Washington ban the use of copper in hull coating. Whereas, the key players operating in the global market are more inclined towards providing coatings that meets industry standards and environment regulations. For instance, in March 2020, Jotun has launched a Hull Skating Solutions (HSS) within the maritime industry with a focus on VOC reduction in the marine industry.

Challenges – Hull Coatings Market

  • Unstable economic conditions and volatile prices of raw material
The growing trade war between the two largest economies includes the US and China, along with geopolitical tensions, global trade tensions, and global macroeconomic performance as a whole are the factors responsible for the current unstable economic conditions. The unstable economy is considered as a challenge for the growth of this market. Additionally, in 2020, the ongoing outbreak of COVID-19 affecting lives, businesses, individuals and industries. The rapid spread of this pandemic disease, has had a major impact on global shipping markets due to the lockdown and slum demand of products from developed and developing nations. Furthermore, in 2020, due to the geopolitical issues between the US, Iraq, Iran, and Saudi Arabia, there is a decline in crude oil prices. As most of the coating is produced from crude oil products, so this fluctuation in crude oil prices globally, act as a challenging factor for the growth of this market during the forecast period.

Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Hull Coatings market report. In 2019, the market of global Hull Coatings top 10 companies accounting for xx% of the share. Major players in the Hull Coatings industry outlook are Akzo Nobel N.V, BASF SE, Boero Bartolomeo SpA, GLS Coatings Ltd, The Sherwin-Williams Company, Henkel, Hemple A/S, PPG Industries, Inc., The Valspar Corporation, Axalta Coating Systems, LLC, Nippon Paint Holdings Co., Ltd., and Chugoku Marine Paints, Ltd.

Acquisitions/Technology Launches
  • In May 2019, Nippon Paint Holdings Co., Ltd., applied Aquaterras hull coating to AIDA Cruises’ 38,531gt cruise vessel AIDAcara. The use of Aquaterras hull coating can potentially reduce the fuel consumption by more than 10% as compared to the standard self-polishing (SPC) that result in reduced operational expenditure, reduced emissions, and reduced hull maintenance owing to the coating’s ultra-smooth surface and low friction attributes.
  • In September 2019, Hempel A/S launched a new coating system incorporating with advanced anti-bio fouling properties called as “Hempelguard MaX”. The new coating system helps to reduce owner annual bunker bill by a US$500M and over 10M tones in CO2 emissions.

1. Hull Coatings Market- Market Overview
    1.1 Definitions and Scope
2. Hull Coatings Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by Type
    2.3 Key Trends by Application
    2.4 Key Trends by Geography
3. Hull Coatings Market- Landscape
    3.1 Comparative analysis
        3.1.1 Market Share Analysis- Top Companies
        3.1.2 Product Benchmarking- Top Companies
        3.1.3 Top 5 Financials Analysis
        3.1.4 Patent Analysis- Top Companies
        3.1.5 Pricing Analysis
4. Hull Coatings Market- Startup companies Scenario Premium Premium 
    4.1 Top startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Hull Coatings Market– Industry Market Entry Scenario Premium (Premium)
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Top companies
6. Hull Coatings Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Market Opportunities
    6.4 Porters Five Force Model
        6.4.1 Bargaining power of suppliers
        6.4.2 Bargaining powers of buyers
        6.4.3 Threat of new entrants
        6.4.4 Rivalry among existing players
        6.4.5 Threat of substitutes 
7. Hull Coatings Market-Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Market life cycle
    7.4 Suppliers and distributors Analysis
8. Hull Coatings Market– By Type (Market Size -$Million, KT)
    8.1 Self-Polishing Coatings (SPCs)
    8.2 Biocide-Free Fouling Release Coatings (FRCs)
    8.3 Others
9. Hull Coatings Market– By Application (Market Size -$Million, KT)
    9.1 Vessels
    9.1.1Liquefied Natural Gas Carriers
    9.1.2Bulk Carriers 
    9.1.3Crude Oil Tankers 
    9.1.4Cruise Vessels 
    9.1.5Others
    9.2 Rigs
    9.3 Others
10. Hull Coatings Market- By Geography (Market Size -$Million, KT)
    10.1 North America
        10.1.1U.S.
        10.1.2Canada
        10.1.3Mexico
    10.2 South America
        10.2.1 Brazil
        10.2.2 Argentina
        10.2.3 Colombia
        10.2.4 Rest of South America
    10.3 Europe
        10.3.1 U.K
        10.3.2 Germany
        10.3.3 Italy
        10.3.4 France
        10.3.5 Spain
        10.3.6 Netherlands
        10.3.7 Russia
        10.3.8 Rest of Europe
    10.4 Asia-Pacific
        10.4.1 China
        10.4.2 India
        10.4.3 Japan
        10.4.4 Australia & New Zealand (ANZ)
        10.4.5 South Korea
        10.4.6 Rest of Asia-Pacific
    10.5 ROW
        10.5.1Middle East
            10.5.1.1 Saudi Arabia
            10.5.1.2 UAE
            10.5.1.3 Israel
            10.5.1.4 Rest of Middle East
        10.5.2Africa
            10.5.2.1 South Africa
            10.5.2.2 Nigeria
            10.5.2.3 Rest of South Africa
11. Hull Coatings Market- Entropy
    11.1 New Product Launches
    11.2 M&A’s, Collaborations, JVs and Partnerships
12. Market Share Analysis (Premium)
    12.1 Market Share by Country- Top companies
    12.2 Market Share by Region- Top companies
    12.3 Market Share by type of Product / Product category- Top companies
    12.4 Market Share at global level- Top companies
    12.5 Best Practices for companies
13. Hull Coatings Market- List of Key Companies by Country (Premium) 
14. Hull Coatings Market- Company Analysis
    14.1 Market Share, Company Revenue, Products, M&A, Developments
    14.2 Company 1
    14.3 Company 2
    14.4 Company 3
    14.5 Company 4
    14.6 Company 5
    14.7 Company 6
    14.8 Company 7
    14.9 Company 8
    14.10 Company 9
    14.11 Company 10 and more
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