OCEAN VIEW, DE - According to a report by Global Market Insights Inc., the global marine coatings market will exceed a revenue collection of $15 billion by 2024 with an annual growth rate of nearly 7% over the period of 2016 to 2024.

The Asia-Pacific shipbuilding industry, led by China, will be the principal driver for the global marine coatings market in the forecast period. In 2015, the shipbuilding industry in China registered over 20 gross tons, followed by other countries of the region including Japan, South Korea, Philippines and Taiwan. Mandatory use of the products to enhance the performance and longevity of ships will promote the application of good-quality and environment-friendly coatings, boosting the overall industry in the coming years.

In addition to new orders, there is also a significant amount of dry-docking activities, increasing the demand for anti-fouling marine coatings in the forecast period. Although there could be a decline in new shipbuilding, several vessels manufactured in the past decade will require maintenance in the recent future. Maintenance activities will likely account for the majority of the market in the next few years.

The report states that fluctuating raw material prices will restrain the global marine coatings market in the coming years. Multiple applications of the raw materials, coupled with political and regulatory pressures regarding raw material mining activities, could intensify the bargaining power of suppliers, increasing the overall product manufacturing cost for industry participants.

The VOC limit for marine coatings, set by the EPA, could curb the overall marine coatings market. Paints and coatings use several toxic and high-VOC-content additives for manufacturing. Rising environmental concerns, resulting in several government initiatives could have a negative impact on the industry development in the coming years.

Anti-fouling coatings will be a significant product segment owing to extensive application to prevent fouling growth on ship hulls that can damage the physical and chemical properties of the vessel body. This product segment accounted for more than a 40% share of the global marine coatings market size in 2015.

For additional information about the report, Marine Coatings Market Size By Product (Anti-Fouling, Anti-Corrosion, Foul Release), By Application (Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016–2024, visit https://www.gminsights.com/industry-analysis/marine-coatings-market.