Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 3,621.5 Billion | USD 4,349.5 Billion | 3.1% | 2021 |
FrequentlyAsked Questions
The increasing number of shipbuilding activities in emerging economies, the increase in production of leisure boats and cruise ships, rising ship repairs and maintenance activities, and changing customer preference for sustainable products as a result of increased environmental regulation and restrictions are some of the major factors driving the market's growth during the forecast period.
According to the Market Research report, the Marine Coatings Market size was worth about 3,621.5 (USD million) in 2021 and is predicted to grow to around 4,349.5 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 3.1 percent.
The Asia Pacific region has the highest revenue share in the marine coatings industry because of the various ship construction industries in countries such as China, Japan, and South Korea. Furthermore, nations like China and India are known for their skilled and inexpensive workforce, which creates favorable conditions for the expansion of the marine coatings market in these regions.
Some of the main competitors dominating the Marine Coatings Market include - PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), Chugoku Marine Paints (Japan), Nippon Paint (Japan), Kansai Paint (Japan), Axalta (US), and BASF Coatings (Germany); and ship building industries such as Mitsubishi Heavy Industries (Japan), Hyundai Samho (South Korea), Samsung Heavy Industries (South Korea), Daewoo Shipbuilding (South Korea), and Hyundai Heavy Industries (South Korea).
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