Europe Marine Coating Market Size Worth $2+ Billion by 2025.
The Europe marine coating market is estimated to exceed $2 billion by 2025 according to the Graphical Research's report "Europe Marine Coatings Market analysis based on Product, Application, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018-2025."
According to the study, sturdy demand for marine coating products to increase the vessel's life by preventing it from biofouling and corrosion will propel the market size. Many manufacturers in countries such as the UK, Belgium, and Spain are producing new coatings with foul-release technology that is useful in substantial fuel savings, especially for large cargo ships. Companies are developing eco-friendly coatings such as metal-free anti-fouling agents to help sustain the aquatic life and control the oceanic pollution, which would positively drive the Europe marine coating market size by 2025.
Strict government policies against the use of toxic coatings and volatile product prices may become an obstacle to the growth of the Europe marine coating market size in the near future. However, increasing awareness for the use of ecofriendly coatings would profoundly augment the Europe marine coating market size in the forecast period.
Anti-fouling coatings accounted for more than 40 percent of the overall market size in 2017. It is applied to the underwater area of the vessel for better performance and durability. It acts as a barrier for the metal from marine organisms that degrade and weaken it. The coating helps in self-polishing the hull when the vessel travels. The self-polishing property of the coating would boost the product demand.
Europe marine coating market size for leisure boats is projected to rise at a CAGR of more than 5.5 percent by 2025. Leisure boats demand is likely to grow due to the growing disposable income of the population in Western Europe.
Europe marine coating market size is likely to grow at a CAGR of more than five percent in the forecast time-span. Shipping is one of the most important modes of transport in the region. Approximately 90 percent of all goods come through various vessels such as food, cars, clothes, oil, gas and electrical appliances.
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|Title Annotation:||Market Reports|
|Date:||Mar 1, 2019|
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