Market Trends of Marine Deck Coatings Industry
This section covers the major market trends shaping the Marine Deck Coatings Market according to our research experts:
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 (VOC’s), 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.
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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.
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