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Marine coatings market revenue till 2024: anti-fouling coatings are expected to account for a major share of the industry

November 20, 2020 GMT

Selbyville, Delaware, United States, November 20 2020 (Wiredrelease) Global Market Insights, Inc :Marine coatings market revenue till 2024: anti-fouling coatings are expected to account for a major share of the industry.Owing to extensive an application landscape, anti-fouling coatings are expected to account for a major share of the marine coatings market revenue over 2016-2024.

Since ships are prone to damage caused by growth of subaquatic organisms on its hull, it is mandatory to use anti-fouling agents on ships and to regularly re-apply coats of anti-fouling paints and coatings to make sure that the ship remains protected from physical and chemical damage. Remarkably, in 2015 anti-fouling coatings accounted for 40% share of the global marine coatings market.

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According to a Global Market Insights, Inc., global marine coatings market size is projected to surpass US$19 billion by 2024. Below mentioned are some facts driving the market tends.

Anti-corrosion coatings that essentially prevent the hull from being vulnerable to rust will also garner a significant market share. Indeed, it is anticipated the after being pegged at $3 billion in 2015, anti-corrosion marine coatings market will register a 6% CAGR over 2016-2024.

In 2015, marine coatings market size from coastal vessels was pegged at over $3 billion. Continuous manufacturing and overhauling procedures of tugs, offshore supply boats, dredgers, cargo ferries, passenger boats, defense ships, coasters and fishing vessels will help augment the marine coatings industry from coastal applications, claim sources.

Marine coatings are a type of preventive coating used in various marine vessels, tankers, ship parts, and equipment to protect against corrosion. The application of coating reduces the possibilities of unwanted damage and maintenance caused by corrosion and improves the durability of marine vessels, its parts, and components.

The presence of cost-efficient trade routes and development of the new ports has resulted in tremendous opportunities for the marine trade and have propelled the growth of the shipbuilding industry worldwide. With the expansion of the shipbuilding sector and regular maintenance and repair of older ships, there has been rising demand for vessel coating.

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This content has been published by Global Market Insights, Inc company. The WiredRelease News Department was not involved in the creation of this content. For press release service enquiry, please reach us at contact@wiredrelease.com.