Growth in the marine coatings market can be attributed to a surge in new building in the Asia-Pacific region. China's growing success as a shipbuilding nation is pushing it towards the goal of becoming number one in the industry by 2015. The expansion of the Chinese economy-leading to strong growth in both exports and imports-is not the only factor behind this success. Equally important is the global boom in shipping. Eighty percent of the output of China's shipyards is exported. The result is that China's share of the global market has expanded from 18% in 2006 to 23% last year, while South Korea and Japan account for roughly 35% each, according to research institute Clarkson. As a result, Asia-Pacific dominates the global distribution of marine coatings for both new ship builds and maintenance and repair, accounting for approximately 56% of the market.
In "Low- & Zero-VOC Paint Technology," Kerry Pianoforte examines the market for environmentally friendly, or 'green' coatings. While the overall paint and coatings market is struggling to keep its head above water, the market for low- and zero-VOC paints is thriving. One of the key trends impacting growth in this market is the fact that as more consumers become aware of the benefits of going green, demand for low- and zero-VOC green coatings will continue to grow. In the past truly zero-VOC coatings were limited in color options, but now, thanks to new waterborne colorants, the color offerings for zero-VOC paints are nearly limitless. While bottom lines are shrinking, investing in 'green' technology will pay off in the future.