Marine Coatings Market
The market for marine coatings is largely driven by the Asia Pacific region due in part to the emergence of China as a major player in the shipbuilding industry. Growth in the shipbuilding industry in India, Vietnam and the Philippines is also expected to provide large opportunities for marine coatings manufacturers. Recently adopted environmental legislation in this region is sure to have a huge impact on marine coatings. Marine coatings manufacturers interviewed by Coatings World have said that recently enacted environmental regulations – such as biocidal production regulations – have significantly affected the market. Manufacturers will have to rise to the challenge to develop products that both meet increasingly stringent regulations and offer outstanding performance in some of the harshest environments.
Asia Pacific Report
According to market research firm IRL, the total market for paints and coatings in Asia Pacific is forecast to increase to 29.2 million tons by 2018.
China is by far the largest national market for paints and coatings in the Asia Pacific region, followed at some considerable distance by India and Japan. The smallest markets are those of New Zealand and Singapore. While medium-term growth is forecast to be low in the more developed and mature markets such as Australia, New Zealand and Japan, the developing market of India is predicted to demonstrate growth of over 10 percent per annum over the next five years. India still offers significant potential for paints and coatings market growth, as per capita consumption remains very low.
According to IRL, protective coatings have a particularly large share of the market in China due to the fast growth of sectors such as civil engineering, marine engineering and container manufacturing. Marine coatings have a high share in the coatings market in Singapore, reflecting that country’s importance as a regional hub for maritime transportation, and also in South Korea, which remains a key shipbuilding nation.