Anthony Locicero, Associate Editor08.10.18
The marine coatings market is projected to grow from $3.31 billion in 2017 to $3.93 billion by 2022 – at a CAGR of 3.5 percent – according to research from MarketsandMarkets.
ReportBuyer projects an even larger growth – $5.29 billion by 2022, but also at a CAGR of 3.5 percent from 2017 to 2022. The same research forecasted the 2017 market at $4.45 billion.
While overall growth is predicted, “the marine coatings market has been and is weak due to low new build ordering from owners in 2016 and 2017,” Hempel’s group VP, head of Marine Business Christian Ottosen said, adding that 2016 was the lowest ordering year in three decades.
“However, repair and maintenance are partly – but not fully – compensating for a decrease in new building,” he added.
“Globally, the marine market continues to be down compared to previous years, but we have seen some bright spots,” said John Mangano, key account manager, Coastal & Navy Marine & Protective Coatings for AkzoNobel.
That bright spot is with the military, according to Mangano.
ReportBuyer projects an even larger growth – $5.29 billion by 2022, but also at a CAGR of 3.5 percent from 2017 to 2022. The same research forecasted the 2017 market at $4.45 billion.
While overall growth is predicted, “the marine coatings market has been and is weak due to low new build ordering from owners in 2016 and 2017,” Hempel’s group VP, head of Marine Business Christian Ottosen said, adding that 2016 was the lowest ordering year in three decades.
“However, repair and maintenance are partly – but not fully – compensating for a decrease in new building,” he added.
“Globally, the marine market continues to be down compared to previous years, but we have seen some bright spots,” said John Mangano, key account manager, Coastal & Navy Marine & Protective Coatings for AkzoNobel.
That bright spot is with the military, according to Mangano.
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