The need to reduce ship fuel consumption drives demand for marine coatings, says a new analysis.
Increasingly stringent environmental regulations are boosting the prospects of high-value, eco-friendly coatings. Innovation has been the only constant, with all companies striving to offer eco-friendly products, according to a new Frost & Sullivan market report.
New analysis, 'Strategic Analysis of the Global Market for Marine Coatings', finds that the market earned revenues of $5,030.1 million in 2011 and estimates this to reach $10,216.3 million in 2018. The research covers anti-corrosive, anti-fouling and foul-release coatings.
"The need to lower fuel consumption is a strong market driver and antifouling coatings applied to ships' hulls offer one way to combat emissions and reduce fuel consumption," explained Frost & Sullivan Research Director Dr Leonidas Dokos. "Foul-release technology, which also results in substantial fuel savings, is particularly useful for large cargo ships, which consume a lot of fuel."
Marine coatings manufacturers are generally conservative in adopting new practices. However, increasingly stringent environmental legislation, paralleled by customer preference for more eco-friendly products, is pushing innovation in the market.
"Companies are investing in developing eco-friendly products such as metal-free, anti-fouling coatings," noted Dokos. "Most major participants now offer silicone- or fluororesin-based foul-release products." While these are positive winds for the market, it is not expected to be all smooth sailing. Participants will have to contend with two major challenges; projected declines in shipbuilding production and the consolidation of shipping management companies.
Until the beginning of 2014, new ship building activities are expected to fall. This will lead to declining volume demands in the near-term. Consolidation of the shipping management companies will increase their buying power, while placing additional pressure on marine coatings prices.
For more information on this study contact Chiara Carella, Corporate Communications, at chiara.carella@frost.com