Cargo Hold Coatings Market to See High Growth in Upcoming Year by 2029
The increasing emphasis on ship repair and maintenance activities can foster the healthy growth of the market, states Fortune Business Insights, in a report, The growing awareness about the benefits of protective coatings in ships is expected to boost the growth of the market.
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The report on the cargo hold coatings market includes:
- Granderinsights into the market
- Wide-ranging analysis of the segments
- Important information about industry players
- Latest market trends and drivers
- Regional analysis with valuable data
- Latest developments
Introduction of Innovative Coatings by Prominent Companies to Aid Growth
The increasing investments by key companies in R&D for the development of advanced coating for the shipping industry are expected to enable speedy expansion of the market. For instance, on 4th June 2019, Hempel, a major producer of coatings on the world level, announced that it has releasedan incredibly effective and dynamic antifouling coating known as Globic 7000 with increased operational adaptability for all types of containers. The company aims to achieve the position of a reliable manufacturer and cater to the needs of customers. Moreover, the product is expected to aid owners in the shipping industry. Furthermore, the growing demand for marine and protective coatings in ship repair can consequently bolster the healthy growth of the market. Besides, the growing demand for coating owing to its abrasion-resistance and other benefits is expected to favor the growth of the market.
Nevertheless, the growing need for enhanced protection against corrosion, atmosphere, distortion, UV, temperature change, in most extreme circumstances can dampen the growth of the market. Coatings protect the cargos in extremely harsh weather, which, in turn, can retard the growth of the market.
Booming Shipbuilding Industry to Aid Growth in Asia Pacific
The market in Asia Pacific is expected to hold the largest share during the forecast period owing to the flourishing shipbuilding and dry-docking industries in countries such as China, South Korea, and Japan. North America and Europe are expected to experience a rapid growth rate during the forecast period owing to the increasing shipbuilding and vessel manufacturing companies in North America and Western Europe. The high production of cargo ships can foster the growth of the market in the regions. The emergence of various companies in the marine coatings Industry can elevate the market in Europe. The Middle East and Africaare expected to observe steady growth owing to the ongoing expansion projects in GCC countries. The growing emphasis on water transportation in Latin America can simultaneously spur lucrative opportunities for the market in the region.
18th May 2020: Jotun announced its collaboration withOdfjell Drilling that will provide the Deepsea Stavanger advanced drilling system with a qualified anti-corrosive and surface coating approach. Deepsea Stavanger is a versatile positioned coupled with semi-submersible that is expected to work off the South African coast for oil giant Total in complicated climatic conditions.
The Report Lists the Main Companies in the Cargo Hold Coatings Market:
- PPG Industries
- Akzo Nobel
- RPM International
- Nippon Paint
- Chugoku Marine Paints
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