According to Researcher, the global Hull Coatings market is expected to witness a significant growth rate during the forecast period. The market is likely to grow at a CAGR of around 5%. The increase in oil and gas activities across the globe is driving the hull coatings market since it will be used in the ships to transport these materials. Also, the government's stringent norms may serve as an opportunity for the market since the concerned sectors have to follow environmentally safe and friendly practices. On the other hand, these environmental norms may also hinder the growth of the market due to the presence of VOCs. Covid-19 has disrupted the entire global supply chain, which has impeded the hull coatings market's growth rate. But this is expected to be a temporary effect, and soon the trade is anticipated to get back to normal. Based on the product type, the Self-Polishing coatings (SPCs) segment will dominate the market since it is used extensively in marine ship coating.
Globally, the Asia-Pacific region is dominating the hull coatings market, followed by North America and Europe. The APAC region has a large customer base (China and India) and a flourishing manufacturing sector. Asia-Pacific dominates the ship manufacturing sector ranging from boats, vessels, cargo ships, container ships, etc, which drives the hull coatings market.
The global Hull Coatings market is consolidated. The major players in the global Hull Coatings market are Hempel A/S, Jotun, BASF SE, Akzo Nobel N.V., PPG Industries, Inc., among others.
Global Hull Coatings Market report provides deep insight into the current and future state of the Hull Coatings market across various regions. The study comprehensively analyzes the Hull Coatings market by segmenting based on type (Fouling Release Coatings (FRC), Self-polishing Coatings (SPCs) & Other types), application (Rigs, Vessels & Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints, along with the impact of Covid-19 on the market growth in detail. The study covers & includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of major companies, including their market shares and projects.
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