Hull Coatings Market Size to Touch Valuation of USD 11.1 billion by 2029, at a 7.8% CAGR | Akzo Nobel N.V, BASF SE, Boero Bartolomeo SpA, GLS Coatings Ltd
The careful efforts of professional forecasters, skilled analysts, and intelligent researchers have resulted in the creation of the Hull Coatings Market research study. Companies can better understand the different types of consumers, consumer demands and preferences, perspectives on the product, purchasing intentions, reactions to individual products that are already on the market. Thanks to the detailed and current information provided in this report. By dealing with a wide range of market analyses, product definition, market segmentation, important developments, and the current vendor landscape through 2029, the Hull Coatings Market Report offers a complete overview of the market.
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Market Overview (2023-2029):
Historical Market Size (2022): USD 6.1 billion in 2022
Forecast CAGR (2023-2029): 7.8%
Forecast Market Size (2029): USD 11.1 billion by 2029
Also, the vendor landscape and competitive scenarios of the Hull Coatings market are broadly analysed to help market players gain competitive advantage over their competitors. Readers are provided with detailed analysis of important competitive trends of the Hull Coatings market. Market players can use the analysis to prepare themselves for any future challenges well in advance. They will also be able to identify opportunities to attain a position of strength in the Hull Coatings market. Furthermore, the analysis will help them to effectively channelize their strategies, strengths, and resources to gain maximum advantage in the market.
Acquisitions/Technology Launches
- Nippon Paint Holdings Co., Ltd., applied Aquaterras hull coating to AIDA Cruises’ 38,531gt cruise vessel AIDAcara. The use of Aquaterras hull coating can potentially reduce the fuel consumption by more than 10% as compared to the standard self-polishing (SPC) that result in reduced operational expenditure, reduced emissions, and reduced hull maintenance owing to the coating’s ultra-smooth surface and low friction attributes.
- Hempel A/S launched a new coating system incorporating with advanced anti-bio fouling properties called as “Hempelguard MaX”. The new coating system helps to reduce owner annual bunker bill by a US$500M and over 10M tones in CO2 emissions.
Market Dynamics
Drivers
- Implementation of Stringent Environment Regulations
The demand for green solution coatings is driven by rising environmental consciousness and strict environmental regulations from established and developing areas. However, the rules are increasing the value added that comes with greater degrees of performance. Globally, governments are putting more of an emphasis on green practises to lessen the effects of chemicals on the ecosystem, human health, and aquatic life. For instance, the US state of Washington banned copper’s use in ship covering in 2022. The major participants in the global market, however, are more likely to offer coatings that adhere to environmental laws and industry standards. In the maritime sector, for instance, Jotun introduced Hull Skating Solutions (HSS) in March 2022 with an emphasis on VOC reduction in the marine business.
Challenges
- Unstable economic conditions and volatile prices of raw material
The reasons causing the current uncertain economic conditions include the increasing trade war between the two biggest economies, which include the US and China, as well as international tensions, global trade conflicts, and global macroeconomic performance as a whole. The state of the economy is seen as a barrier to this market’s expansion. Additionally, the ongoing COVID-19 outbreak in 2020 will have an impact on people’s livelihoods, companies, communities, and sectors. Due to the shutdown and slum demand of goods from developed and developing countries, the fast spread of this pandemic disease has had a significant effect on international transportation markets. The global tensions between the US, Iraq, Iran, and Saudi Arabia also cause a drop in crude oil prices in 2022.
Competitive Assessment:
The main research methodology applied here by the research team is data triangulation, which includes data mining, analysis of the impact of data variables on the market, and primary (industry experts) validation. This report helps to gather information about all the above factors by providing actionable market insights and comprehensive analysis. The Hull Coatings market report mainly focuses on important aspects of the market which include historical data, current market trends, environment, technological innovations, upcoming technologies, and technological advancement in the industry among others.
Leading market players in the Hull Coatings market is focusing on strategies such as expansion, new product launches, and acquisitions to gain large market share and enhance their global presence in the target market. Some Key Competitors of the Hull Coatings market is Akzo Nobel N.V, BASF SE, Boero Bartolomeo SpA, GLS Coatings Ltd, The Sherwin-Williams Company, Henkel, Hemple A/S, PPG Industries, Inc., The Valspar Corporation, Axalta Coating Systems and others.
Hull Coatings Market Segmentation:
Hull Coatings Market By Type, 2023-2029, (USD Million) (Kilotons)
- Self-Polishing Coatings
- Biocide-Free Fouling Release Coatings
Hull Coatings Market By Application, 2023-2029, (USD Million) (Kilotons)
- Vessels
- Liquefied Natural Gas Carriers
- Bulk Carriers
- Crude Oil Tankers
- Cruise Vessels
- Rigs
Regions included in the report Hull Coatings Market:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
- South America (Colombia, Brazil, Argentina, Rest of South America)
- Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Highlight the Following Key Factors:
- Business description: a detailed description of company operations and business departments.
- Company strategy: The analyst’s summary of the company’s business strategy.
- SWOT analysis: Detailed analysis of the company’s strengths, weaknesses, opportunities, and threats.
- Company History: The progress of major events related to the company.
- Main products and services: A list of the company’s main products, services, and brands.
- Main competitors: A list of the company’s main competitors.
- Important locations and subsidiaries: The company’s main locations and subsidiaries’ list and contact information.
- Detailed financial ratios of the past five years: The latest financial ratios come from the annual financial statements issued by companies with a history of five years.
What this report provides?
▶ GTM (Go-to-Market) strategy
▶ Analysis of Market Size (historical and forecast), Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM), Market Growth, Technological Trends, Market Share, Market Dynamics, Competitive Landscape and Major Players (Innovators, Start-ups, Laggard, and Pioneer)
▶ Development trends, competitive landscape analysis, supply side analysis, demand side analysis, year-on-year growth, competitive benchmarking, vendor identification, QMI quadrant, and other significant analysis, as well as development status
▶ Recent market developments and it’s futuristic growth opportunities
▶ Customized regional/country reports as per request
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Key Points from TOC:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Hull Coatings Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Global Statistics — Key Countries
- New Product Launches
- Pipeline Analysis
- Regulatory Scenario — Key Countries
- Recent Industry Developments — Partnerships, Mergers and Acquisitions
- Global Market Analysis, Insights and Forecast
- Key Findings/ Summary
- Hull Coatings Market Analysis — By Product Type
- Market Analysis — By Distribution Channel
- Market Analysis — By Countries/Sub-regions
- Competitive Analysis
- Key Industry Developments
- Global Hull Coatings Market Share Analysis
- Competition Dashboard
- Comparative Analysis — Major Players
- Company Profiles
- Overview
- Products and Services
- SWOT Analysis
- Recent developments
- Major Investments
- Regional Market Size and Demand
- Strategic Recommendations
TOC Continued……………….
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