12 June 2013 07:29 [Source: ICIS news]
SINGAPORE (ICIS)--Asia Pacific’s marine coatings market revenue is projected to increase by 38% over four years to $6.69bn, backed by robust activities in shipbuilding and offshore engineering industries in the region, chemical industry consultant Frost & Sullivan said on Wednesday.
“The expansion of global trade through sea routes has increased the number of bulk carriers, container ships and general cargo ships manufactured, in turn widening the scope of the marine coatings market in Asia-Pacific,” it said in a statement.
In 2012, marine coatings market revenues were at $4.84bn, the consultant said.
“Epoxy-based anticorrosive marine coatings are slated for high growth in the Asia-Pacific due to its favourable cost and enhanced performance,” it said.
“In the case of antifouling coatings, acrylates are preferred. However, foul release technologies are also expected to show gradual growth,” Frost & Sullivan said.
South Korea, Japan and China are chief shipbuilding countries and are expected to remain the top investment choice for coating manufacturers, the consultant said.
Constant maintenance and repair of ships will also sustain market demand for coatings, but producers will need to contend with declining margins amid rising prices of raw materials, which include titanium dioxide (TiO2), it said.
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