MARINE COATINGS MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Rising globalization and burgeoning international trade have prompted significant growth in maritime shipping activities across the world. More goods than ever before are being transported by sea, as maritime shipping remains the most economical mode of bulk transportation for long-haul cargo transfer. According to industry estimates, over 80% of global trade by volume is carried by sea. Container ships, bulk carriers, crude oil tankers, LNG carriers, general cargo ships, and other commercial vessels constitute the large global merchant fleet that facilitates international shipping trade. As these commercial ships expand in numbers and deadweight tonnage to handle the growing trading volumes, it increases the demand for high-quality marine coatings for vessel hulls and cargo tanks. Stringent regulations are also pushing ship owners and operators to use advanced marine coatings onboard their vessels. International Marine Organization (IMO) mandates regular maintenance and repair of ship hulls using effective foul-release coatings to improve fuel efficiency. Tank coating systems are specified by classification societies and charterers to prevent corrosion and contamination during bulk liquid cargo transportation.