Stock Coatings Market - Global Industry Analysis, Size, Share, Trends, Growth, and Forecast 2017 - 2025
- Transparency Market Research
Global Stock Coatings Market: Overview
Stock coatings are a form of coatings used on a ship in order to protect the ship from the humidity of the sea. Stock coatings are used on military and commercial ships. They are protective coatings applied on the surface of ships, cruises, vessels, and yachts in order to defend them against corrosion, thus enhancing the durability and life of marine vessels and offshore structures. Stock coatings are formulated to withstand the rigors of water immersion, salt water contact, and the corrosive stock atmosphere. They are mostly applied on the decks and exteriors of ships rather than the interiors. They are used for onboard maintenance. An important aspect of stock coatings is they can be applied under difficult construction and maintenance conditions, in compliance with safety, health, and environmental regulations. The key to effective maintenance of vessels at the sea is to use coatings that are easy to apply and perform well in harsh conditions.
Maintenance at sea is typically carried out by crew members while the ship is sailing, thereby making it cost effective. Stock coatings are used in cargo holds, decks, cargo tanks, ballast tanks, and superstructure and topsides in order to prevent ships from hard wearing impact and chemical resistance. The trend of leisure voyages on yachts and cruise ships is contributing to the growth of the stock coatings market.
A primary driver of the stock coatings market is the ever-growing oil and gas industry and the extensive usage of coatings to ensure long-term security of stock assets. However, slow growth of the ship building industry is expected to be a restraint to the stock coatings market during the forecast period. Coating flaws during applications (sags, cissing, runs, orange peel, cracking or mud cracking, over thickness, under thickness, grit inclusions, over sprays, human errors) and in-service coating failures (shop primer failure, through film breakdowns, weld corrosion, calcareous deposit included coating failures, reverse impact damage, poor surface preparation, stress-related coating failures) are the other hindrances affecting the stock coatings market. Furthermore, regulatory norms imposed by the government against the usage of VOC-based stock coatings are anticipated to pose a threat to the growth of the global stock coatings market. In order to overcome environmental restraints, new technologies such as high water-based and low VOC content in stock coatings are being adopted by manufacturers which are treading in the global stock coatings market.
In terms of the region, the stock coating market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominates the global stock coatings market. Driven by shipbuilding activities in China, Japan, and South Korea, the stock coatings market in the region is projected to maintain its leading position in the years ahead as well. There has been an increase in the number of ship-owners in Singapore which is expected to propel the stock coatings market in Asia Pacific. Indian is also expected to emerge as a strong contender in the stock coatings market during the forecast period. Moreover, Europe and North America are key markets as these regions generate significant demand for stock coatings. The stock coatings market in North America is exhibiting a slow growth due to the small size of the stock industry in the region. Europe is leading North America in terms of growth of the stock coatings market, although with a slower rate.
Key players operating in the stock coatings market are PPG Industries and MCU-Coatings.
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The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
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- Reporting and evaluation of recent industry developments
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