Summary
Global Hull Coatings Market-Segmented By Application , and Geography-Trends and Forecasts ( 2017- 2022 ). The market has been geographically segmented into the US , United Kingdom , Italy , South Korea , the UAE , China , and the Rest of the World .
Description
The Global Hull Coatings Market has been estimated at USD 2.38 billion in 2015 and is projected to reach USD XX . XX billion by 2020 , at a CAGR of 12.42 % during the forecast period . Hull coatings also known as antifouling coatings are used primarily in applied to the part of the ships or yachts which are beneath the water to reduce the growth of the organisms and microbes present in the water bodies . The coatings provide enhancement and durability along with providing benefits such as self-cleaning and graffiti resistance .
Hull coatings , owing to their excellent adhesion and anti-corrosive properties , increased durability of hulls and aesthetic properties are becoming an integral part of the marine industry . In the hull coatings market report , the following major application sectors were taken into consideration : vessels and rigs . The rigs segment is the fastest-growing segment of the market and accounted for more than XX . XX % share of the global hull coatings market in 2015 .
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Market Dynamics of the Global Hull Coatings Market : Drivers :
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Huge demand from oil and gas industry Huge growth in the marine coatings market Growth in the rigs market
Restraints :
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Stringent government regulations Projected decline in the ship-building industry
The market has been geographically segmented into the US , United Kingdom , Italy , South Korea , the UAE , China , and the Rest of the World . In terms of consumption of hull coatings in 2015 , China led the market with a share of XX . XX %. However , the lack of awareness about economic returns in China has considerably hindered the growth of this market .
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