Dry docking coatings are applied during the dry docking of a vessel. These coatings help increase the longevity of the vessel by protecting them from harsh weather conditions, fouling, etc. The marine industry comprises bulk tankers and carriers, cargo ships, cruise ships, and container ships. Dry docking coatings are also considered vital in enhancing the fuel efficiency of a vessel and decreasing the impact on the environment. The new shipbuilding industry is expanding at a sluggish pace. Therefore, demand for dry docking coatings market during ship repair and maintenance activities is likely to boost the market during the forecast period.
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Based on type of product, the dry docking coatings market can be classified into anti-fouling, anti-corrosion, foul release coatings, self-cleaning coatings, and others. The anti-fouling segment has been dominating the global dry docking coatings market since the last few years. These coatings are primarily consumed during ship repair and maintenance activities. Anti-fouling coatings offer protection to the surface from fouling organisms. Increase in ship repair and maintenance activities in various regions across the globe is projected to boost the demand for anti-fouling coatings during the forecast period. In terms of volume, the anti-corrosion segment also held key share of the market in 2016.
Dry Docking Coatings Market offer protection to the surface from abrasion, corrosion, and impact. Foul release coating is one of the popular dry docking coatings in the maritime industry. Foul release coatings are biocide-free and environmentally compatible. Demand for other dry docking coatings market such as self-cleaning and self-polishing coatings is likely to be stable during the forecast period.
The dry docking coatings market can also be segmented based on resin into epoxy, silicone, acrylate, and others. Epoxy based coatings are widely used in the manufacture of dry docking coatings. Each of these resins has a particular advantage and specification of use. Silicone resins are largely used to manufacture foul-release coatings as they have the property to create very fine and smooth surface, thus making it difficult for fouling agents to adhere to the hull surface. Deep-sea application accounted for the key share in terms of demand in 2016. Based on application, the market can be divided into coastal, containers, deep sea, leisure boats, offshore vessels, and other applications. Dry docking coatings protect ships and vessels from corrosion and fouling organisms.
Deep-sea applications require higher protection during the repair and maintenance stages. Offshore vessels and leisure boats are also among the major applications of dry docking coatings. Demand for dry docking coatings market in containers and deep-sea applications is anticipated to rise due to the increase in marine trading and logistics activities. Deep-sea is anticipated to be among the rapidly growing segments of the dry docking coatings market during the forecast period. Other applications for dry docking coatings comprise icebreakers, research vessels, and riverboats.
In terms of demand, Asia Pacific is anticipated to account for a significant share of the global dry docking coatings market. The region is estimated to be followed by Europe. Demand for dry docking coatings market in Europe is rising due to the increase in demand during ship repair and maintenance activities. North America is expected to experience sluggish demand for dry docking coatings market during the forecast period. Latin America is likely to exhibit potential growth for dry docking coatings market in the next few years. Expansion in the maritime industry in Brazil, Mexico, Saudi Arabia, and South Africa has is a key factor boosting the demand for dry docking coatings market in Latin America and Middle East & Africa.
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Prominent companies operating in the dry docking coatings market include Akzo Nobel N.V., PPG Industries Inc., Jotun A/S, Hempel A/S, Chugoku Marine Paints Ltd., and Sherwin-Williams Company.