Expansion of Oil & Gas Market Contributes to Growth of Global Marine Coatings Market

Research and Markets has announced the addition of the "Global Marine Coatings Market 2014-2018" report to their offering.

The analysts forecast the Global Marine Coatings market to grow at a CAGR of 11.29 percent over the period 2013-2018. One of the key factors contributing to this market growth is the expansion of the Oil and Gas market. The Global Marine Coatings market has also been witnessing the growing consumer preference for eco-friendly products; however, the strict environmental regulations could pose a challenge to the growth of this market.

Key vendors dominating this space are Akzo Nobel NV, Chugoku Marine Paints Ltd., Jotun A/S, and PPG Industries Inc.

Other vendors mentioned in the report are Admiralty Coatings Inc., Advanced Marine Coatings AS, BASF SE, Boero Bartolomeo S.p.A., Brunel Marine Coating Systems plc, Engineered Marine Coatings LLC., Hempel A/S, Kansai paint Co. Ltd., KCC Corp., Nippon Paint Marine Coatings Co. Ltd, and The Sherwin-Williams Co.

Commenting on the report, an analyst from the team said: The increase in consumer preference for eco-friendly products is an important trend being witnessed in the Global Marine Coatings market. The increase in environmental regulations and restrictions along with the changing consumer preference for sustainable products is urging the marine coatings manufacturers to develop eco-friendly products. The makers of marine coatings, which include anti-corrosive, anti-fouling, and foul release products, are developing new and eco-friendly coatings to comply with the regulations and to meet the increasing demand for sustainable products that do not harm the marine ecosystem. This in turn is expected to propel the growth of the market during the forecast period.

According to the report, one of the major drivers in this market is the rapid growth in the Oil and Gas industry. This in turn will boost the demand for protective and marine coatings.

For more information visit http://www.researchandmarkets.com/research/qffkks/global_marine

Source: http://www.researchandmarkets.com/

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