Hull Coatings Market Forecast to Reach Around $10 Billion by 2025 Growing at a CAGR of 6.5% During 2020-2025
Posted on Jun 9 2020 11:40 AM "The High Investment Cost Required for Hulls Coatings and Presence of Volatile Materials in Coatings Are Restraining the Growth of This Hull Coatings Market During the Forecast Period." The Hull Coatings Market size is forecast to reach around $10 billion by 2025, after growing at a CAGR of 6.5% during 2020-2025. The use of coating helps to reduce the resistance of the ship hull through water and acting as a barrier against corrosion on metal hulls. Furthermore, the growth of marine transportation and infrastructural activities in developed and developing economies are also driving the growth of the Hull Coatings market size over the forecast period. Whereas, due to outbreak of COVID-19 globally, the global hull coating market industry is expected to witness an exponential decline in its growth rate from 2020-2021 globally, due to slow down across various industry verticals and disruption of supply chain and international trade network wor...