Analysis of Shipping Container Coatings market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The market for shipping container coatings witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. The level of demand declined to the extreme level due to lockdown creating hurdles for the key players operating in this market. However as recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilizations and online selling in 2021 keeping in view the covid-19 norms.
Leading corporations including Dow Chemical Company, The Valspar Corporation, Delta Mark, Marl Coatings Ltd, Hexion, Mascoat, Mega Coatings Company Limited and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for shipping container coatings with largest market share.
For instance, AkzoNobel announced the partnership with Polar Pod with the aim to pioneer scientific mission. AkzoNobel got on board for the scientific expedition as an exclusive paints and coatings partner. AkzoNobel will sponsor the 1,000-ton platform for the next five years, from project construction through to the completion of its three-year mission. The partnership will help in discovering ways to become even more sustainable. In addition to this, AkzoNobel invested in the coatings application technology from Qlayer, a company focusing on opening new opportunities in the application of industrial coatings. Qlayer offers consistent and faster coating processes and offers sustainability and cost reduction by eliminating overspraying.
A shipping container is used to transport or store cargo that is imported or exported through ports via sea or road. Shipping container coating is used to protect the container, which is generally made of steel or aluminum, from corrosion. Shipping container coatings are generally classified under two types’ water borne and solvent borne. Solvent borne coatings emit VOC chemicals, which might be carcinogenic, leading to health hazards. To avoid such hazards, companies are focusing on investing in water borne coatings, which might reduce pollution by VOC emissions. Shipping container coating manufacturers are mainly focusing on developing more environment friendly coatings, especially with the trend of converting used containers into picnic houses, cafes, and shops across the globe. Hence, the use of shipping container in construction sector requires shipping container coatings to increase its life and provide a new look. Earlier, harmful compounds like sulfur or phosphorous were used for coating the containers but development of water borne shipping container coating has put an end to the use of such harmful compounds.
Shipping containers are being used widely due to the increase of import and export across the globe. Growing business relation and increasing trade among countries is helping the shipping container market to grow. The production of shipping container is growing due to the growing trades which in turn is leading to growth of shipping container coatings market. Use of shipping containers is increasing in coastal areas as sea transport is cost effective and convenient. The use of shipping containers in construction industry is helping the growth of shipping container coatings market. Constant research and development in water borne shipping container coatings has given rise to environment friendly shipping container coatings, which has boosted the shipping container market. Excess bulk production of shipping containers will lead to accumulation of containers due to more supply than demand, which will affect the future production. Reduction in production in future will affect the shipping container coating market. Fluctuating prices of steel affects the shipping container market which leads dent in shipping container coating market.
Currently, shipping container production growth is sluggish on regions like North America and Europe. However reuse of used container in the construction industry is quite trending in these regions, making these regions potential market for shipping container coatings in the forecast period. China is currently the leading producer of shipping container and the market is growing rapidly, India and Vietnam are also considered as potential growth markets for shipping containers. Growing production of shipping container in these regions is making a prominent market for shipping container coatings. Other regions such as MEA, Latin America, other SEA, and APAC countries are developing which is expected to witness prolonged growth during the forecast period.
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Global key participants in the shipping container coatings market are:
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Global shipping container coating market can be segmented on the basis of its end use industry, which are:
Global shipping container coatings market can be segmented on the basis of types of coatings which are:
Global shipping container coatings market can be segmented on the basis of its on different types of containers which are:
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