The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
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Marine Chemicals Market: Introduction
An increase in the size of ships as well as their enhanced maintenance is adding to the use of marine chemicals. Harsh external climatic conditions and temperature variations associated with hydro transportation have generated the need for maintaining ships, which in turn, has led to an increase in demand for marine chemicals. Strict quality inspection is done whenever a ships leaves or enters a port. Many marine chemicals are used in the marine industry essentially for cleaning windows, doors, decks, heads, carpets, seats, seat covers, curtains, tanks, display screens and decorative panels made from plastics, woods and any other materials suitable to be used inside a ship. Excessive salt, dirt, carbon, oil, etc. gets deposited on bulbous, portside, bottom and star board sides of a ship and can adversely affect the performance of the ship. They can also meddle with the safety features of a ship, and thus, periodic cleaning of any ship is essential.
Cleaning Chemicals are necessary because efficient use of proper marine chemicals saves ships from electrolytic corrosion. These chemicals do not only protect the interior but also the exterior surface of a ship. Marine Chemicals play a significant role in keeping the components of a ship safe and in working condition.
Marine Chemicals Market: Market Dynamics
Marine Chemicals are widely used in military ships, cargo ships, tanker ships, passenger ships, RoRo ships (Roll on Roll off), fishing vessels and high speed crafts. However, the major chunk of the market is controlled by military ships and cargo ships.
However, certain marine chemicals used are hazardous in nature and meddle with the proper functioning of the other components of a ship. Hence, many governments have laid strict rules against the use of such chemicals and this is a key challenge for the manufacturers operating in the marine chemicals market — to follow the guidelines laid by governments and manufacture only those chemicals which are safe as well as find applications in the marine industry is a tough task.
Passenger ships are expected to be one of the major consumers of marine chemicals after military ships and cargo Ships. Passenger ships contribute in major amounts to the revenue generated from the tourism and travel industry. Thus, these ships must be maintained and cleaned on a regular basis, which in turn, will add to the demand for marine chemicals and thus, fuel the marine chemical market.
Marine Chemicals Market: Market Segmentation
The Marine Chemical Market can be segmented on the basis of their application into:
Marine Chemicals Market: Regional Outlook
China is expected to witness an increase in the use of marine chemicals as China is a major player in the field of import and export.
The Indian marine chemicals market is also expected to expand during the forecast period as cargo traffic is increasing in India and as a result, the country will witness increased demand for marine chemicals during the forecast period.
Japan is an island and is majorly dependent on seaborne trade, it is forecasted that Marine chemicals market in Japan will have a moderate growth.
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Marine chemicals market in North America and Europe is expected to grow significantly due to increasing industrial production, increase in demand for marine freight transportation, which in turn, will lead to increased consumption of marine chemicals for smooth functioning of transport and safety sectors.
Marine Chemicals Market: Market Participants
Examples of some of the key participants in the marine chemicals market are: