Marine Coatings Market

Marine Coatings Market Size (2024-2029):

The Global Marine Coatings Market is expected to grow at a CAGR of 3.19% during the forecast period 2024-2029. The market value was at USD 3.58 billion in 2023, and the value is expected to reach USD 4.32 billion by the end of 2029. 

Market Overview:

Marine coatings are experiencing the most remarkable rate of development in developed and developing countries. The escalating need for dry docking of cargo ships and vessels, followed by new shipbuilding exercises and the development of offshore drilling, is driving the development of the marine coatings market. As shipping in the region gradually develops, it has a positive effect on the development of the worldwide marine coatings market.

Marine coatings are mainly employed as protective coatings applied to the surface of ships, cruise ships, yachts, oil rigs, and bridges, among others. These coatings are applied to protect against corrosion and fouling to improve the life of offshore structures and ships. Marine coatings protect surfaces from damage caused by UV radiation above the waterline, as well as corrosion and fouling below the waterline. The price incurred during corrosion treatment on seagoing vessels is relatively much higher than the price of prevention, thus the call for marine coatings has escalated in the shipping and shipbuilding industries. In addition, the ability of marine coatings to prevent corrosion also helps reduce fuel consumption, which is another factor contributing to market expansion.

Market Trends:

The escalating need and requirement for low fuel usage will increase interest in anti-fouling and anti-corrosion agents, further stimulating market development. Fuel usage accounts for half of the ship's overall operating costs. Due to much of the scale development on the ship's body due to the settlement of some forms of marine life and microscopic organisms, overall fuel use and carbon dioxide release can increase up to '40%. With the advancement of technology and innovation, over the period, protective coatings can be seen as an essential contributor to safeguarding the capital investment in the structure of a ship. Furthermore, the growing preference of customers for green, ecological and sustainable items is a key factor for the expansion of the maritime market. The changing inclination of customers for sustainability is due to escalated environmental standards and regulations. Therefore, manufacturers must participate in the production of marine coatings in such a way, that point of meeting the needs of buyers and in accordance with government standards and controls.

Market Drivers:

The worldwide marine coatings market is predicted to show healthy expansion, and the main factors responsible for the expansion of the marine coatings market are the expansion of worldwide trade, consumer awareness of hull protection, the fuel efficiency of ships, and the expansion of the oil and gas sector in offshore regions, new shipbuilding facilities and dry dock activities tend to drive the worldwide marine coatings market.

Market Restraints:

In one way or another, government-imposed regulatory standards for the use of VOC-based marine coatings could be a drag on the expansion of the worldwide marine coatings market.

Market Opportunities:

To overcome environmental limitations, manufacturers are adopting new technologies, such as more water-based and lower VOCs in marine coatings, which are all the rage in the worldwide marine coatings market with consumers. Faster-drying marine coatings are also gaining popularity in the market. The boom in infrastructure and construction projects in emerging economies and the growing call for high-performance coatings are driving market expansion. Additionally, marine coating not only prevents corrosion but also prolongs the life of marine equipment and the constant need for repair and maintenance is driving the expansion of the marine coatings market.

Market Challenges:

Strict government regulation on production due to environmental concerns restricts market expansion. Also, the rising cost of copper and titanium oxide is holding back market expansion.

MARINE COATINGS MARKET REPORT COVERAGE:

Market Segmentation:

Marine Coatings Market - By Resin:

• Epoxy
• Alkyd
• Polyurethane
• Others

The epoxy segment is predicted to be a major contributor to market expansion over the foreseen period attributed to the excellent water and chemical resistance offered by marine epoxy coatings with high durability and excellent adhesion to various substrates.

Marine Coatings Market - By Product Type:

• Anti-corrosion coatings
• Antifouling coatings
• Others

The antifouling coatings segment is predicted to have one of the largest market shares due to the ability of these coatings to reduce the expansion of organisms in the underwater hull of ships and reduce the fuel consumption of ships.

Marine Coatings Market - By Application:

• Cargo ships
• Passenger ships
• Boats
• Others

The boat segment of the marine coatings market is predicted to grow at a high CAGR during the foreseen period. Due to the increase in coastal and maritime tourism in the world.

Market Regional Analysis: 

The Global Marine Coatings Market Report includes the segmentation of regions:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

Asia-Pacific has the largest market share and is predicted to be the fastest-growing region with an encouraging CAGR. Escalating international trade in the region has escalated the call for marine coatings, which is a major driver of market expansion in the region. Furthermore, the emergence of China and India as hubs for shipping is predicted to contribute to the expansion of the market. In addition to this, the growing energy needs in the developing economies of the region have escalated oil and gas activities, which in turn increases the call for marine coatings on oil platforms and other offshore structures.

Another dominant region in the worldwide market is North America, which shows an expanding CAGR. The presence of the developed marine sector and oil and gas has escalated the call for marine coatings in the region. Furthermore, the shale gas boom along with the expansion of exports and imports in the region are other factors that contribute significantly to the expansion of the market. In addition to this, North America is one of the largest markets for ships, cruise ships, and yachts, escalating the call for marine coatings.

The European region is a lucrative market and is driven primarily by the expansion of international trade and the oil and gas industry. The call for ships in the region is predicted to experience significant expansion due to escalating international trade, mainly in the UK, Germany, and Italy, which also contributes to market expansion. Additionally, the developed tourism industry in the region has driven the call for cruise ships and yachts, which in turn is predicted to positively influence the market expansion. Latin America is predicted to experience moderate expansion due to expansion in the maritime and energy sector. However, poor port infrastructure and complex trade laws are some of the main constraints in the Latin American marine coatings market.

Market Key Players:

1. PPG Industries (US)
2. AkzoNobel (Netherlands)
3. Hempel (Denmark)
4. Sherwin-Williams (US)
5. Jotun (Norway)
6. Chugoku Marine Paints (Japan)
7. Nippon Paint (Japan)
8. Kansai Paint (Japan)
9. Axalta (US)
10. BASF Coatings (Germany)
11. shipbuilding industries
12. Mitsubishi Heavy Industries (Japan)
13. Hyundai Samho (South Korea)
14. Samsung Heavy Industries (South Korea)
15. Daewoo Shipbuilding (South Korea)
16. Hyundai Heavy Industries (South Korea).

Market Recent Developments:

• A leader in advanced coatings for helmets, Nippon Paint Marine has introduced what is believed to be the world's first biocide-free, low-friction, self-cleaning copolymer (SPC) antifouling technology.
• AkzoNobel launches a new marine coatings app to improve user experience. Marine Coatings customers will now be able to access the data most important to them anytime, anywhere, with the launch of the AkzoNobel Marine Coatings worldwide mobile app.