Marine coatings are coatings used across the marine industry for providing protection and corrosion resistant property to the ship vessels. They are basically classified into anti-fouling, anti-corrosion, foul release coatings, and self-cleaning coatings. Out of which, anti-fouling is popular and has the highest demand across the marine industry due to its excellent physical and chemical properties.
The global marine coatings market is estimated to be valued at US$ 12,662.7 million in 2021 and is expected to exhibit a CAGR of 6.5% over the forecast period (2021-2028).
Figure 1. Global Marine Coatings Market Value (US$ Mn), by Region, 2020
Asia Pacific (Region) held dominant position in the global marine coatings market in 2020, accounting for 64.93% share in terms of value, followed by Europe and North America, respectively. Owing to regular shipping activities along with contant demand for oil and gas in asia pacific region, which in turn drives demand for Shipments and Tanks and thus for coatings and paints as well is why the region is most dominant.
Rising demand for coatings from ship repair and maintenance activities is driving the market growth of the marine coatings. The market of marine coatings is expected to gain significant growth from rising ship repair and maintenance activities. Anti-fouling coatings are projected to witness huge demand from drydocking and maintenance. Furthermore, an increasing number of new shipbuilding projects is further projected to drive the market growth of the marine coatings over the forecast period.
The growing need for fuel-saving and low emission coatings is expected to fuel the market growth of marine coatings. High solids coatings for seawater ballast tanks are gaining popularity among ship manufacturers. Moreover, strict regulations implemented by regulatory agencies are also compelling manufacturers to use high-cost and eco-friendly coatings. Thus, growing demand for fuel-saving and low emission coatings is propelling the market growth of the marine coatings in the near future.
Growing shipbuilding activities in India, Vietnam, and Philippines is projected to bring new market opportunities over the forecast period. Since ships and vessels are subjected to harsh environmental conditions there is a high demand for repair and maintenance activities in order to keep the ships in working conditions. Moreover, China, India, and Vietnam provide cheap labor which is again propelling the market growth of the marine coatings over the forecast timeframe.
Recovering economic conditions along with the favorable trade policies is expected to offer potential market opportunities in the near future. Moreover, increasing production of crude oil due to growth in the oil &gas industry is again projected to foster the market growth of the marine coatings. Furthermore, the growing need for reducing fuel consumption and rise in the industrialization across developing region is further projected to foster the market growth of the marine coatings.
|Base Year:||2020||Market Size in 2021:||US$ 12,662.7 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||6.5%||2028 Value Projection:||US$ 19,742.19 Mn|
AkzoNobel N.V., Chugoku Marine Paints Ltd., Hempel A/S, Jotun A/S, Kansai Paint Co. Ltd., KCC Corporation, Nippon Paint, PPG Industries Inc, RPM International Inc.,The Sherwin-Williams Company.
|Restraints & Challenges:||
Increasing urban population coupled with the improving lifestyle of the consumers is contributing to the market growth of marine coatings. Growing population and increasing demand for various types of vessels, small boats, ranging from ferries, fishing vessels, tow and tugboats, bulk carriers, the oil industry vessels, cargo ships, passenger ships, and container ships are again projected to augment the market growth of the marine coatings.
Growing partnership and agreement in the market of the marine coatings industry is one of the emerging trends in the market. For instance, in January 2020, AkzoNobel and Midwest Outdoor Marketing announced a partnership to further enhance service levels for yacht coatings customers in the Midwestern U.S. This partnership enable better serve across existing customers in the Midwest.
Figure 2. Global Marine Coatings Market Share (US$ Mn), By Application, 2020
Key Takeaways of the Graph:
Fluctuation in prices of raw material used for the production of marine coatings is one of the key factors restricting the growth of the market. Oil derivatives, titanium dioxide, and copper are major key raw materials used in the production of coatings and these products are highly susceptible to price fluctuation.
Sluggish growth in shipbuilding activities across developing countries is one of the factors that is expected to have a negative effect on the market growth to some extent.
In March 2019, Kansai Paint Co. Ltd. has expanded its lineup of non-toxic antifouling paints that contain no heavy metals
Marine Coatings Market play a very important role in marine vessels, protecting them from surface abrasions and preventing damage due to corrosion. Marine Coatings Market do more than just provide protection, they add aesthetic value as well. Various coatings come in different colors and materials that may help make vessel look more stylish. Marine Coatings Market mainly have specific functionality to safeguard ships and other marine vessels below and above the waterline. Some of these coatings also serve to enhance the performance and efficiency of the vessels themselves.
Rising demand for coatings from ship repair and maintenance activities is a prime factor driving growth of the Marine Coatings Market market. Moreover, rising need for fuel-saving and low emission coatings is again expected to augment growth of the market.
On the other hand, fluctuating price of raw material is expected to hinder growth of the market.
Key features of the study: