Marine Coatings Market Analysis
Marine Coatings Market - Global Industry Insights, Trends, Size, Share, Outlook, and Opportunity Analysis, 2018-2026
Marine coatings are used in marine environments for protection against salt water, corrosion, fouling, and UV radiation. The protection of the ship both above and below the waterline is crucial. The coatings adhere to virtually any surface and make them impervious to water. Marine coatings help prevent UV radiation damage, above the waterline, while fouling and corrosion, is prevented below the waterline. Boat docks, boat hulls, or any other surface that is exposed to water can also be sealed with marine coatings to prevent corrosion. An increase in life of marine vessels and equipment is observed on application of marine coatings.
There is a tendency of corrosion due to exposure to hostile marine environments. The consequences of corrosion are larger than the price incurred in preventing it, hence marine coatings have become a vital part of the shipping and shipbuilding industries. In addition, fuel consumption is reduced if the ship is in optimal shape. The major challenges are environmental regulations against leachable coatings. High VOC coats on leaching have an adverse effect on marine ecosystems. Furthermore, oil price instability has led to raw material price fluctuations which is expected to slow down market growth in the forecast period.
Marine Coatings Market Taxonomy
On basis of Product Type
On basis of Application
Anti-fouling agents are applied on the marine vessels and equipment to prevent bio-fouling, which is the growth of algae, micro-organisms, plants, and animals on wetted surfaces. Increase in drag is observed due to bio-fouling which results in soaring fuel costs. The application of foul releasing agents makes the surface of materials smooth, low friction and slippery, preventing fouling organisms to attach to the surface. These are eco-friendly substitutes for anti-fouling agents.
The largest end user of anti-fouling agents is the marine industry. As it operates in the midst of a highly corrosive saline environment. Coating reduces the frequent need for the expensive process of dry docking, helping minimize operating costs. The oil & gas industry employs marine coatings on subsea equipment that are subjected to hostile pressure and temperature conditions in deep-water and ultra-deep-water zones.
Marine Coatings Market Outlook
The requirement of special purpose ships in the oil and gas industry is growing. As production moves to deep-water and ultra-deep-water, there is an increased requirement for specially designed drill ships and exploratory ships. In 2010, Maersk commissioned the Viking, a US$ 650 million drillship to drill in depths of excess of 3000m water depth. Further developments in this segment is expected in the forecast period. Major players in the marine coatings market include Nippon paint marines Co. Ltd., Hempel A/S, Jotun A/S, PPG Industries Inc., AkzoNobel NV, DuPont, Axalta Coating Systems, Engineered marine coatings LLC, Chugoku Marine Paints Ltd., Advanced Marine Coating AS, KCC Corp., Kansai Paint Co. Ltd.