Marine coatings are used in the marine industry for coating the ships and other marine vessels for providing protection and increase the shelf-life of ships. Marine coatings offer excellent protection to the surfaces and also offer corrosion and abrasion-resistant property. Moreover, they are also used to enhance the aesthetic appeal and visual appearance of surfaces of the shipbuilding’s.
The global marine coatings market is expected to surpass US$ 19,742.19 Mn in terms of value by the end of 2028.
Robust growth in the shipbuilding industry in China is propelling the market growth of marine coatings. According to the Coherent Market Insights Analysis, China is the largest marine coating industry with the highest output of container, shipbuilding, and port equipment coupled with the most cross-sea bridges in the world. Moreover, China dominated the demand for marine coatings before the economic downturn and has now emerged as the largest region for marine coatings in the world.
The rising demand for fuel savings during naval transport is projected to serve key opportunities in the near future. Growing need to curb the emission of carbon dioxide and other harmful gases are also projected to foster the market growth of the marine coatings. Moreover, growing investment by government and manufacturer in the shipbuilding industry coupled with the increasing sea trade around the globe is further anticipated to foster the market growth of the marine coatings in the near future.
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Global Marine Coatings Market: Recent Developments
Strict environmental regulations regarding marine coatings. For instance, the US Environmental Protection Agency (EPA) and the European Union (EU) have set certain limits on VOC for the marine coatings industry as prolonged exposure to these can cause skin and pulmonary problems. Thus, environmental regulations related VOC emissions is hindering the market growth over the forecast period.
Global Marine Coatings Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on marine coatings market.
Figure 1. Global Marine Coatings Market Value (US$ Mn), by Product Segment, 2020
The continuous launch of the innovative product by key manufacturers is a key trend in the market and this trend is projected to propel the market growth of marine coatings. For instance, in March 2020, Jotun has commercialized two new marine paint products containing I-Tech’s antifouling active agent Selektope. Selektope is an organic, metal-free antifouling active agent added to the marine coatings to prevent barnacles from settling on the coated surface by temporarily activating their swimming behavior with a non-fatal effect.
Increasing use of coatings for both interior and exterior purposes on yachts and other leisure boats is a growing trend. Increasing spending on the recreational and leisure activities by consumers due to growing disposable income is also projected to augment market growth. Moreover, Yacht coatings are available in a variety such as finishing primers, premium topcoats, various protective primers, high-build surfaces, and antifouling paints. Thus, growing use of coatings for both interior and exterior purposes on yachts is propelling the market growth.