- Marine coatings refer to protective coatings applied on ship barriers and vessels. They provide protection to underwater surfaces from corrosion, fouling, and slime formation.
The global Marine Coatings Market is estimated to be valued at US$ 12,662.7 Mn or Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rise in global seaborne trade activities is a key trend fueling the demand for more ships and vessels, propelling the marine coatings market forward. In addition, stringent environmental regulations regarding the use of toxic ingredients in coatings is driving manufacturers to develop bio-based, eco-friendly marine coatings made from plant oils and resins. With environmental concerns on the rise, sustainable marine coating solutions are expected to gain more traction in the coming years.
SWOT Analysis - Strength: Marine coatings provide protective barrier from corrosion caused by seawater, which increases durability of ship and offshore
- structures. Their long-lasting property reduces maintenance and repair costs.
- Weakness: Strict environmental regulations pertaining to VOC emissions during coating application pose challenges in product development.
- High prices of high-performance marine coatings also limit their adoption.
- Opportunity: Growing offshore oil & gas sector drives demand for specialized coatings suitable for drilling rigs and oil platforms. Advances in
- nanotechnology aid formulation of nontoxic, fouling-resistant marine coatings.
- Threats: Shift toward use of renewable energy reduces dependence on petroleum, dampening prospects in offshore oil industry. Economic slowdowns negatively impact shipbuilding and marine transportation sectors.
Key Takeaways
The global Marine Coatings market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing seaborne trade volumes between countries.Expansion of global shipping fleet to support rising transportation needs boosts sales of protective marine coatings.Regional analysis
The Asia Pacific region dominates the global market and is expected to maintain leading position during the forecast period. Growing investments in maritime transport and offshore oil & gas sectors in China and India drive the regional demand. North America and Europe also hold significant shares in the marine coatings market.Key players
Key players operating in the Marine Coatings market are 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. The global market is fragmented in nature with top five players accounting for around 35% share.
