Marine coatings are an adhesive type of coatings that are applied to marine vessels such as ships, cruises, yachts, and other offshore structures such as bridges and oil rigs. As these vessels and structures are exposed to the seawater more, they get corroded and affected by the saltwater, which affects their life span. The effects such as corrosion, fouling, slimes and other such effects caused by the seawater significantly affect the performance of the ships and structures. On the other hand, the dry-docking of the vessels also requires these marine coatings during the processes of drilling and shipbuilding activities. Such factors are considered as the major market drivers of the marine coatings industry.
The manufacturers are producing VOC-free and eco-friendly marine coatings that are effective and don’t create any impact on the marine ecosystem. The increasing investment in the industry has also created lucrative opportunities for the key market players to bring in new technologies and thereby increasing the marine coatings market value. The growing economic conditions have also led to several trading activities through the sea.
The COVID-19 has created disruptions in several industrial verticals and reduced the production rates as well. The stringent regulations imposed by the government have affected the operations carried out in the production plants. Therefore like any other industry, the marine industry was also affected in terms of production and operation and the economic condition of the countries has declined due to the pandemic, which has reduced the trading activities carried out in seaways. Such factors act as major restraints for the marine coatings market growth. However, the emerging technological advances in the marine coatings industry and the improving economic conditions are expected to boost the overall growth of the marine coatings industry during the forecast period.
The expansion of the oil and gas industry and the increasing exploration activities are driving the overall growth of the marine coatings industry. The oil and gas exploration carried out in the seas is increasing, where the equipment taken to the seas requires protection as the life of this equipment is crucial as well. Such factors are considered as the major market drivers of the marine coatings industry.
The increasing number of innovations and investment in the industry has led to the production of products that helps in improving performance and optimizing fuel consumption. The efficacy of the products in protecting from adverse effects such as corrosion, fouling, and UV radiation effects are considered as the major drivers of the marine coatings industry.
Friction and corrosion of the hull and other degradation issues are some of the crucial factors that propel ship manufacturers and key market players to invest in effective marine coatings. The degradation of the marine vessels might lead to severe loss to the marine industry and traders. Therefore the potential market players are increasing the investment in producing novel technologies and introducing new products into the industry, which is expected to boost the marine coatings market growth during the forecast period.
The economic condition of the developed countries and the disposable income of the consumers make them invest in the manufacturing of the ships and soliciting yacht and cruise ships. Additionally, the consumers are looking for ways to add aesthetical elements to the marine vessels. Such factors are also expected to boost the marine coatings market growth during the forecast period.
The shipbuilding industries were facing a slowdown in recent times owing to the widespread of COVID and the economic slowdown in some countries such as China has also affected the growth of the marine coatings industry in recent times. On the other hand, the government has planned to reduce the subsidies provided to the shipping industry to balance the economic condition due to the oversupply of the ships at the production centers. Such factors are considered as the major restraints of marine coatings market growth.
The developed countries are focusing to create eco-friendly products and are imposing stringent regulations to reduce the emissions into the water bodies. This is considered a major restraint of marine coatings market growth.
Some of the major issues related to the marine coatings industry such as inconsistency in the raw material prices and the production issues are considered as major challenges for the marine coatings market growth.
The health hazards caused due to application of marine coatings due to the fumes emitted during the production and the errors and failures that occur during the application such as orange peel runs, sags, mud cracking, over sprays, and others are considered as the major challenges for marine coatings market growth. Similarly, the wastage of the product during the application which ranges about 20% during every application is considered as the primary challenge for marine coatings market growth.
The marine coatings market value was at USD 4 billion in the year 2020 and it is expected to surpass the market value of over USD 6 billion by the year 2030 while registering a CAGR of 5.6% during the forecast period. The market growth is primarily due to the growing economic conditions of the developed countries where they are increasing their seaborne trade and are purchasing marine containers to expand their trade activities. This factor is considered the primary growth-stimulating factor for the marine coatings industry.
The increasing manufacturing of container ships, bulk carriers, and passenger ships and an increasing number of significant bridges built across the seas and river beds are presenting lucrative opportunities for the overall growth of the marine coatings industry. Since there is a lot of investment made for the manufacturing of the ships and marine containers, protecting them from abrasion and corrosion is considered as the primary factor to extend the life and productivity. On the other hand, the manufacturers of marine coatings are focusing on producing environmentally-friendly products that don’t alter the marine ecosystem. Similarly, the demand for sustainable products is also increasing across the industry that is expected to boost the overall growth of the marine coatings industry during the forecast period.
Marine coatings are used in the marine industry to protect containers, ships, and other marine containers to protect them from UV radiation, fouling, ingestion, and other factors. The coatings are thick enough to protect the surface on which they are applied and extend their life span and increase efficiency as well. The marine coatings are highly efficient in protecting the marine vessels and buildings from oxidation, abrasion, corrosion, and cracks. It also enhances the aesthetical value of the vessels and increases productivity. The advancements in technologies and inventions have increased the productivity of the ships, due to the efficient performing components.
The demand for larger imports and exports and cheaper transportation is increasing in the developed countries, therefore the trading activities through waterways are increasing in recent times. Such factors are boosting the overall growth of the marine coatings industry across the globe. The Asia-pacific region is considered as the largest ship manufacturing region and due to the increasing demand for the industry vessels, cargo ships, container ships, fishing vessels, and so on, the production rates are rapidly increasing. Such factors are augmenting the marine coatings market growth in recent years.
Based on Type:
Foul release
Anti-fouling
Anti-slip
Primer
Varnish
Chemical resistant
Others.
Based on the surface:
Concrete
Fiberglass
Metal
Wood.
Based on the type of resins:
Acrylic
Alkyds
Epoxy
Polyurethane
Others.
Based on technology:
Waterborne
Solventborne.
Based on distribution channel:
Original Equipment Manufacturers (OEM)
The Global Marine coatings Market Share by Application
Source: MRFR analysis
Regional analysis:
Asia-pacific region due to the numerous ship construction industries across the countries such as China, Japan, and South Korea, holds over 65% of the market share. Moreover, Countries like China and India are known for their skilled and cheap labor, which offers favorable conditions for the marine coatings market growth across these countries. The prevalence of several favorable conditions has stimulated the shipbuilding companies to increase their investment and establish their business and production plants across these countries. On the other hand, the favorable geographical condition such as efficient and smooth sea trade and financial support from governmental organizations are also promoting the shipbuilding industries and thereby increasing the overall growth of the marine coatings industry.
North America is experiencing slower yet steady growth in the marine coatings industry which is due to the geographical condition and the effective alternatives for trading and other businesses.
PPG Industries (US)
AkzoNobel (Netherlands)
Hempel (Denmark)
Sherwin-Williams (US)
Jotun (Norway)
Chugoku Marine Paints (Japan)
Nippon Paint (Japan)
Kansai Paint (Japan)
Axalta (US)
BASF Coatings (Germany)
Recent developments:
In the year 2021, one of the leading market players, Chugoku marine Painting Ltd., had introduced a fuel-efficient and anti-fouling coating for the marine vessels, which is specially designed for trading vessels that move globally. The product is named SEAFLO NEO M1 PLUS and they had also expanded the range and named it as SEALO NEO range. This product launch has helped the vessels with varied trading patterns and also reduces the friction caused during the operation of the ships against the forceful water.
In the year 2020, one of the leading market players, new ships have announced their investment of USD 1.85 billion in the marine coatings industry. This investment has significantly increased the ship trading activities and the shipbuilding industries.
Report overview:
This report has covered:
Market overview
COVID 19 Analysis
Market dynamics
Cumulative growth analysis
Value chain analysis
Segment overview
Regional analysis
Competitive landscape
Recent developments
Segmentation Table:
Based on Type:
Anti-corrosion
Foul release
Anti-fouling
Anti-slip
Primer
Varnish
Chemical resistant
Others.
Based on the surface:
Concrete
Fiberglass
Metal
Wood.
Based on the type of resins:
Acrylic
Alkyds
Epoxy
Polyurethane
Others.
Based on technology:
Waterborne
Solventborne.
Based on the distribution channel:
Original Equipment Manufacturers (OEM)
Aftermarkets.
| Report Attribute/Metric | Details |
| Market Size | 2030: USD 6 billion |
| CAGR | (2020-2030) : 4.40% Value |
| Base Year | 2021 |
| Forecast Period | 2020 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Resin Type, Product Type and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), Chugoku Marine Paints (Japan), Nippon Paint (Japan), Kansai Paint (Japan), Axalta (US), and BASF SE (Germany) |
| Key Market Opportunities | The growing international trade has augmented the demand for cargo ships |
| Key Market Drivers | the ability of marine coatings in the prevention of corrosion also helps in the reduction of fuel consumption the growing international trade and oil and gas industry |
Frequently Asked Questions (FAQ) :
The leading resin type used in the marine coatings industry is polyurethane.
Cargo ships are the major application channel for the marine coatings market.
Increasing attention being paid to marine maintenance is the major driver for the marine coatings market.
Asia Pacific is the largest regional market due to the increasing international marine trade in the region.
Leading players in the market include PPG, Jotun, and Sherwin-Williams, among others.
The marine coatings market value was at USD 4 billion in the year 2020 and it is expected to surpass the market value of over USD 6 billion by the year 2030 while registering a CAGR of 5.6% during the forecast period.
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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