Acumen Research and Consulting estimates that the global marine coatings market is anticipated to reach market size of around US$ 6,370 Mn by 2028 and is anticipated to grow at a CAGR of around 3.3% in terms of revenue during the forecast period 2021 - 2028.
Marine coatings represent protective coatings on the surface that is exposed to sea water conditions of ships, cruises, boats, yacht and other offshore structures (oil rigs and bridges). The marine lacquers are applied on these areas to protect the durability and life of marine vessels and offshore structures against corrosion, fouling and slims. The need to dry the ships afterwards, to create new vessels and to expand offshore drilling drives the development of the global demand for marine coatings. Shipping also expands due to international trade, and is a strong factor in the expansion of the global demand for marine coatings. The demand for customer-free, VOC-friendly marine coverings has gained popularity, and the use of new trends in the manufacturing of marine coatings in order to comply with these consumer requirements and government standards.
New shipbuilding activities led by the growth of offshore exploration and the growing need for dry docking of load and ships promote market development of marine coating. When the transport around the region grows slowly, the regional transportation industry has a positive impact. The need for low fuel consumption would raise the importance of anti-fouling and anti-corrosive agents, which will encourage the growth of the industry. The average consumption of fuel and the discharge of carbon dioxide will ascend by up to 40% due to the nature of vessel body failures as a result of the establishment of a few aquatic life forms and microscopic species. By advancing technology and innovation, protective coverings can be said during the period as a key contributor to the protection of capital investments in a vessel structure. Due to rising environmental standards and regulations, there is a chang client inclination towards sustainability. The manufacturers are therefore be involved in the production of marine coverage in such a way that they fulfill the needs of buyers and comply with government standards and controls.
Increasing Production Activities in the Marine Industry
Indoor and outdoor coverings on yachts and other recreational boats shall be used. The coatings used for yachts represent a significant share of demand. Yacht coating can be used in various versions including premium topcoats, high-construction surfaces, various primers, finishing elements and antifouling paints. In the yachts and other boats, interior topcoats and wood coatings are also used. Further, according to Cruise Lines International Association (CLIA) Cruise travel is estimated to have gone beyond the general leisure segment with the global cruise passenger estimated at some 25.8 million and projected to reach 27.2 million. This growth is projected to continue further, and the demand for coatings for repair and maintenance purposes is projected to grow in turn. During the forecast period, all of the above factors are expected to influence the global market.
Due to the small size of the marine industry in the region, the North America Marine Coatings Market is showing steady growth. In terms of market growth and slower growth, the market for marine coatings in the European region is just above the North American market. In the global marine market, the Asia-Pacific marine coating market is continually dominating and will show a healthy growth rate over the forecast. In Asia Pacific, the consumption of marine coatings has shown exponential growth, mainly due to growth in the new shipbuilding activities, repair and dry-docking activities of the country with China on top of the list in terms of consumption in Asia Pacific and world-wide. Following China is the South Korean market for maritime coverings. In terms of market share, Japan's market for marine coatings is in third place. The number of shipowners in Singapore has increased, which is expected to boost the Asia Pacific marine coating market. The Indian market will also appear in the forecast timeframe as a major competitor in the marine coating industry.
Major players included in this report are Jotun A/S, AkzoNobel N.V., Hempel A/S, KCC Corporation, Kansai Paint Co. Ltd., Nippon, Axalta Coating Systems, Baril Coatings, MCU Coatings International, and others. Such firms use multiple tactics to achieve strategic advantages by increasing the manufacturing range, differentiating goods and acquisitions.
The global marine coatings market is segmented as below:
Marine Coatings Market By Resin
Others (Acrylic, Polyester, and Fluoropolymer)
Marine Coatings Market By Product Type
Others (Foul Release and Moisture Cure)
Marine Coatings Market By Application
Others (Offshore Vessels, Service Ships, and Tugs)
Marine Coatings Market By Geography
The market value of marine coatings is anticipated to be around US$ 6,000 Mn in 2027.
It is anticipated to grow around 3% CAGR amid the forecast period 2020-2027
Asia Pacific held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Increasing ship reparing and overhaul demand is expected to drive the growth of the marine coatings market.
Strict environmental regulations pertaining to marine coatings is a major factor expected to restraint the growth of the market.
Jotun A/S, AkzoNobel N.V., Hempel A/S, KCC Corporation, Kansai Paint Co. Ltd., Nippon, Axalta Coating Systems, Baril Coatings, MCU Coatings International, and others. Such firms use multiple tactics to achieve strategic advantages by increasing the manufacturing range, differentiating goods and acquisitions and others are the prominent players in the market.