by - Marine coatings play a crucial role in protecting marine vessels and offshore structures from extreme environmental conditions such as corrosion, ultraviolet radiation, and moisture. They are primarily applied to the outer hull of ships and offshore structures. Epoxy and polyurethane based coatings are commonly used marine coatings due to their excellent properties like adhesion, flexibility, and resistance to corrosion and moisture. The demand for eco-friendly low VOC and solvent-free marine coatings is also increasing owing to stringent environmental regulations.
The Marine Coatings Market is estimated to be valued at US$ 12,662.7 Mn or 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 Dynamics:
The growing shipbuilding industry is one of the key drivers of the marine coatings market. According to the World Shipping Council, over 95% of world trade is transported by ships. The rising international sea-borne tradevolumes is propelling the demand for new cargo and tanker ships which in turn is driving the marine coatings market.
Stringent environmental regulations regarding VOC emissions from marine coatings is another factor fueling the demand for environmental-friendly marine coatings. Regulations like IMO 2020 have imposed stringent sulphur cap on fuel used by ships which is boosting the replacement demand for existing marine coatings with low-VOC variants. Various regions like Europe and North America have also implemented strict environmental norms regarding VOC content in marine coatings.
Segment Analysis
The marine coatings market is dominated by the anticorrosive coatings sub-segment due to the increasing need for corrosion protection in shipbuilding and ports infrastructure. Anticorrosive coatings help protect the substrate from corrosion caused by sea water, improving the durability of marine structures and vessels. They prevent rusting and cracking and can increase product life significantly.PEST Analysis
- Political: Regulations regarding the use of toxic heavy metals and VOCs in marine coatings will drive innovation toward more sustainable
- solution. Subsidies and incentives by governments to boost shipbuilding will increase demand.
- Economic: Growth in global seaborne trade and rise in offshore oil & gas activities will drive demand for new ships and vessels. Increase in
- maritime tourism and cruise industry also support market growth.
- Social: Rising environmental concerns regarding use of toxic coatings will shift preference toward eco-friendly marine coatings. Safety
- regulations are also spurring use of nontoxic coatings for cargo tanks and vessels.
- Technological: Developments in nanotechnology and powder coatings enable better performance with low VOC content. Use of bio-based and self-polishing copolymer antifouling coatings is growing.
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 global seaborne trade and expansion of shipping and cruise industries. The market size for 2023 is estimated at US$ 12,662.7 Mn.The Asia Pacific region dominates the marine coatings market with largest shipbuilding activities. China has emerged as the leading shipbuilding country globally and a major exporter of ships and vessels. Rapidly growing marine trade within ASEAN countries and expansion of oil & gas industry especially offshore rigs and vessels also support market growth in the region.
Key players operating in the marine coatings market include 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 market is consolidated in nature with top players accounting for over 50% of total share. Innovation toward bio-based, low VOC and self-polishing coatings has been a key strategy among leading companies.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
