by Marine coatings are protective coatings applied on ship hulls, cargo holds, valves, and other parts of vessels that come in contact with seawater or ballast water. The major applications of marine coatings include ship new building, ship repair, and maintenance. Antifouling coatings are extensively used to prevent accumulation of marine organisms such as algae and mollusks on ship hulls. Epoxy resin based coatings are widely used for cargo holds applications owing to their excellent corrosion and chemical resistant properties.
The global Marine Coatings Market is estimated to be valued at US$ 7.2 billion 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:
Increasing demand for antifouling coatings from shipping industry: The growing seaborne trade activities due to increasing international trade is fueling the demand for cargo ships and vessels. Antifouling coatings prevent biofouling and provide smooth surface to reduce frictional resistance and improve fuel efficiency of ships. Thus, shipping companies are extensively using antifouling coatings on ship hulls to reduce operational costs. This increasing demand from shipping industry is expected to propel the growth of marine coatings market during the forecast period.
Growing demand as a result of increasing international trade: International trade activities have witnessed significant growth over the years and this trend is expected to continue in the coming years. About 90% of the global trade is transported by ships. With the growing international import and export of commodities, the demand for cargo ships is rising globally. This will augment the demand for protective marine coatings including antifouling, cargo hold, and deck coatings and drive the market growth.
Segment Analysis
The marine coatings market is segmented into type and application. Based on type, the market is segmented into anti-corrosion, antifouling, and others. The anti-corrosion segment dominates the market and accounts for over 35% share as protecting ship hulls from corrosion is essential to avoid damages.
PEST Analysis
- Political: Regulations regarding the use of antifouling coatings containing harmful biocides are expected to boost the demand for environment-friendly marine coatings.
- Economic: Growth in seaborne trade and rise in maritime tourism are driving the demand for new ships and maintenance of existing ships, thus fueling the marine coatings market growth.
- Social: Increasing awareness about the toxic effects of harmful biocides in antifouling coatings is prompting ship owners and manufacturers to use eco-friendly marine coatings.
- Technological: Advances in nanotechnology have led to the development of advanced marine coatings with low friction and fouling release properties, improving fuel efficiency.
Key Takeaways
The global marine coatings market is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing maritime trade and regulations banning harmful biocides. The global Marine Coatings Market is estimated to be valued at US$ 7.2 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region accounts for over 35% market share currently led by China, Japan, and South Korea. Large fleet size and increasing shipbuilding activities in the region are driving the demand for marine coatings.
Key players
Key players operating in the marine coatings market are PPG Industries, AkzoNobel, Jotun, Chugoku Marine Paints Ltd., Hempel A/S, and BASF SE.
