Global Marine Coatings Market – Industry Trends and Forecast to 2030

Marine Coatings Market Analysis and Size

Marine coatings are mostly used as protective coatings that are applied, among other items, to the surface of ships, cruises, yachts, oil rigs and bridges. To protect against corrosion and fouling, these coatings are used to increase the shelf life of offshore structures and marine vessels. Marine coatings protect the surfaces from damage caused by UV radiation above the waterline along with corrosion and fouling below the waterline.

Data Bridge Market Research analyses that the marine coatings market which was USD 4.96 billion in 2022, would rocket up to USD 9.26 billion by 2030, and is expected to undergo a CAGR of 8.11% during the forecast period. “Epoxy” dominates the type of resins segment due to which has a variety of features including chemical and water resistance, high durability, and great adhesive property.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Marine Coatings Market Scope and Segmentation

Market Definition

Marine coating is used for protection against UV radiation, fouling, ingestion, and salt water, and is employed under marine conditions. It is necessary that the ship is protected both from below and above the shore. The coatings adhere to any surface and make it water impenetrable. In addition, for protecting against rust, marine coatings play a crucial role. In addition, they exhibit the capacity to effectively protect parts or components of ships against oxidation, which depends on technical parameters such as crack resistances; higher mechanical strength; enhanced adhesion; and fundamental corrosion protection through galvanic, barrier, or inhibition effects. These coatings further provide superior protection against corrosion or rust that increase the service life of the vessel.

Marine Coatings Market Dynamics

Drivers

• Increasing Production Activities in the Marine Industry

Coatings on yachts and other leisure boats are used for interior and exterior purposes. A significant share of demand comes from the coatings used on yachts. There are different kinds of yacht coatings, like premium topcoats, high-build surfaces, different protective primers, finishing primers, and antifouling paints. Further, interior topcoats and wood coatings are used in yachts and other boats as well. Shipbuilding activities are increasing significantly across the globe, which in turn is expected to boost market growth during the forecast period. Also, the increased pressure on industries to reduce greenhouse gas emissions means that manufacturers have to do something. Because of this, the average amount of carbon dioxide released by new general cargo ships should go down by 40% by 2040. Thereby supporting the market's growth sustainably

• Increasing Demand from the oil and Gas Industry

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 corrosions, fouling, and UV radiations effects are considered as the major drivers of the marine coatings industry

Opportunities

• Rise in Investment in Research and Development and Producing Novel Technologies

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 consumer make them invest in the manufacturing of the ships and soliciting yacht and cruise ships. In addition, the consumers are looking for way to add aesthetical elements to the marine vessels. Such factors are also expected to boost the marine coatings market growth during the forecast period

Restraint/Challenge

• There is a Lack of Understanding and Acceptance of Marine Coatings

The construction industry is notorious for its resistance to change, particularly when it comes to embracing new materials and procedures. Some stakeholders find it difficult to migrate to marine coatings due to established habits and familiarity with previous building methods. Concerns about future interruptions, retraining of people, and uncertainty regarding marine coatings’ effectiveness and long-term viability can all contribute to resistance to change. Building codes and regulations vary across regions and countries and may not always explicitly include or address marine coatings. Limited acceptance of LGSF within existing building codes can create barriers for its widespread adoption. Uncertainty or challenges in obtaining approvals and permits for LGSF projects can slow market growth and limit its use in certain areas

This global marine coatings market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Marine coatings market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth

Recent Developments

• In January 2022, CRATE Modular Inc., a modular building component manufacturer located in the U.S., has introduced a new light gauge steel solution, a cold-formed steel technology. This new technology is distinct owing to its dimension flexibility and extra design alternatives. CRATE gained the capacity to provide more creative solutions to its clients with the introduction of its new cold-formed steel technology
• In August 2021, Etex, a Belgian construction material producer, paid an unknown sum for SIgmat Limited. This purchase strengthens Etex's position and growth in the U.K. and Ireland offsite building markets. The purchase also aligns with Etex's ambition to become the worldwide leader in offsite construction. Sigmat Limited is a low gauge steel frame (LGSF) company situated in the U.K.

Global Marine Coatings Market Scope

The global marine coatings market is segmented on the basis of type, surface, type of resins, technology, distribution channel and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying cor​​​​​​​e market applications.

Type

• Anti-Corrosion
• Foul Release
• Anti-Fouling
• Anti-Slip
• Primer
• Varnish
• Chemical Resistant
• Others

Surface

• Concrete
• Fiberglass
• Metal
• Wood

Type of Resins

• Acrylic
• Alkyds
• Epoxy
• Polyurethane
• Others

Technology

• Waterborne
• Solventborne

Application

• Containers
• Cargo Ships
• Offshore Vessels
• Tankers
• Others

Distribution Channel

• Original Equipment Manufacturers (OEM)
• Aftermarkets

Marine Coatings Market Regional Analysis/Insights

The global marine coatings market is analysed and market size insights and trends are provided by country, type, surface, type of resins, technology, distribution channel and application as referenced above.

The countries covered in the global marine coatings market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa

Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period from 2023 to 2030. This is owing to the expanding construction activity in the region, notably on commercial and industrial structures. China, India, and Southeast Asian countries are among the region's significant markets. The large public and private expenditures made in these nations in infrastructure development and commercial space building are considerably contributing to the regional market's growth.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data. 

Competitive Landscape and Marine Coatings Market Share Analysis

The global marine coatings market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the company’s focus related to global marine coatings market.

Some of the major players operating in the global marine coatings market are

• PPG Industries, Inc., (U.S.)
• Akzo Nobel N.V., (Netherlands)
• Axalta Coating Systems, LLC (U.S.)
• Cabot Corporation. (U.S.)
• Carboline Company (U.S.)
• Delta T & Protective Products. (Canada)
• EXCEL India Protective Paints Pvt. Ltd. (India)
• General Coatings (U.S.)
• Jotun (Norway)
• Kansai Paint Co.,Ltd. (Japan)
• Lincoln Industries (U.S.)
• Mascoat (U.S.)
• Mathur Corr Tech Private Limited. (India)
• Nippon Paint Holdings Co., Ltd. (Japan)
• Sharpshell Engineering (South Africa)
• The Sherwin-Williams Company (U.S.)
• Chugoku Marine Paints, Ltd. (Japan)
• BASF SE, (Germany)
• Boero (Turkey)
• Hempel A/S (Denmark)

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