Marine Coatings Market, By Resin (Epoxy, Alkyd, Polyurethane, Acrylic, Polyester, and Fluoropolymer), By Product Type (Anti-corrosion Coating, Antifouling Coating), By Applications (Cargo Ship, Passenger Ship, Boat), and By Region (North America, Europe, Asia-Pacific, Middle East and Africa, South America) Forecast, 2021-2030

The Marine Coatings Market is projected to grow from USD XX billion in 2021 to USD XX billion in 2030 at a CAGR of XX%. Marine coatings are protective coatings applied on yacht decks, vessels, cruises, oil rigs, and bridges. These coatings are mainly used to prevent the yacht surfaces and cruise decks from corrosions and fouling, thus increasing the lifespan of the yachts and offshore rigs. They offer several benefits to the ships that include sporting a gleaming appearance, high weather resistance, resistance to chemical degradation from solvents such as water, oils, and resistance to wear and tear while in transit. The price for treating corrosion of marine vessels is higher than the price for preventing it, driving the product demand. Furthermore, the marine coatings also reduce fuel consumption which is another factor contributing to the market growth.

Marine Coatings Market

COVID-19 Impact

The COVID-19 pandemic has affected every market including, the marine coatings market. The marine coating market observed a slowdown during this pandemic. The government-induced lockdown has halted the business activities, and thus, it became challenging for owners to perform the maintenance works. Raw material supply chains are also hampered, which are a major part of manufacturing coatings. The use of marines for travel purposes was also halted due to travel-related restrictions. Shipyard customers have had to adapt to changing healthcare guidelines to keep operations afloat, and travel restrictions have been hampering the freedom of owners and operators to inspect vessels and undertake dry docking activities. However, with the ease of restrictions, the marine coatings market is observing moderate market growth, returning to its normal patterns.

Latest Trends

The hull, one of the most prominent portions of a ship, is also easy prey for sub-aquatic organisms that stick to it and promote the growth of unwanted seaweeds. Key players of the marine coatings market are trying to invent metal-free anti-fouling coatings that do not wreck the hull by possessing foul resisting properties. These coatings comprise foul releasing technologies that help in keeping the hull corrosion-free. These coatings are manufactured out of organic products and are therefore environment-friendly.

Currently, these anti-fouling paints are made out of enzymes that fight the fouls attached to the hull without causing any environmental damage. Coatings are employed in both interior cabins and exterior including, gangways on yachts and other leisure boats. A significant share of demand comes from the coatings used for yachts. Yacht coatings are available in several variants, such as premium topcoats, high-build surfaces, various protective primers, finishing primers, and antifouling paints.

Driving Factors

Due to the overpowering forces of water, ships bear a colossal amount of frictional resistance underneath the water when on a voyage. This resistance leads to ship mutilation and can be very expensive to the marine vehicles industry. This is the reason why ships mandatorily prefer anti-corrosion coatings as they protect the hull from any prospective damages. This is driving the marine coatings market and providing invariable growth to it.

With an ever-increasing population and with affluence on the rise, people are ready to spend more, which could convert to a strong growth driver for the marine coatings market. This is because people are increasingly turning sea-faring individuals by opting for sea voyages which in turn has more ships being built. So it becomes imperative for the shipping companies to attract consumers by applying antifouling paints on the ship hull and decks.

Restraining Factors

The one risk repeatedly encountered by the marine coatings market is the wastage of product during application on marine vessels and the environmental lapses which follow. According to Epoxy Resin Committee, 20% of the epoxy utilized in marine coatings is likely to be squandered away during the application. This challenge can be faced by the introduction of bio marine coatings that do not cause harm to the environment even when wasted.

Market Segmentation

The marine coatings market is segmented based on resin, product type, application, and region.

By Resin

Based on resin, the marine coatings market is segmented into epoxy, alkyd, polyurethane, acrylic, polyester, and fluoropolymer. The polyurethane segment is projected to grow at the highest CAGR during the forecast period. Polyurethane resins are exceptional, environment-friendly, and available with optional degrees of rigidity and solid content. Polyurethane resins offer supreme properties such as high corrosion resistance, abrasion resistance, impact strength, and low-temperature flexibility, making them suitable for various marine coating applications.

By Product Type

Based on product type, the marine coatings market is classified into anti-corrosion coating and anti-fouling coating. Anti-fouling coatings hold the largest market share. Anti-fouling coating is applied to the ship’s hull to prevent marine organism growth and improve vessel performance and durability. They protect the ship components and surfaces from marine biofouling. The anti-fouling coatings develop a smooth and non-sticky surface on ship parts which makes it difficult for fouling organisms to get attached to these parts, which contributes to segment growth. It also helps in reducing longer water hauls and fuel consumption.

By Application

Based on application, the marine coatings market is classified into a cargo ship, passenger ship, and boat. The cargo ships segment holds the major forecast period and is forecasted to exceed 350 Ktons towards the end of the forecast period. The cargo ships are tailor-made and are built to carry large quantities of cargo secured in different containers. In addition, the cost of transportation by waterways is substantially lower compared to other modes of transportation. These factors are anticipated to increase the demand for cargo ships, thereby driving the demand for marine coatings.

By Region

Based on region, the marine coatings market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa and South America. The Asia-Pacific marine coatings market is exhibited to grow at the highest CAGR during the forecast period, in terms of value. The market growth can be attributed to an increased demand for marine coatings from countries such as China, India, and South Korea. Various countries of the Asia-Pacific region have augmented their ship-building base, contributing to regional market growth.

Marine Coatings Market

Key Market Players

The marine coatings market is a consolidated market with leading players attributed with the largest market share. Industry players are adopting new strategies to gain a competitive edge which includes a massive production turnout, product variation, and mergers & acquisitions.

List of Players Profiled

  • PPG Industries
  • Akzonobel
  • Sherwin-Williams
  • Hempel
  • Jotun
  • Chugoku Marine Paints
  • Nippon Paint
  • Axalta
  • BASF Coatings

Key Developments

  • In February 2014, Vermont Natural Coatings, a USA-based industry specializing in coatings developed a series of marine coatings that makes use of copyrighted PolyWhey technology aligned with defined environmental conservation guidelines.

Market Segmentation

By Resin:

  • Epoxy
  • Alkyd
  • Polyurethane
  • Acrylic
  • Polyester
  • Fluoropolymer

By Product Type:

  • Anti-corrosion Coating
  • Antifouling Coating

By Applications:

  • Cargo Ship
  • Passenger Ship
  • Boat

By Region:

North America

  • North America, by Country
    • The U.S.
    • Canada
    • Mexico
  • North America, by Resin
  • North America, by Product Type
  • North America, by Application

Europe

  • Europe, by Country
    • Germany
    • The U.K.
    • France
    • Italy
    • Spain
    • Russia
    • The Rest of Europe
  • Europe, by Resin
  • Europe, by Product Type
  • Europe, by Application

Asia-Pacific

  • Asia-Pacific, by Country
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • The Rest of Asia-Pacific
  • Asia-Pacific, by Resin
  • Asia-Pacific, by Product Type
  • Asia-Pacific, by Application

Middle East and Africa

  • Middle East and Africa, by Country
    • The UAE
    • Saudi Arabia
    • Qatar
    • Iran
    • The Rest of Middle East and Africa
  • Middle East and Africa, by Resin
  • Middle East and Africa, by Product Type
  • Middle East and Africa, by Application

South America

  • South America, by Country
    • Brazil
    • Argentina
    • The Rest of South America
  • South America, by Resin
  • South America by Product Type
  • South America, by Application

FAQs Answered in the Report

  • In the marine coatings industry, what are the most important regional markets?
  • What is the marine coatings market segmentation based on type?
  • What is the market segmentation dependent on end-user?
  • What are the different phases of the global market’s value chain?
  • What are the major drivers and threats in the global marine coatings market?
  • Who are the main players in the global industry and what is their structure?
  • What level of rivalry does the marine coatings market have?
  • What are the profit margins in the industry?

Objectives of this report:

  • To estimate the market size for the marine coatings market on a regional and global basis.
  • To identify major segments in the marine coatings market and evaluate their market shares and demand.
  • To provide a competitive scenario for the marine coatings market with major developments observed by key companies in the historic years.
  • To evaluate key factors governing the dynamics of the marine coatings market with their potential gravity during the forecast period.

Reasons to Buy This Report:

  • It provides niche insights for a decision about every possible segment helping in the strategic decision-making process.
  • Market size estimation of the marine coatings market on a regional and global basis.
  • A unique research design for market size estimation and forecast.
  • Identification of major companies operating in the market with related developments
  • Exhaustive scope to cover all the possible segments helping every stakeholder in the marine coatings market.

Customization:

This study is customized to meet your specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country
  • Product Specific Competitive Analysis

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