Global Marine Coatings Market Trends, Size, Share and Forecast to 2027

Global Marine Coatings Market Trends, Size, Share and Forecast to 2027

The global marine coatings market has been witnessing substantial proceeds over the past few years owing to the mounting seaborne trade worldwide. According to UNCTAD report of 2019, world seaborne trade observed a major volume hike of 11 billion in 2018, and is expected to rise further in the years to come. This prolific rise also demands regular maintenance and monitoring of ships and tanks being used for these trades, thereby driving the adoption of marine coatings.

Marine coatings are protective coating used in the marine industry to shield ships, vessels, tankers, and other materials from being corroded from saline water. Another fundamental factor supporting the growing statistics of marine coatings market is the expanding marine infrastructure and demand for eco-friendly marine coatings globally. The demand for marine coatings is quite high across the APAC region, attributed to the thriving shipbuilding industry. Moreover, feasibility of cheap and skilled labor and robust presence of shipbuilding manufacturers have added to the product adoption across the region.

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Although the industry is unleashing phenomenal gains globally, the current scenario of COVID-19 pandemic has already laid a negative impact on the marine coatings market as manufacturers and contractors face umpteen challenges to suffice the growing demands.

Expansion of marine trade activities

The world is witnessing a substantial rise in seaborne import and export owing to favorable economic conditions and supportive government policies. Various companies are preferring seaborne transportation for the shipment of goods and other products through cargo vessels. These huge cargo vessels not only facilitate cost-effective and safe transportation but carry shipments in large volume. In order to maintain the operational efficiency of these vessels, marine coatings are widely utilized.

Importance of lowering fuel consumption

The importance of fuel efficiency in marine transportation will drive market developments. Marine coating plays a vital role in optimizing fuel efficiency by reducing frictional resistance and subsequently other hand it also helps in lowering CO2 emissions. To encourage companies to produce coatings with low VOC emission levels, stringent regulations have been set by the U.S. Environmental Protection Agency (EPA) and European Union.

Consistent need for antifouling coating

Based on the product, marine coatings are categorized into foul-release, anti-corrosion and antifouling coatings. The anti-corrosion coating sector will experience significant growth at above 6% CAGR in the coming years. These coatings area expected to contribute nearly 45% of the global volume share by 2024. Anti-fouling facilitates minimizing the harmful effect of marine biofouling.

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Robust shipbuilding industry in Asia Pacific

Asia Pacific region is projected to lead the global marine coatings industry by surpassing US$12 billion in annual valuation by 2024. Countries such as South Korea, China, and Japan are considered to be prominent shipbuilding nations. With the presence of notable manufacturers, huge investments, and ideal economic conditions, the regional market is expected to grow in the coming years.

Prominent companies of the market include KCC Corporation, AkzoNobel, PPG Industries Inc., Hempel A/S, The Sherwin-Williams Company, RPM International Inc., Nippon Paint, DuPont Coatings & Color Technologies, Chugoku Marine Paints Ltd., BASF Coatings GmbH, and some others.

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