Marine Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Marine Coatings Market is segmented by Function (Anti-corrosion, Antifouling and Others), by Resin (Epoxy, Polyurethane, Acrylic, Alkyd and Others), by Technology (Water-borne, Solvent-borne and Others), by Application (Marine OEM and Marine Aftermarket), and Geography (Asia-Pacific, North America, Europe, South America and Middle East & Africa).

Marine Coatings Market Snapshot

Marine Coatings Market Size
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >2 %
Marine Coatings Market Companies

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The market for Marine Coatings is anticipated to register a CAGR of over 2% during the forecast period. The major factor driving the growth of the market is the growing ship building industry in the Asia-Pacific region, along with the increasing production rates of leisure boats and cruise ships around the world.

  • Increase in the production of leisure boats & cruise ships and growing ship repairs & maintenance activities are augmenting the growth of the market.
  • Stringent government regulations & sluggish growth in shipbuilding activities in few countries are likely to hinder the market’s growth.
  • Innovations to increase fuel efficiency of ships & reducing emissions are projected to act as an opportunity for the market in future.

Scope of the Report

The marine coatings market report includes:

Function
Anti-corrosion
Antifouling
Others
Resin
Epoxy
Polyurethane
Acrylic
Alkyd
Others
Technology
Water-borne
Solvent-borne
Others
Application
Marine OEM
Marine Aftermarket
Geography
Asia-Pacific
China
India
Japan
South Korea
Australia & New Zealand
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Report scope can be customized per your requirements. Click here.

Key Market Trends

Increasing Production Activities in the Marine Industry

  • Coatings are used for both interior and exterior purposes on yachts and other leisure boats. A significant share of demand comes from the coatings used for yachts.
  • Yacht coatings are available in different variants, such as premium topcoats, high-build surfaces, various protective primers, finishing primers, and antifouling paints.  
  • Further, interior topcoats and wood coatings are used in yachts and other boats as well.
  • In addition, cruise travelling has outpaced the general leisure travelling segment with the global cruise passengers estimated to be around 25.8 million and projected to grow to 27.2 million, according to Cruise Lines International Association (CLIA). This growth is anticipated to continue further, which, in turn, is expected to create a surge in the demand for coatings used for repair and maintenance purposes.
  • All the aforementioned factors are expected to drive the global market during the forecast period.
Marine Coatings Market Share

China to Dominate the Asia- Pacific region

  • Asia-Pacific is the largest ship producing region in the world, catering to the demand for various types of vessels, ranging from ferries, small boats, fishing vessels, tow and tugboats, to the oil industry vessels, cargo ships, passenger ships, bulk carriers, and container ships.
  • In Asia-Pacific, countries, such as China, Japan, and South Korea, are the leading producers of vessels, while large shipyards also exist in various other nations of the region. China accounts as the largest market for marine coatings, owing to both growing new shipbuilding and repair activities.
  • The decline in the shipbuilding industry, and the slowdown of Chinese economy are the roadblocks for the expansion of the marine coatings market.
  • Oversupply of ships has disturbed the entire ship-building industry in the country. The government has been trying to cut on subsidizing over-capacity. This has had an impact on marine OEM for building new ships.
  • The adoption of green tax by Chinese government, along with other initiatives, to reduce emissions have pushed the coatings companies to adopt high solid, solvent-less and waterborne coatings.
  • According to The Cruise Lines International Association estimation, around 300 million Chinese consumers would able to afford cruise trips soon. Also, in the next 10-20 years, the number of Chinese taking cruise ships is expected to surpass even that of the United states travelers annually.
  • All the above-mentioned factors are expected to drive the cruise industry in China, which in turn is expected to increase the market for marine coatings in the country.
Marine Coatings Market Analysis

Competitive Landscape

The global market for marine coatings segment is a consolidated market among the top players accounting for major share of the market. Major Players include Jotun, Akzo Nobel NV, PPG Industries, Hempel, Chugoku Marine Paints Ltd., and Nippon Paint Marine Coatings Co. Ltd. amongst others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increase in Production of Leisure Boats & Cruise Ships

      2. 4.1.2 Growing Ship Repairs & Maintenance Activities

    2. 4.2 Restraints

      1. 4.2.1 Stringent Government Regulations

      2. 4.2.2 Sluggish Growth in Shipbuilding Activities in Few Countries

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Function

      1. 5.1.1 Anti-corrosion

      2. 5.1.2 Antifouling

      3. 5.1.3 Others

    2. 5.2 Resin

      1. 5.2.1 Epoxy

      2. 5.2.2 Polyurethane

      3. 5.2.3 Acrylic

      4. 5.2.4 Alkyd

      5. 5.2.5 Others

    3. 5.3 Technology

      1. 5.3.1 Water-borne

      2. 5.3.2 Solvent-borne

      3. 5.3.3 Others

    4. 5.4 Application

      1. 5.4.1 Marine OEM

      2. 5.4.2 Marine Aftermarket

    5. 5.5 Geography

      1. 5.5.1 Asia-Pacific

        1. 5.5.1.1 China

        2. 5.5.1.2 India

        3. 5.5.1.3 Japan

        4. 5.5.1.4 South Korea

        5. 5.5.1.5 Australia & New Zealand

        6. 5.5.1.6 Rest of Asia-Pacific

      2. 5.5.2 North America

        1. 5.5.2.1 United States

        2. 5.5.2.2 Canada

        3. 5.5.2.3 Mexico

        4. 5.5.2.4 Rest of North America

      3. 5.5.3 Europe

        1. 5.5.3.1 Germany

        2. 5.5.3.2 United Kingdom

        3. 5.5.3.3 Italy

        4. 5.5.3.4 France

        5. 5.5.3.5 Rest of Europe

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle East & Africa

        1. 5.5.5.1 Saudi Arabia

        2. 5.5.5.2 South Africa

        3. 5.5.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AkzoNobel N.V.

      2. 6.4.2 Axalta Coating Systems

      3. 6.4.3 BASF SE

      4. 6.4.4 Boero Bartolomeo SpA

      5. 6.4.5 Chugoku Marine Paints, Ltd

      6. 6.4.6 Engineered Marine Coatings

      7. 6.4.7 Hempel A/S

      8. 6.4.8 Jotun

      9. 6.4.9 Kansai Paint Marine Coatings Co. Ltd

      10. 6.4.10 KCC

      11. 6.4.11 Nippon Paint Marine Coatings Co. Ltd

      12. 6.4.12 Pettit Marine Paints

      13. 6.4.13 PPG Industries

      14. 6.4.14 RPM International, Inc.

      15. 6.4.15 The Sherwin-Williams Company

      16. 6.4.16 Wacker Chemie AG

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Innovations to Increase Fuel Efficiency of Ships and Reduce Emissions

    2. 7.2 Growing Interests in Water Ways in Emerging Economies

**Subject to Availability

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Marine Coatings Market market is studied from 2016 - 2026.

The Marine Coatings Market is growing at a CAGR of >2% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Akzo Nobel NV, Jotun, PPG Industries, Hempel, Nippon Paint Marine Coatings Co. Ltd. are the major companies operating in Marine Coatings Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!