Marine Coatings Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|CAGR||> 2.00 %|
|Fastest Growing Market||Asia-Pacific|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Marine Coatings Market Analysis
Over the next five years, the market for marine coatings is expected to register a CAGR of more than 2%.
In 2020, COVID-19 negatively impacted the market. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
- An increase in the production of leisure boats and cruise ships and growing ship repairs and maintenance activities are augmenting the growth of the market.
- Stringent government regulations and sluggish growth in shipbuilding activities in a few countries are likely to hinder the market’s growth.
- Innovations to increase the fuel efficiency of ships and reduce emissions are projected to act as an opportunity for the market in the future.
- Asia-Pacific dominated the market across the globe, with the largest consumption coming from countries such as China, Japan, and India.
Marine Coatings Market Trends
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.
- In 2022, shipping companies such as American Cruise Lines, the United States River, and the coastal cruise shipping company signed an agreement to procure 12 identical sister ships built by Chesapeake Shipbuilding in Salisbury, Maryland, in the United States. These are to be delivered from 2023 onward.
- According to the Marine Flotten Kommando, Ro-Ro and general cargo ships accounted for roughly 31% of the total commerce fleet. As of January 2022, over 17,800 of the approximately 58,000 merchant ships sailing internationally were Ro-Ro or general cargo ships.
- 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.
During the forecast period, the global market is likely to be driven by all of the above factors.
To understand key trends, Download Sample Report
Asia- Pacific region to Dominate the Market
- 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, towboats, and tugboats to vessels for the oil industry, cargo ships, passenger ships, bulk carriers, and container ships.
- In the Asia-Pacific region, 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 for the largest market for marine coatings, owing to both growing shipbuilding and repair activities.
- According to the National Bureau of Statistics of China, China has the largest shipbuilding industry in the world. In 2021, China will have finished 48.4% of the world's shipbuilding tonnage.
- Shipbuilding companies in China and Korea have their order books filled for producing marine vessels until 2025, which is driving the demand for high-performance marine coatings in the region.
- For instance, in 2022, Korea Shipbuilding & Offshore Engineering (KSOE) had its order book filled for nearly two and a half years, which left no room for further orders, indicating high growth for marine coatings.
- Further, according to the National Bureau of Statistics of China, the country's shipbuilding industry completed ships with a tonnage of around 39.7 million tons deadweight in 2021, reflecting an increase of 3% compared to the previous year.
- All of the above things are likely to make China's cruise industry grow, which is likely to boost the market for marine coatings in China.
To understand geography trends, Download Sample Report
Marine Coatings Industry Overview
The market for the marine coatings segment is consolidated in nature. Some of the major players in the market include PPG Industries, Inc., Akzo Nobel N.V., Jotun, Nippon Paint Marine Coatings Co., Ltd., and Hempel A/S, among others (in no particular order).
Marine Coatings Market Leaders
PPG Industries, Inc.
Akzo Nobel N.V.
Nippon Paint Marine Coatings Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Marine Coatings Market News
- March 2023: PPG launched PPG SIGMAGLIDE 2390 marine coating to help shipowners lower power consumption and carbon emissions and meet demands for higher performance with no adverse impact on the marine environment.
- March 2023: Hempel joined the International Maritime Organization's (IMO) Global Industry Alliance (GIA) for Marine Biosafety to collaborate with the industry to reduce shipping emissions and mitigate the spread of invasive species.
Marine Coatings Market Report - Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increase in Production of Leisure Boats and Cruise Ships
4.1.2 Growing Ship Repairs and Maintenance Activities
4.2.1 Stringent Government Regulations
4.2.2 Sluggish Growth in Shipbuilding Activities in Few Countries
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1.3 Other Functions
5.2.5 Other Resins
5.3.3 Other Technologies
5.4.1 Marine OEM
5.4.2 Marine Aftermarket
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.5.2 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.5.4 South America
184.108.40.206 Rest of South America
5.5.5 Middle East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis **/Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AkzoNobel N.V.
6.4.2 Axalta Coating Systems
6.4.3 BASF SE
6.4.4 BOERO BARTOLOMEO S.p.A.
6.4.5 Engineered Marine Coatings, LLC.
6.4.6 Hempel A/S
6.4.8 Kansai Paint Marine Co.,Ltd.
6.4.9 KCC CORPORATION
6.4.10 Nippon Paint Marine Coatings Co. Ltd.
6.4.11 Pettit Marine Paints
6.4.12 PPG Industries, Inc.
6.4.13 RPM International, Inc.
6.4.14 The Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovations to Increase Fuel Efficiency of Ships and Reduce Emissions
Marine Coatings Market Research FAQs
What is the current Marine Coatings Market size?
The Marine Coatings Market is projected to register a CAGR of greater than 2% during the forecast period (2023-2028).
Who are the key players in Marine Coatings Market?
Jotun, Hempel A/S, PPG Industries, Inc., Akzo Nobel N.V. and Nippon Paint Marine Coatings Co., Ltd. are the major companies operating in the Marine Coatings Market.
Which is the fastest growing region in Marine Coatings Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Marine Coatings Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Marine Coatings Market.
Yacht Coatings Industry Report
Statistics for the 2023 Yacht Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Yacht Coatings analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.