Marine Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The report covers Global Marine Coatings Market Companies and is segmented by function (anti-corrosion, anti-fouling, and other functions), resin (epoxy, polyurethane, acrylic, alkyd, and other resins), technology (water-borne, solvent-borne, and other technologies), application (marine OEM and marine aftermarket), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report offers market size and forecasts in terms of revenue (USD million) for all the above segments.

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Marine Coatings Market Size

Marine Coatings Market Summary
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Study Period 2018 - 2028
Base Year For Estimation 2022
CAGR > 2.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

Marine Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order
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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.

Marine Coatings Market: Merchant Ships, Number, By Type, January 2022

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.
Marine Coatings Market: Marine Coatings Market - Growth Rate, by Region, 2023-2028

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

  1. Jotun

  2. Hempel A/S

  3. PPG Industries, Inc.

  4. Akzo Nobel N.V.

  5. Nippon Paint Marine Coatings Co., Ltd.

*Disclaimer: Major Players sorted in no particular order

Marine Coatings Market Concentration

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. 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 and Cruise Ships

      2. 4.1.2 Growing Ship Repairs and 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 (Market Size in Value)

    1. 5.1 Function

      1. 5.1.1 Anti-corrosion

      2. 5.1.2 Antifouling

      3. 5.1.3 Other Functions

    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 Other Resins

    3. 5.3 Technology

      1. 5.3.1 Water-borne

      2. 5.3.2 Solvent-borne

      3. 5.3.3 Other Technologies

    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 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

      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 and Africa

        1. 5.5.5.1 Saudi Arabia

        2. 5.5.5.2 South Africa

        3. 5.5.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

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

    2. 6.2 Market Share (%) Analysis **/Market Ranking 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 S.p.A.

      5. 6.4.5 Engineered Marine Coatings, LLC.

      6. 6.4.6 Hempel A/S

      7. 6.4.7 Jotun

      8. 6.4.8 Kansai Paint Marine Co.,Ltd.

      9. 6.4.9 KCC CORPORATION

      10. 6.4.10 Nippon Paint Marine Coatings Co. Ltd.

      11. 6.4.11 Pettit Marine Paints

      12. 6.4.12 PPG Industries, Inc.

      13. 6.4.13 RPM International, Inc.

      14. 6.4.14 The Sherwin-Williams Company

    5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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

**Subject to Availability

Marine Coatings Industry Segmentation

Paints and coatings are a homogeneous mixture of pigments, binders, and additives, which are applied to form a thin layer of the solid film once polymerization or evaporation occurs. Marine coatings are a type of protective coating used in the marine environment to shield ships, vessels, tankers, and other objects from saltwater or freshwater. The marine protective coatings provide barriers between the water and the substrate to shield it from harm. They are typically used on ships, tankers, and other watercraft, but they are also used on structures on offshore oil rigs, such as propellers and buoys. The marine coatings market is segmented by function, resin, technology, application, and geography. By function, the market is segmented into anti-corrosion, antifouling, and other functions. By resin, the market is segmented into epoxy, polyurethane, acrylic, alkyd, and other resins. By technology, the market is segmented into water-borne, solvent-borne, and other technologies. By application, the market is segmented into marine OEM and marine aftermarket. The report also covers the market size and forecasts in 15 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of revenue (USD million).

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

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Marine Coatings Market Research FAQs

The Marine Coatings Market is projected to register a CAGR of greater than 2% during the forecast period (2023-2028).

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.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).

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.

Yacht Coatings Market Report Snapshots

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