NEW YORK, Aug. 9, 2024 /PRNewswire/ -- The
global marine coatings market size is estimated to grow by
USD 4.85 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a
CAGR of 6.64% during the forecast period. Growth of shipbuilding
industry is driving market growth, with a trend towards shift
toward green marine coatings. However, fluctuating raw material
prices poses a challenge. Key market players include Akzo
Nobel NV, Axalta Coating Systems Ltd., Baril Coatings BV, BASF SE,
Berger Paints, Boero Bartolomeo S.p.A., Chugoku Marine Paints Ltd.,
Endura Manufacturing Co. Ltd., Hempel AS, Jotun AS, Kansai Paint
Co. Ltd., KCC Co. Ltd., MCU Coatings International, Nippon Paint
Holdings Co. Ltd., PPG Industries Inc., Protexion LLP, RPM
International Inc., Seal for Life Group, The Sherwin Williams Co.,
and Wacker Chemie AG.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Coastal,
Deepsea, Containers, Offshore house, and Others), Type (Epoxy,
Polyurethane, and Others), and Geography (APAC, Europe, North
America, Middle East and Africa, and South America)
|
Region
Covered
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Key companies
profiled
|
Akzo Nobel NV, Axalta
Coating Systems Ltd., Baril Coatings BV, BASF SE, Berger Paints,
Boero Bartolomeo S.p.A., Chugoku Marine Paints Ltd., Endura
Manufacturing Co. Ltd., Hempel AS, Jotun AS, Kansai Paint Co. Ltd.,
KCC Co. Ltd., MCU Coatings International, Nippon Paint Holdings Co.
Ltd., PPG Industries Inc., Protexion LLP, RPM International
Inc., Seal for Life Group, The Sherwin Williams Co., and Wacker
Chemie AG
|
Key Market Trends Fueling Growth
The marine coatings market is experiencing a shift towards
environment-friendly solutions due to increasing environmental
regulations and shipping companies' focus on sailing efficiency.
Traditional marine coatings containing harmful chemicals, such as
benzene and zinc, are being phased out due to their negative impact
on marine flora and fauna. In response, vendors are investing in
research and development to create eco-friendly alternatives. One
such trend is the adoption of water-borne marine coatings, which
have gained popularity due to their low volatile organic compounds
(VOCs) and hazardous air pollutants (HAPs). These coatings offer
several advantages, including high performance, excellent adhesion,
low odor, less mixing, easy cleaning, waste reduction, and
non-flammability. Water-borne coatings, which typically contain 80%
water and less solvent, are in high demand due to their compliance
with stringent VOC emission control guidelines. Key technologies in
water-borne marine coatings include clean core technology, ECONEA
technology, low-density copper technology, white copper technology,
and water-based ablative technology. Vendors are also launching
solvent-free and water-borne products to replace solvent-borne
ones. For instance, CMP launched BANNOH 5000, a solvent-free epoxy
universal primer, in March 2020. The
growing demand for water-borne and solvent-free marine coatings
presents significant growth opportunities for the global marine
coatings market.
The Marine Coatings Market is witnessing significant growth due
to increasing demand from ship builders and maintenance companies.
Aesthetics and visual appeal are key factors driving the market,
with paints and coatings used to enhance the look of cruise ships
and yachts. Fuel consumption and water resistance are also
important considerations, particularly in the anti-fouling segment
where foul release coatings are popular. The leisure boats segment,
including coastal and deep sea vessels, is another growing area.
International trade and sea routes, including those for bulk
carriers, container ships, and general cargo ships, are major
end-users. The shipbuilding and offshore engineering industries
require marine coatings for harsh environments. Fossil fuels, deep
water, and ultra-deep water exploration are also driving demand.
Gulf countries with crude oil reserves and petrochemicals
industries are significant markets. Maintenance and repair are
ongoing needs in this industry.
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Market Challenges
- The marine coatings market, specifically the anti-corrosion and
anti-fouling coatings segments, are significantly influenced by the
volatile prices of raw materials derived from crude oil. These
coatings rely heavily on raw materials such as benzene, toluene,
ethylene, and naphthalene, which are extracted from crude oil. The
instability in the Middle East,
along with demand-supply imbalances, causes unpredictable price
fluctuations in crude oil. Consequently, the prices of these
petrochemical derivatives used in marine coatings production also
experience volatility. This uncertainty hinders manufacturers'
ability to plan and produce coatings efficiently, negatively
impacting market growth. For instance, copper, a key component in
anti-fouling coatings, experiences price fluctuations in the
commodities market. Therefore, the marine coatings industry faces
challenges due to the unpredictable pricing trends of raw
materials, which can significantly affect the market's growth
prospects.
- The Marine Coatings Market faces several challenges in today's
business environment. Oil prices remain a significant factor,
affecting the affordability of coatings for cargo ships and
offshore vessels. Coating producers must balance the need for high
corrosion and abrasion resistance with increasing demand for
multi-component coatings that meet environmental regulations. Cargo
ships, energy sector, and maritime trade rely heavily on seaborne
commerce activity, necessitating advanced coatings solutions to
protect steel hulls from corrosion, fouling, and bio-based
alternatives to reduce VOC emissions. New ship constructions,
including crude oil tankers, LNG carriers, and various vessel
types, require eco-friendly coatings. Exports and imports,
especially from ship manufacturing hubs, influence market dynamics.
Corrosion, fouling, and bio-fouling are ongoing concerns for ships,
ports, docks, harbors, bridges, offshore platforms, and coastal
infrastructure. The international shipping trade continues to
evolve, with a focus on advanced coatings for deep-water
exploration, ultra-deep-water exploration, and various maritime
shipping activities. Cruise vessels, naval vessels, and other ships
benefit from anti-corrosion coatings, contributing to the growth of
the marine coatings market.
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Segment Overview
This marine coatings market report extensively covers market
segmentation by
- Application
- 1.1 Coastal
- 1.2 Deepsea
- 1.3 Containers
- 1.4 Offshore house
- 1.5 Others
- Type
- 2.1 Epoxy
- 2.2 Polyurethane
- 2.3 Others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Coastal- Marine coatings are essential for protecting
valuable assets used in oil and gas, shipping, and coastal
industrial applications from the corrosive marine environment.
These coatings use additives like fumed silica to prevent sagging
and provide excellent chemical, corrosion, and scratch resistance.
The growth of the marine coatings market is driven by government
initiatives to develop coastal shipping infrastructure, such as
rate discount schemes for coastal vehicle carriers. Coastal
applications, which require protection from extreme conditions like
fog, rain, heat, wind, pollution, and salt spray, hold the highest
market share and will continue to dominate during the forecast
period. Epoxy coatings, which work well in acidic conditions, are
commonly used in marine applications due to their durability and
resistance to harsh environments. Proper surface preparation before
application is crucial for optimal results and to prevent coating
failure.
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analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
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reports
The global Paints and Coatings Market is experiencing robust
growth driven by increasing construction activities and rising
demand for durable and aesthetic finishes. Innovations in
eco-friendly coatings are also propelling market expansion.
Meanwhile, the global Phenolic Resin Market is growing due to its
widespread use in automotive, construction, and electronics
industries for high thermal stability and mechanical strength. Both
markets are set to witness significant advancements, with
Asia-Pacific emerging as a key
region for growth.
Research Analysis
The Marine Coatings Market is a significant sector within the
international trade, playing a crucial role in ensuring the
durability and efficiency of various types of ships, including bulk
carriers, container ships, and general cargo ships. These coatings
protect vessels from harsh environments, such as corrosion and
fouling, which can negatively impact seaborne commerce activity.
The shipbuilding industry and offshore engineering industry are key
consumers of marine coatings due to the demanding conditions of
their operations. Advanced coatings solutions are in high demand to
reduce VOC emissions and offer eco-friendly alternatives. New ship
constructions and maintenance and repair activities also contribute
to the market's growth. Aesthetics and visual appeal are also
essential factors, with paints and coatings used to enhance ships'
appearance and fuel consumption efficiency. Seaborne trade relies
heavily on the reliable performance of marine coatings to ensure
the safe and efficient transportation of goods, making this market
a vital component of the global economy.
Market Research Overview
The Marine Coatings Market is a significant sector in the
international trade, particularly in relation to sea routes and the
shipping industry. Bulk carriers, container ships, and general
cargo ships rely on marine coatings for corrosion resistance and
abrasion resistance in harsh environments. The shipbuilding
industry and offshore engineering industry also utilize marine
coatings for various applications, including deep water and
ultra-deep water projects. Fossil fuels, crude oil reserves,
petrochemicals, and the energy sector are key end-users of marine
coatings due to their importance in maritime trade. Coating
producers offer multi-component coatings that cater to the specific
needs of different types of ships and vessels, such as cargo ships,
offshore vessels, FPSO vessels, drill ships, pipe laying vessels,
and platform supply vessels. Deep-water and ultra-deep-water
exploration activities also require advanced coatings solutions for
corrosion and fouling protection. The maritime shipping industry's
growth is driven by seaborne trade, new ship constructions, and
increasing demand for oil and gas. Marine coatings play a crucial
role in maintaining the visual appeal and water resistance of
ships, containers, and coastal infrastructure, including ports,
docks, harbors, bridges, offshore platforms, and ships.
Eco-friendly coating alternatives, such as bio-based coatings and
VOC emissions reductions, are gaining popularity due to increasing
awareness of environmental concerns. The market for marine coatings
is expected to grow significantly in the coming years due to the
increasing demand for efficient and sustainable solutions for the
shipping industry. In summary, the Marine Coatings Market is a
dynamic and essential sector in the international trade, with
applications ranging from cargo ships and offshore vessels to
coastal infrastructure and leisure boats. The market is driven by
the growth of the shipping industry, increasing demand for oil and
gas, and the need for sustainable and eco-friendly solutions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Coastal
- Deepsea
- Containers
- Offshore House
- Others
- Type
-
- Epoxy
- Polyurethane
- Others
- Geography
-
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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