Increasing demand for coatings from ship repair and maintenance operations is propelling the marine coatings industry forward. Rising ship repair and maintenance operations are likely to drive considerable expansion in the marine coatings industry. Anti-fouling coatings are expected to be in high demand due to dry-docking and maintenance. Additionally, a rising number of new shipbuilding projects is expected to boost marine coatings market growth throughout the forecast period. The increased need for fuel-saving and low-emission coatings is likely to drive marine coatings market growth. Price fluctuations in raw materials used in the manufacturing of marine coatings are one of the major factors limiting market growth. Hydrocarbon derivatives, titanium dioxide, and copper are primary raw materials utilised in the creation of coatings, and their prices are very volatile. Slow expansion in shipbuilding activity in emerging nations is one of the reasons that is likely to have a negative impact on market growth.
According to Coherent Market Insights, the global Marine Coatings Market is estimated to be valued at US$ 12,662.7 million in 2021 and is expected to exhibit a CAGR of 6.5% over the forecast period (2021-2028).
Top Companies in the Marine Coatings Industry:
1. AkzoNobel N.V.
Akzo Nobel N.V. engages in the production and sale of paints and coatings worldwide. It offers decorative paints, including paints, lacquers, and varnishes; and a range of mixing machines and color concepts for the building and renovation industry, as well as specialty coatings. Akzo Nobel N.V. was founded in 1646 and is headquartered in Amsterdam, the Netherlands. In December 2021, AkzoNobel N.V. finalised its complete acquisition of New Nautical Coatings as a strategic move to sustain a strong position in Yacht coating business in New York.
2. Chugoku Marine Paints Ltd.
Chugoku Marine Paints, Ltd. manufactures and sells marine and industrial paint products worldwide. It also offers paint products for industrial segments. Chugoku Marine Paints, Ltd. was founded in 1917 and is headquartered in Tokyo, Japan.
3. Jotun A/S
Jotun Middle East, India and Africa is a supplier of decorative paints and marine coatings for the most iconic projects across the world. Headquartered in Dubai, United Arab Emirates
4. Kansai Paint Co. Ltd.
Kansai Paint Co Ltd manufactures and sells a variety of coatings and paint products. The company sells five primary types of products: automotive coatings; automotive refinish coatings; decorative coatings; protection coatings; and industrial coatings. The firm's automotive coatings include clear coat paints, top coat paints, and primers. The industrial coatings include paint and coatings for bridges, roads, storage tanks, power plants, and manufacturing facilities. Kansai Paint sells its products primarily to the automotive, marine, and construction industries. The company was founded in 1918, headquartered in Osaka, Japan. In March 2019, Kansai Paint Co. Ltd. has expanded its lineup of non-toxic antifouling paints that contain no heavy metals.
5. KCC Corporation
KCC Corporation provides building materials in South Korea and internationally. Its building materials include celling materials, insulation materials, gypsum board, and flooring materials. KCC Corporation was founded in 1958 and is headquartered in Seoul, South Korea.
6. Nippon Paint
Nippon Paint Holdings Co., Ltd. engages in the paint and fine chemicals businesses. It has operations in Japan, Asia, the Americas, Oceania, and internationally. The company was founded in 1881 and is headquartered in Osaka, Japan. In January 2021, Nippon Paints Marine Coatings Co. Ltd. declared a launch of new self-polishing anti fouling coating ‘FASTAR’ by using nano-domain structure achieved through Nanotechnology. This unique product serves better quality and is environment friendly.
7. PPG Industries Inc
PPG Industries, Inc. manufactures and distributes paints, coatings, and specialty materials worldwide. The company operates through Performance Coatings and Industrial Coatings.The Company was incorporated in 1883 and is headquartered in Pittsburgh, Pennsylvania. In January 2021, PPG Pittsburgh PA acquired Versaflex, a paint and coatings manufacturer specialized in polyuria and flooring coatings, this acquisition is expected to widen the marget segment and market penetration area for PPG. In September 2021, PPG launched an anti-fouling coating as an add-on in its exisiting Sigma Sailadvance product series namely ‘Sigma Sailadvance NX. This new addition promises better hull protection and vessel performance.
8. RPM International Inc.
RPM International Inc. manufactures, markets, and sells specialty chemicals for the industrial, specialty, and consumer markets worldwide. It offers waterproofing, coating, and institutional roofing systems; sealants, air barriers, tapes, and foams; residential home weatherization systems; roofing and building maintenance services; sealing and bonding, subfloor preparation, flooring, and glazing solutions; resin flooring systems, polyurethane, MMA waterproof, epoxy floor paint and coatings, concrete repair, and protection products. The company was incorporated in 1947 and is headquartered in Medina, Ohio.
9. The Sherwin-Williams Company
The Sherwin-Williams Company engages in the manufacture, distribution, and sale of paints, coating, and related products to professional, industrial, commercial, and retail customers. It operates through three segments: The Americas Group, Consumer Brands Group, and Performance Coatings Group. The company has operations primarily in the North and South America, the Caribbean, Europe, Asia, and Australia. The Sherwin-Williams Company was founded in 1866 and is headquartered in Cleveland, Ohio.
*Definition- Marine coatings are coatings that are used in the maritime sector to provide protection and corrosion resistance to ship vessels. They are divided into anti-fouling, anti-corrosion, foul release, and self-cleaning coatings.
