MARINE COATINGS MARKET ANALYSIS

Marine Coatings Market Size and Trends

The marine coatings market is estimated to be valued at USD 4.03 Bn in 2024 and is expected to reach USD 6.10 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.

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The market is driven by the growing shipbuilding and repair industry globally and the need to protect ships from corrosion and fouling. The market is witnessing increased demand for bio-based and advanced coatings solutions. Strict environmental regulations regarding VOC emissions from coating solutions are further driving the demand for eco-friendly coating alternatives. Growth in international seaborne trade and rise in offshore and coastal activities are also expected to drive new ship constructions, contributing to the marine coatings market growth during the forecast period.

Rising Demand from Offshore Vessels

The demand for marine coatings is experiencing strong growth due to the rising activities in offshore oil and gas exploration and production. A wide range of offshore vessels such as rigs, floating production storage and offloading (FPSO) vessels, drill ships, pipe laying vessels, and platform supply vessels require protective coatings to prevent corrosion in harsh underwater marine environments. These coatings play a crucial role in protecting the hull and decks of offshore vessels from seawater, chemicals, and other corrosive elements. They extend the lifespan of offshore vessels and reduce maintenance and repair costs over the years.  Countries around the world are actively investing in offshore oil and gas exploration projects to gain energy security and fuel economic growth. Established offshore hubs like Gulf of Mexico and North Sea continue their development of new fields. Meanwhile, emerging hydrocarbon basins in Asia Pacific and Africa are witnessing significant capital expenditure on exploration infrastructure. Many national oil companies and international super majors have substantial deep-water and ultra-deep-water exploration programs scheduled for the coming decades. All these activities involve deployment of a wide variety of offshore vessels that need to be coated for corrosion protection. As offshore exploration and production projects proliferate globally in the pursuit of energy, it will drive steady demand for high-performance marine coatings used in coating offshore vessels.

Market Concentration and Competitive Landscape

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Rising globalization and burgeoning international trade have prompted significant growth in maritime shipping activities across the world. More goods than ever before are being transported by sea, as maritime shipping remains the most economical mode of bulk transportation for long-haul cargo transfer. According to industry estimates, over 80% of global trade by volume is carried by sea. Container ships, bulk carriers, crude oil tankers, LNG carriers, general cargo ships, and other commercial vessels constitute the large global merchant fleet that facilitates international shipping trade. As these commercial ships expand in numbers and deadweight tonnage to handle the growing trading volumes, it increases the demand for high-quality marine coatings for vessel hulls and cargo tanks. Stringent regulations are also pushing ship owners and operators to use advanced marine coatings onboard their vessels. International Marine Organization (IMO) mandates regular maintenance and repair of ship hulls using effective foul-release coatings to improve fuel efficiency. Tank coating systems are specified by classification societies and charterers to prevent corrosion and contamination during bulk liquid cargo transportation.

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The marine coatings market faces many challenges. Regulations regarding the use of toxic substances have been tightened globally. This increases formulation costs for manufacturers. Further, the market has witnessed overcapacity in recent years due to falling shipbuilding orders. Intense competition has led to pricing pressures. Changing consumer preferences also pose a challenge as demand rises for non-toxic, fuel-efficient, and high performance products.

 Market Opportunities: Increased Offshore Activities

The International Maritime Organization's rules demanding low sulfur fuels in 2020 and 2050 nitrogen oxide emissions caps will drive the demand for innovative marine coating solutions. Additionally, the industry can explore the use of renewable resources in formulations to improve sustainability. Recovering shipbuilding industry and increased offshore activities also provide upside potential. Overall, changes in regulations are motivating new product development.

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In terms of product type, anti-corrosion coatings contribute 41.9% share of the market owing to the critical need to protect steel hulls from corrosion in harsh marine environments. Corrosion can seriously compromise the integrity and structural strength of ships if left unprotected. Anti-corrosion coatings form a protective barrier on the metal surfaces of vessels, providing long-term defense against corrosion from water, salt, pollutants, and other corrosive elements commonly found in oceans and seas. These coatings are specially formulated with primers, binders, and additives that adhere strongly to steel and form a durable, inert film. This film shields the substrate from direct contact with corrosive agents and electrolytic reactions. Some advanced anti-corrosion coatings also contain migratory chemicals that migrate to damage sites and actively repair any imperfections in the coating layer. The strong adherence and self-healing properties of these coatings make them highly suitable for applications demanding maximum corrosion protection over prolonged immersion in marine environments. As steel remains the predominant material used in shipbuilding due to its strength and cost advantages, effective anti-corrosion solutions continue to be in high demand. Ship owners prioritize anti-corrosion coatings that offer longevity and require minimal maintenance, helping reduce repair and maintenance costs over the lifespan of vessels. This sustains the leading market share of anti-corrosion coatings in the marine coatings industry.

Insights, By Application: Safeguarding Coastal Assets from Marine Corrosion

In terms of application, coastal contributes 39.6% share of the marine coatings market. Coastal infrastructure such as ports, docks, harbors, bridges, and offshore platforms located along coastlines require robust protection from marine corrosion. Coastal structures face constant exposure to sea water and its dissolved salts, resulting in rapid deterioration if left unprotected. Corrosion can compromise load-bearing capacities, weaken structural integrity and shorten asset lifetimes if not addressed properly. Galvanic corrosion is a major concern for assets constructed from dissimilar metals and placed in seawater. Installations near coastal regions also endure frequent wetting and drying cycles from tides, inducing osmotic and wetting corrosion. Likewise, pollution and microbial corrosion accelerate material degradation in these environments. Coastal facilities forming vital economic gateways demand coatings formulated for maximum resistance to the combined effects of immersion, atmospheric, and stray current corrosion. Premium marine coatings safeguard infrastructure by delivering long-lasting barrier protection. Key benefits include enhanced durability versus conventional paints to lower life-cycle costs.

Regional Insights

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The North America region currently dominates the global marine coatings market with 45.3%. With countries like the U.S. and Canada having long coastlines and a strong presence of shipbuilding and marine industry, the demand for marine coatings has been consistently high in the region. The region is home to leading ship manufacturers and owners. This helps protect the huge maritime trade that sustains the regional economy. Extensive saltwater exposure makes marine coating a necessity for ship protection in North America. Stringent environmental regulations regarding the use of toxic paints further stimulates the demand for advanced, environment-friendly marine coatings in North America. Low-VOC, non-toxic coatings addressing both corrosion protection and pollution prevention have seen higher acceptance. Leading global marine coatings manufacturers have established production facilities within the region to serve the reliable local demand.

The Asia Pacific region has emerged as the fastest-growing market for marine coatings globally. Countries like China, Japan, and South Korea have tremendous growth opportunities owing to their expanding shipbuilding industries. Asia Pacific accounts for over 50% of global shipbuilding orders, making it the nerve center for new ship construction worldwide. This exponential growth of the regional shipbuilding industry presents enormous untapped potential for marine coating producers. China alone contributes to over 50% of the global shipbuilding capacity. Its status as the factory of the world translates to immense requirement for quality marine coatings. Unlike North America, shipbuilding in Asia Pacific is moving beyond traditional freight transportation and expanding to diverse offerings like cruise, offshore, and naval vessels. This diversification within regional shipbuilding acts as a catalyst for varied marine coatings demand. Along with shipbuilding, the maritime trading routes through the Indian and Pacific oceans also require extensive marine coating inputs for anticorrosion and antifouling in Asia Pacific.

Market Report Scope

Marine Coatings Industry News

• PPG's launch of PPG SIGMAGLIDE 2390 marine coating in March 2023 marked a significant advancement in the maritime industry. This innovative coating is designed to assist shipowners in reducing power consumption and carbon emissions while meeting the increasing requirements for enhanced performance without compromising the marine environment. By utilizing PPG SIGMAGLIDE 2390, ship operators can achieve improved fuel efficiency, lower operational costs, and contribute to a more sustainable shipping industry.
• Hempel's decision to join the International Maritime Organization's (IMO) Global Industry Alliance (GIA) for Marine Biosafety in March 2023 signifies a proactive step towards addressing key environmental challenges in the maritime sector. By collaborating with the industry through the GIA, Hempel aims to contribute to efforts aimed at reducing shipping emissions and combating the spread of invasive species.
• In December 2021, AkzoNobel N.V. finalized its complete acquisition of New Nautical Coatings as a strategic move to sustain a strong position in Yacht coating business in New York, U.S.
• In September 2021, the Eastern Coatings show organized by Eastern Coatings Federation was postponed to November (17-19 likely) 2021 so as to allot time for complete vaccination of its members, sponsors, and partners to ensure a safe environment for the conference

*Definition: The marine coatings market consists of companies that manufacture and supply protective coatings and paints that are applied to ships, boats, offshore oil rigs, and other maritime structures and vessels. These coatings help protect the structures from corrosion caused by exposure to saltwater, chemicals, ultraviolet radiation, and other environmental conditions. They shield the surfaces and prolong the life of maritime assets.

Market Segmentation

•  Product type Insights (Revenue, USD Bn & KT, 2019 - 2031)
• • Anti-fouling coatings
  • Anti-corrosion coatings
  • Foul release coatings
  • Others
• Application Insights (Revenue, USD Bn & KT, 2019 - 2031)
• • Coastal
  • Containers
  • Deep sea
  • Leisure boats
  • Offshore vessels
  • Others
• Regional Insights (Revenue, USD Bn & KT, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • Rest of Middle East & Africa
• Key Players Insights
  • AkzoNobel N.V.
  • Chugoku Marine Paints Ltd.
  • Hempel A/S
  • Jotun A/S
  • Kansai Paint Co. Ltd.
  • KCC Corporation
  • Nippon Paint
  • PPG Industries Inc
  • RPM International Inc
  • The Sherwin-Williams Company.
  • Permagard Marine
  • Jyoti Innovision Private Limited
  • Protexion
  • Excel India Protective Paints Pvt. Ltd.
  • Goa Paints
  • Axalta Coating Systems
  • BOERO BARTOLOMEO S.p.A.
  • Vizag chemical
  • Nippon Paint