Market Challenges: Regulations regarding the use of toxic substances

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.

Marine Coatings Market Report Snapshots