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.

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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.