MARINE COATINGS MARKET ANALYSIS

Regional Analysis

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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.