Marine coatings Market | Trend Shows A Rapid Growth By 2027

Market Analysis

The global marine coatings market is likely to grow at a healthy CAGR between 2020- 2027, according to the recent report by Market Research Future (MRFR). Marine coatings, simply put, are protective coatings that are applied on the surface of yachts, vessels, cruises, ships, and other types of offshore structures such as bridges and oil rigs that are exposed to corrosive conditions and sea water. It offers protection against slimes, fouling, and corrosion to increase the life and durability of marine vessels & offshore structures. 

Various factors are adding to the global marine coatings market growth. Such factors, according to the new MRFR report, include consumers’ awareness about hull protection, the vessel’s fuel efficiency, growth in the world trade, and booming oil & gas sector, especially in offshore regions. Besides, dry-docking activities, new shipbuilding facilities, and benefits such as the reduction in fuel consumption, and the prevention of corrosion are also adding market growth. 

On the contrary, inconsistent prices of raw materials and stringent environment regulations may hinder the marine coatings market growth over the forecast period. 

Market Segmentation 

The MRFR report offers an inclusive segmental analysis of the global Marine Coatings Market report based on application, product type, and resin type. 

By product type, the marine coatings market is segmented into antifouling coatings, anti-corrosion marine coatings, and others. Of these, the antifouling coatings will lead the market over the forecast period. 

By resin type, the marine coatings market is segmented into polyurethane, alkyd, epoxy, and others. Of these, the polyurethane segment will dominate the market over the forecast period for its alluring features such as high abrasion resistance, high corrosion, low-temperature flexibility, and low VOC. 

By application, the marine coatings market is segmented into boats, passenger ships, cargo ships, and others. Of these, cargo ships will have a major share in the market over the forecast period for its increasing use in international trade. 

Regional Analysis

Based on the region, the protective and marine coatings report covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period for the increasing international trade, growing need for energy in developing economies, and India & China being leading shipping hubs. Besides, regulatory and financial support from the government for promoting the growth of the shipbuilding industry, favorable geographical locations, and the availability of skilled and cheap labor are also adding market growth in the region. 

In North America, the marine coatings market is predicted to have healthy growth over the forecast period. Factors boosting marine coatings market growth in the region include the presence of developed oil and gas, and marine sector, shale gas boom, increasing imports and exports in the region, and the region is one of the biggest for yachts, cruise liners, and boats. 

The marine coatings market in Europe is predicted to have lucrative growth over the forecast period for the developed tourism industry in the region, increasing international trade in Italy, Germany, and the UK, and the booming oil & gas industry. 

The marine coatings market in Latin America is predicted to have moderate growth over the forecast period for the booming energy & marine sector. However, complex trade laws and poor port infrastructure may limit the marine coatings market growth over the forecast period. 

The marine coatings market in the MEA is predicted to have steady growth over the forecast period. 

Competitive landscape:

  • PPG Industries (US)
  • AkzoNobel (Netherlands)
  • Hempel (Denmark)
  • Sherwin-Williams (US)
  • Jotun (Norway)
  • Chugoku Marine Paints (Japan)
  • Nippon Paint (Japan)
  • Kansai Paint (Japan)
  • Axalta (US)
  • BASF Coatings (Germany)

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