Global Marine Coatings Market Opportunities and Forecast 2023-2030

Marine Coatings Market Overview

Due to tangential forces of fluid, ships undergo a huge amount of frictional resistance inside the water while traveling from one place to a different. This resistance can cause ship degradation and may be highly disadvantageous to the marine vehicles industry. This is often the rationale why ships are religiously painted with anti-corrosion coatings as they protect the hull from any prospective damages. This is often driving the worldwide marine coatings market and providing imperative growth thereto.
 
The world population is increasing exponentially. This when paired with a rise in income acts as a robust growth driver for the worldwide marine coatings market. For leisure activities, people are soliciting yacht and cruise ships for vacationing, which successively is increasing the marine industry and increasing manufacturing of ships. It’s important for the businesses to draw in the consumers through improving the looks of ships aesthetically by applying anti-fouling paints on them.
 
The one big challenge repeatedly encountered by the marine coatings market is that the wastage of product during application on marine vehicles and therefore the environmental damage followed. Consistent with epoxy Committee, 20% of the epoxy utilized in marine coatings is probably going to urge lost during application. This challenge is often combated by the introduction of bio marine coatings that don't cause harm to the environment even when wasted.
 
Covid-19 Impact on Marine Coatings Market:

The ongoing COVID-19 pandemic conditions has severely affected every sector around the world. Whereas, the chemicals and materials sectors moderately affected during the pandemic. This is primarily due to uncut demand of chemicals for healthcare, life science and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, construction materials are facing diminution in demand. Strict lockdown resulted in nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end use industries directly affected the chemical demand all around the world.
 
Marine Coatings Market Segment Overview

The anti-fouling marine coatings segment is going to be valued at around USD 2.5 billion by 2027. These are applied to the marine vessel to hamper the subaquatic growth, rendering a smoother hull and improved fuel efficiency. Manufacturers are investing in R&D to develop more efficient anti-fouling coatings.

In addition, Deep-sea accounts for a big share within the marine coatings market. High dependence on petroleum and therefore the risk of running out of rare-earth element metals which are indispensable to modern technology has led to an increase in mining and drilling activities within the deep seas.

Vessels operating in these applications include oil tankers, gas carriers, vehicle carriers, refrigerated cargo ships, chemical tankers, and bulk carriers. These carriers operate in salty conditions that cause fouling and abrasion. The coatings protect the surface and enhance vessels’ performance. Industry players like Akzo Nobel N.V. offer optimum marine coatings solutions specific to deep-sea applications. The corporate offers Intercept 8000 LPP, an anti-fouling coating for deep-sea applications.

Market Analysis, Insights and Forecast – By Type
·       Anti-fouling coatings
·       Anti-corrosion coatings
·       Foul release coatings
·       Others

Market Analysis, Insights and Forecast – By Application
·       Coastal
·       Containers
·       Deep sea
·       Leisure boats
·       Offshore vessels
·       Others

Market Analysis, Insights and Forecast – By End User
·       New Ships
·       Repair Work

Marine Coatings Market Regional Overview

Region-wise, in terms of regions, The Asia Pacific marine coatings market is projected to grow at the very best CAGR during the forecast period, in terms useful. the expansion of the market within the Asia Pacific region are often attributed to increased demand for marine coatings from various countries like China, India, and South Korea . Various countries of the Asia Pacific region have expanded their ship manufacturing base, which, in turn, has led to the expansion of the Asia Pacific marine coatings market.

The presence of favourable geographical locations facilitating efficient and smooth sea trade is supporting the marine coatings market growth. Government organizations are providing financial also as regulatory support to market the industry.

Marine Coatings Market, By Geography
 
·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
 
Marine Coatings Market Competitor overview

Some key developments and strategies adopted by manufacturers in the Marine Coatings are highlighted below.

·       In June 2021, Chugoku Marine Paints, Ltd. launched a fuel-efficient anti-fouling product for ocean-going vessels. Increasing product availability will support the segment penetration over the forecast timeframe

Marine Coatings Market, Key Players

·       Akzo Nobel N.V.
·       Jotun A/S
·       Hempel A/S
·       Chugoku Marine Paints, Ltd
·       Kansai Paint Co.,Ltd.
·       NipponPaint Co.
·       Sherwin-Williams Company
·       PPG Industries
·       RPM International
·       KCC Corporation.