Marine Coatings Market size is set to grow by USD 4.85 billion from 2024-2028, Growth of shipbuilding industry to boost the market growth, Technavio

NEW YORK, Aug. 9, 2024 /PRNewswire/ -- The global marine coatings market size is estimated to grow by USD 4.85 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.64% during the forecast period. Growth of shipbuilding industry is driving market growth, with a trend towards shift toward green marine coatings. However, fluctuating raw material prices poses a challenge. Key market players include Akzo Nobel NV, Axalta Coating Systems Ltd., Baril Coatings BV, BASF SE, Berger Paints, Boero Bartolomeo S.p.A., Chugoku Marine Paints Ltd., Endura Manufacturing Co. Ltd., Hempel AS, Jotun AS, Kansai Paint Co. Ltd., KCC Co. Ltd., MCU Coatings International, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., Protexion LLP, RPM International Inc., Seal for Life Group, The Sherwin Williams Co., and Wacker Chemie AG.

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Key Market Trends Fueling Growth

The marine coatings market is experiencing a shift towards environment-friendly solutions due to increasing environmental regulations and shipping companies' focus on sailing efficiency. Traditional marine coatings containing harmful chemicals, such as benzene and zinc, are being phased out due to their negative impact on marine flora and fauna. In response, vendors are investing in research and development to create eco-friendly alternatives. One such trend is the adoption of water-borne marine coatings, which have gained popularity due to their low volatile organic compounds (VOCs) and hazardous air pollutants (HAPs). These coatings offer several advantages, including high performance, excellent adhesion, low odor, less mixing, easy cleaning, waste reduction, and non-flammability. Water-borne coatings, which typically contain 80% water and less solvent, are in high demand due to their compliance with stringent VOC emission control guidelines. Key technologies in water-borne marine coatings include clean core technology, ECONEA technology, low-density copper technology, white copper technology, and water-based ablative technology. Vendors are also launching solvent-free and water-borne products to replace solvent-borne ones. For instance, CMP launched BANNOH 5000, a solvent-free epoxy universal primer, in March 2020. The growing demand for water-borne and solvent-free marine coatings presents significant growth opportunities for the global marine coatings market. 

The Marine Coatings Market is witnessing significant growth due to increasing demand from ship builders and maintenance companies. Aesthetics and visual appeal are key factors driving the market, with paints and coatings used to enhance the look of cruise ships and yachts. Fuel consumption and water resistance are also important considerations, particularly in the anti-fouling segment where foul release coatings are popular. The leisure boats segment, including coastal and deep sea vessels, is another growing area. International trade and sea routes, including those for bulk carriers, container ships, and general cargo ships, are major end-users. The shipbuilding and offshore engineering industries require marine coatings for harsh environments. Fossil fuels, deep water, and ultra-deep water exploration are also driving demand. Gulf countries with crude oil reserves and petrochemicals industries are significant markets. Maintenance and repair are ongoing needs in this industry. 

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Market Challenges

• The marine coatings market, specifically the anti-corrosion and anti-fouling coatings segments, are significantly influenced by the volatile prices of raw materials derived from crude oil. These coatings rely heavily on raw materials such as benzene, toluene, ethylene, and naphthalene, which are extracted from crude oil. The instability in the Middle East, along with demand-supply imbalances, causes unpredictable price fluctuations in crude oil. Consequently, the prices of these petrochemical derivatives used in marine coatings production also experience volatility. This uncertainty hinders manufacturers' ability to plan and produce coatings efficiently, negatively impacting market growth. For instance, copper, a key component in anti-fouling coatings, experiences price fluctuations in the commodities market. Therefore, the marine coatings industry faces challenges due to the unpredictable pricing trends of raw materials, which can significantly affect the market's growth prospects.
• The Marine Coatings Market faces several challenges in today's business environment. Oil prices remain a significant factor, affecting the affordability of coatings for cargo ships and offshore vessels. Coating producers must balance the need for high corrosion and abrasion resistance with increasing demand for multi-component coatings that meet environmental regulations. Cargo ships, energy sector, and maritime trade rely heavily on seaborne commerce activity, necessitating advanced coatings solutions to protect steel hulls from corrosion, fouling, and bio-based alternatives to reduce VOC emissions. New ship constructions, including crude oil tankers, LNG carriers, and various vessel types, require eco-friendly coatings. Exports and imports, especially from ship manufacturing hubs, influence market dynamics. Corrosion, fouling, and bio-fouling are ongoing concerns for ships, ports, docks, harbors, bridges, offshore platforms, and coastal infrastructure. The international shipping trade continues to evolve, with a focus on advanced coatings for deep-water exploration, ultra-deep-water exploration, and various maritime shipping activities. Cruise vessels, naval vessels, and other ships benefit from anti-corrosion coatings, contributing to the growth of the marine coatings market.

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Segment Overview 

This marine coatings market report extensively covers market segmentation by

1. Application 
• 1.1 Coastal
• 1.2 Deepsea
• 1.3 Containers
• 1.4 Offshore house
• 1.5 Others
2. Type 
• 2.1 Epoxy
• 2.2 Polyurethane
• 2.3 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Coastal- Marine coatings are essential for protecting valuable assets used in oil and gas, shipping, and coastal industrial applications from the corrosive marine environment. These coatings use additives like fumed silica to prevent sagging and provide excellent chemical, corrosion, and scratch resistance. The growth of the marine coatings market is driven by government initiatives to develop coastal shipping infrastructure, such as rate discount schemes for coastal vehicle carriers. Coastal applications, which require protection from extreme conditions like fog, rain, heat, wind, pollution, and salt spray, hold the highest market share and will continue to dominate during the forecast period. Epoxy coatings, which work well in acidic conditions, are commonly used in marine applications due to their durability and resistance to harsh environments. Proper surface preparation before application is crucial for optimal results and to prevent coating failure.

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Learn and explore more about Technavio's in-depth research reports

The global Paints and Coatings Market is experiencing robust growth driven by increasing construction activities and rising demand for durable and aesthetic finishes. Innovations in eco-friendly coatings are also propelling market expansion. Meanwhile, the global Phenolic Resin Market is growing due to its widespread use in automotive, construction, and electronics industries for high thermal stability and mechanical strength. Both markets are set to witness significant advancements, with Asia-Pacific emerging as a key region for growth.

Research Analysis

The Marine Coatings Market is a significant sector within the international trade, playing a crucial role in ensuring the durability and efficiency of various types of ships, including bulk carriers, container ships, and general cargo ships. These coatings protect vessels from harsh environments, such as corrosion and fouling, which can negatively impact seaborne commerce activity. The shipbuilding industry and offshore engineering industry are key consumers of marine coatings due to the demanding conditions of their operations. Advanced coatings solutions are in high demand to reduce VOC emissions and offer eco-friendly alternatives. New ship constructions and maintenance and repair activities also contribute to the market's growth. Aesthetics and visual appeal are also essential factors, with paints and coatings used to enhance ships' appearance and fuel consumption efficiency. Seaborne trade relies heavily on the reliable performance of marine coatings to ensure the safe and efficient transportation of goods, making this market a vital component of the global economy.

Market Research Overview

The Marine Coatings Market is a significant sector in the international trade, particularly in relation to sea routes and the shipping industry. Bulk carriers, container ships, and general cargo ships rely on marine coatings for corrosion resistance and abrasion resistance in harsh environments. The shipbuilding industry and offshore engineering industry also utilize marine coatings for various applications, including deep water and ultra-deep water projects. Fossil fuels, crude oil reserves, petrochemicals, and the energy sector are key end-users of marine coatings due to their importance in maritime trade. Coating producers offer multi-component coatings that cater to the specific needs of different types of ships and vessels, such as cargo ships, offshore vessels, FPSO vessels, drill ships, pipe laying vessels, and platform supply vessels. Deep-water and ultra-deep-water exploration activities also require advanced coatings solutions for corrosion and fouling protection. The maritime shipping industry's growth is driven by seaborne trade, new ship constructions, and increasing demand for oil and gas. Marine coatings play a crucial role in maintaining the visual appeal and water resistance of ships, containers, and coastal infrastructure, including ports, docks, harbors, bridges, offshore platforms, and ships. Eco-friendly coating alternatives, such as bio-based coatings and VOC emissions reductions, are gaining popularity due to increasing awareness of environmental concerns. The market for marine coatings is expected to grow significantly in the coming years due to the increasing demand for efficient and sustainable solutions for the shipping industry. In summary, the Marine Coatings Market is a dynamic and essential sector in the international trade, with applications ranging from cargo ships and offshore vessels to coastal infrastructure and leisure boats. The market is driven by the growth of the shipping industry, increasing demand for oil and gas, and the need for sustainable and eco-friendly solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Coastal
• Deepsea
• Containers
• Offshore House
• Others
• Type
• Epoxy
• Polyurethane
• Others
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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