Marine Coatings Market Is Likely To Grow At A CAGR Value Of Around 3.1% By 2028

14-Apr-2022 | Zion Market Research

The Marine Coatings Market was worth around USD 3,621.5 million in 2021 and is estimated to grow to about USD 4,349.5 million by 2028, with a compound annual growth rate (CAGR) of approximately 3.1 percent over the forecast period. The report analyzes the Marine Coatings Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Marine Coatings Market.

Marine coatings are used to protect the surfaces and parts of ships and marine containers from wear and corrosion. They are used on container ships, bulk carriers, tankers, passenger ships, and general cargo. Corrosion deteriorates the components and lowers the service life of maritime vessels dramatically. Shipbuilders and maintenance service providers also utilize these coatings to improve the visual appearance and aesthetics of the exterior surfaces.

The requirement for subsequent dry-docking of vessels, new shipbuilding activities, and the expansion of offshore drilling are the primary drivers driving the growth of the worldwide marine coatings market in the forecast period.  In addition, as customer demand for VOC-free and environmentally friendly marine coatings grows, new trends are being implemented by marine coatings producers in order to meet these consumer criteria while still complying with government regulations, which will drive the market in the coming years.

The global shipping trade is also expanding, which is a favorable element for the growth of the global marine coatings industry. Moreover, growth in global trade, consumer awareness of hull protection, vessel fuel efficiency, and the expansion of the oil and gas sector in offshore regions, new shipbuilding facilities, and dry-docking activities tend to drive the global market for marine coatings.

The popularity of yachts and cruise ships among leisure travelers is fuelling the expansion of the marine coatings market. However, the government's regulatory standards for the use of VOC-based marine coatings may act as a barrier to the growth of the worldwide marine coatings market. To overcome environmental constraints, producers are adopting new technologies such as more water-based and lower VOC content in marine coatings, which are trending in the global marine coatings market among customers.

Global Marine Coatings Market

The Marine Coatings Market is differentiated based on Resin, Product Type, and Application. Based on Resin, the global market is distinguished into Epoxy, Alkyd, Polyurethane, and Others (Acrylic, Polyester, and Fluoropolymer). Based on Product Type, the global market is distinguished into Anti-Corrosion Coatings, Antifouling Coatings, and Others (Foul Release and Moisture Cure). Based on Application, the global market is distinguished into Cargo Ships, Passenger Ships, Boats, and Others (Offshore Vessels, Service Ships, and Tugs).

Browse the full Marine Coatings Market By Resin (Epoxy, Alkyd, Polyurethane, and Others (Acrylic, Polyester, and Fluoropolymer). By Product Type (Anti-Corrosion Coatings, Antifouling Coatings, and Others (Foul Release and Moisture Cure)). By Application (Cargo Ships, Passenger Ships, Boats, and Others (Offshore Vessels, Service Ships, and Tugs))..” Report at https://www.zionmarketresearch.com/report/marine-coatings-market

The Asia Pacific region has the highest revenue share in the marine coatings industry, owing mostly to major new ship construction in China, Japan, and South Korea. The availability of cheap and skilled labor has prompted shipbuilding corporations to construct manufacturing units around the region. The availability of suitable geographical locations that facilitate efficient and seamless sea trade is fuelling the growth of the marine coatings industry. Government entities are offering financial and regulatory assistance to the shipbuilding sector in order to promote it. North America will experience significant growth in the marine coatings market because of the region's strong maritime and oil and gas sectors, as well as expanding exports and imports. In addition, consumption of marine coatings has increased dramatically in the region and globally, owing mostly to an increase in new shipbuilding, maintenance, and dry-docking activities in the region.

Key players functioning in the Marine Coatings Market include PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), Chugoku Marine Paints (Japan), Nippon Paint (Japan), Kansai Paint (Japan), Axalta (US), and BASF Coatings (Germany); and ship building industries such as Mitsubishi Heavy Industries (Japan), Hyundai Samho (South Korea), Samsung Heavy Industries (South Korea), Daewoo Shipbuilding (South Korea), and Hyundai Heavy Industries (South Korea).

Recent developments:

  • In 2022, The PPG PHENGUARD 985 phenolic epoxy tank coating was introduced by PPG. The premium tank lining is designed to provide extremely strong chemical resistance to a wide range of harsh chemicals, as well as higher temperature resistance for fatty acid-containing compounds.

Marine Coatings Market is segmented as follows:

By Resin

  • Epoxy
  • Alkyd
  • Polyurethane
  • Others (Acrylic, Polyester, and Fluoropolymer)

By Product Type

  • Anti-Corrosion Coatings
  • Antifouling Coatings
  • Others (Foul Release and Moisture Cure)

By Application

  • Cargo Ships
  • Passenger Ships
  • Boats
  • Others (Offshore Vessels, Service Ships, and Tugs)

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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