SKU: DMCH630 | Published On: Dec 27 2022 | Available Formats
[195 Pages Report] Global Marine Coatings Market Expected to Reach a CAGR of 3.6% By 2029
Marine coatings are waterproof, protective layers that are applied to surfaces exposed to or immersed in fresh, brackish, and saltwater. They are used with boats, ships, ferries, and other watercraft, as well as with marine structures such as offshore oil rigs.
Metrics |
Details |
Market CAGR |
3.6% |
Segments Covered |
By Type, By Application, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
The global marine coating market is being driven by the continuous growth of the shipbuilding and offshore engineering industries in emerging economies.
Further, China, South Korea, and Japan are the world’s leading shipbuilding nations. For instance, in November 2018, China approved the Danish shipping giant Maersk Line’s acquisition of Hamburg Süd.
However, Biofouling is one of the main problems faced by every type of ship at sea. Marine growth such as barnacles and mussels have been the reason for the issues such as decreased ship efficiency, corrosion, etc.
Also, Biofouling not only sticks to the external surface of the ships but also gets into the water intakes and sticks to the surface of the pipes leading to problems such as blockage and corrosion. These factors hinder the swift flow of the global marine coatings market during the forecast period.
By type, the global marine coatings market is bifurcated into Anti-fouling, Foul release, Anti-corrosion, and Other coatings. Of these, Anti-fouling coatings are dominated by the global marine market. Due to, increasing ship repairs & maintenance activities, and growing demand from the oil & gas industry.
Moreover, the rising consumption of commercial vessels, passenger ships, yachts, cargo, and current offshore drilling rigs is expected to expand industry growth over the forecast period.
Geographically, the global marine coatings market is segmented into North America, Europe, South America, Asia Pacific, and RoW. Of these, Asia Pacific dominates the marine coatings market owing to the increasing global trade. For instance, In January 2018, Maersk Line and Hamburg Süd are both launching new services between Asia and Latin America in connection with Maersk Line’s acquisition of the German carrier.
Further, China accounts for the largest share of marine coatings in the Asia-Pacific region. This can be attributed to technological advances, lower costs, and artistry levels in the country.
Additionally, China is witnessing the driest dockings. The recent decline of the merger in the shipbuilding industry, along with the slowdown of the Chinese economy, is a barrier to the growth of the marine coatings market in the country.
Europe has the second largest market share in marine coatings. Leisure boats demand is likely to grow owing to the growing disposable income of the population in Western Europe. These boats require a significant amount of maintenance which would improve the product demand in the region propelling the marine coating market size in the future.
Major companies have adopted agreements, product launches, expansion, and mergers to sustain the intense competition in this market. The key players profiled in the report include Hempel, PPG Industries, AkzoNobel, Sherwin-Williams, Jotun, BASF, KCC Corp., The Dow Chemical Company, 3M Co., Royal DSM, and Hexion. AkzoNobel is the market leader in the global marine market.
In 2018, AkzoNobel developed new marine fouling prevention technology that is based on ultraviolet light-emitting diodes (LED) to be used on underwater surfaces for the prevention of fouling.
In 2017, Hempel offers a new cargo hold coating, Hempadur Ultra-strength Fibre 47510 for improving the reduction in cargo hold maintenance costs.
What is the Growth Rate of the Marine Coatings Market?
Reach a CAGR of 3.6% By 2029.
Which Companies Are Included in the Marine Coatings Market?
Hempel, PPG Industries, AkzoNobel, Sherwin-Williams, Jotun, BASF, KCC Corp., The Dow Chemical Company, 3M Co., Royal DSM, and Hexion. AkzoNobel is the market leader in the global marine market.
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