Marine Coatings Market Size By Product (Anti-fouling, Anti-corrosion, Foul release), By Application (Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Latest Update: Aug 2019 | Published Date: Jan 2017 | Report ID: GMI1142 | Authors: Kiran Pulidindi, Soumalya Chakraborty Report Format: PDF
Marine Coatings Market size recorded at USD 11 billion in 2016 and will grow at a CAGR of more than 6.5% from 2017 to 2024.
U.S. Marine Coatings Market Size, By Application, 2017 – 2024 (USD Million)
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Increasing demand from shipbuilding & repair industry will propel the growth of marine coatings market during the forecast time span. Marine coatings provide excellent protection to the surfaces & parts of the ships from corrosion and abrasion. Additionally, they improve the visual appearance and aesthetic appeal of surfaces. The corrosion can be induced by several marine environmental factors causing severe damages to the ships. It generates the requirement of frequent repair and maintenance leading to unnecessary expenses. The service life of ships can be greatly reduced if proper anti-corrosion measures are not taken immediately. Hence, the product is employed to protect marine vessels and other carriers below and above the waterline. Rising trade activities coupled with huge investments are likely to bolster the shipbuilding industry in coming years. Favorable economic conditions will potentially increase seaborne trade activities. Moreover, various governments have formulated policies to support the trading of goods via naval transport. Asia Pacific region and especially countries such as China, South Korea, Japan, etc. are some of the leading countries in global shipbuilding industry and they will attract the significant marine coatings demand in near future. The repair works of ships will create positive outlook for market growth in future. North America displayed substantial product demand for repair works over the past few years. Shipbuilding & repair industries opt for marine coatings as they offer quick and cost effective benefits. These aforementioned trends will positively influence the market size within the forecast time period.
Another factor driving the marine coatings market growth is rising demand for fuel savings during naval transport. Biological fouling can corrode various parts and lead to increased drags and this will result into reduction of speed along with excessive fuel consumption. Additionally, emission of carbon dioxide and other harmful gases is increased thereby affecting the surrounding environment. Newly developed coatings aid in reducing the carbon footprint and becoming popular among ship building industries. Such trends will spur the market growth between 2017 to 2024.
The market will be affected by continuously changing raw material prices. Crude oil, being one of the key raw material used for the preparation of coatings is subjected to high price volatility. Fluctuations in the prices of copper and titanium oxide will affect the market during the forecast period. As the prices of raw materials increases, it subsequently increases the total production costs and reduces the profit margins of manufacturers. These factors will hinder the market growth by 2024.
Marine Coatings Market, By Product
On the basis of product, marine coatings market is splitted into anti-fouling, foul release and anti-corrosion. Anti-fouling coatings captured significant market share and accounted for more than 40% market share in 2016. They are applied to ship’s hull to prevent marine growth and improve vessel performance & durability. The product is highly efficient in protecting the ship components and surfaces from marine biofouling. Foul release segment will grow at a CAGR over 6.5% between 2017 to 2024. The product develop smooth and non-sticky surface on ship parts which makes it extremely hard for fouling organisms to get attached to these parts. It helps in reducing longer drags in water and fuel consumption.
Marine Coatings Market, By Application
The market is classified into deep sea, coastal, containers, leisure boats, offshore vessels and others. Containers segment is likely to surpass 350 kilo tons at the end of forecast period. These coatings are used for protecting the containers from corrosion induced due to long-time exposure to marine environment. Moreover, it helps to maintain good visual appearance. Coastal segment captured more than 30% volume share in 2016 and shows promising future trends between the forecast period. Coatings help in reducing the fuel costs and maintenance requirements of coastal vessels.
Marine Coatings Market, By Region
Asia Pacific marine coatings market is likely to capture more than half of revenue share by 2024 owing to flourishing shipbuilding industry. Due to availability of cheap & skilled labor, major shipbuilding manufacturers have established manufacturing facilities in the region. Additionally, favorable geographical locations are present which facilitate smooth and efficient sea trade. The regional governments have provided financial as well as regulatory support to promote the growth of shipbuilding industry. This will trigger the product market demand in near future. Europe region will grow at a CAGR more than 5% between 2017 to 2024 owing to increasing demand from yachts and leisure boats segment.
Competitive Market Share
Some of the key players in marine coatings industry are Hempel A/S, Jotun A/S, AkzoNobel N.V., KCC Corporation, Nippon, Kansai Paint Co. Ltd., Axalta Coating Systems, MCU Coatings International and Baril Coatings. These companies are using different strategies to gain competitive advantage with production capacity expansion, product differentiation and mergers & acquisitions.
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The market will be driven by favorable growth trends associated with shipbuilding industry. Additionally, product demand will increase owing to regular repair & maintenance works. Necessary steps taken by various governments to boost global sea trade are expected to positively influence the market by 2024. The popularity of low emission coatings will rise considering environmental safety and harmful gaseous emissions. They will assist in significant savings in fuel related costs and others. However, market growth will be hindered by inconsistent raw material prices.
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