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Marine Coatings Market Size, Share and Industry Analysis Report by Product (Anti-fouling, Anti-corrosion, Foul Release), Application (Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels) and End Users (New Ships, Repair Works), Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI1142
  • Published Date: Jul 2021
  • Report Format: PDF

Industry Trends

Marine coatings market size was valued at over USD 4 billion in 2020 and is estimated to exhibit 5.6% CAGR from 2021 to 2027. The market is anticipated to hit 5.1% CAGR in terms of volume to reach 726.4 Kilo Tons through the forecast period. Favorable economic conditions will potentially increase seaborne trade activities and positively influence marine coatings demand over the study timeframe.

Marine coatings are applied to container ships, bulk carriers, tankers, passenger ships and general cargo as they protect surfaces & parts of ships and marine containers from abrasion and corrosion. Corrosion degrades the components and significantly reduces the service life of marine vessels. The ship builders and repair service providers also apply these coatings to improve the visual appearance and aesthetics of the exterior surfaces.

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Marine coating manufacturers are focusing on product innovations that help to improve the fuel consumption of the ship with various paints and coatings. For instance, Hempel offers Hempaguard X7 hull marine coating that helps to reduce water resistance and provide a smooth surface below the waterline. Such initiatives will positively influence the marine coatings market share.

The marine coating industry is significantly affected by fluctuating raw material prices. Crude oil, one of the key raw materials is subject to high price volatility. Crude oil derivatives prices have increased due to government restrictions related to COVID-19, resulting in higher prices of the end-product. Fluctuations in the prices of titanium oxide and copper will further affect the manufacturing cost.

Rising adoption of anti-fouling coatings is likely to fuel the revenue generation

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The anti-fouling marine coatings segment will be valued at around USD 2.5 billion by 2027. These are applied to the marine vessel to slow down the subaquatic growth, rendering a smoother hull and improved fuel efficiency. Manufacturers are investing in R&D to develop more efficient anti-fouling coatings. For instance, in June 2021, Chugoku Marine Paints, Ltd. launched fuel-efficient anti-fouling product for ocean-going vessels. Increasing product availability will support the segment penetration over the forecast timeframe.

Rising trade activities are likely to bolster the demand for marine coatings in new ships

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In 2020, new ships contributed USD 1.85 billion to the marine coatings market size. Rising trade activities coupled with increasing investments in the maritime sector have strengthened the shipbuilding industry. For instance, India is planning investment of over USD 40 billion for development of new port and improvement of existing ports by 2030 to increase transshipment volumes of Indian cargo at harbors. Moreover, many governments entities have formulated policies to support the trading of goods via marine transport.

Proliferating boating industry will spur the product penetration

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The leisure boats segment will witness over 6% CAGR from 2021 to 2027. The rising boating and water sports activities along with the emergence of multiple water clubs across the globe is supporting the marine coatings market value. As per the U.S. Coast Guard study, in 2018, nearly 84.5 million residents partook in boating activities, which is over 25% of the total U.S. population.  

Deep sea accounts for a significant share in the marine coatings market. High dependence on crude oil and the risk of running out of rare earth metals which are indispensable to modern technology has led to a rise in mining and drilling activities in 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 causes fouling and abrasion. The coatings protect the surface and enhance vessels’ performance. Industry players such as Akzo Nobel N.V. offer optimum marine coatings solutions specific to deep sea applications. The company offers Intercept 8000 LPP, an anti-fouling coating for deep sea applications.

Asia Pacific to lead the industry size

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Asia Pacific accounts for around 65% revenue share in the marine coatings market which is mainly attributed to the large new ship construction in China, Japan and South Korea. The availability of inexpensive & skilled labor has motivated shipbuilding companies to establish production plant across the region.

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

The marine coatings industry is highly consolidated

The marine coatings industry is highly consolidated with the top five players holding significant share. Manufacturers are developing innovative marine coatings with lower VOC (volatile organic compounds) to strengthen their market position. They are involved in collaborations with ship traders to strengthening their industry foothold. For instance, in December 2019, Jotun A/S and COSCO SHIPPING International Hong Kong renewed their joint venture agreement to supply marine coatings for COSCO SHIPPING fleet and the Chinese market.

Some of the prominent manufacturers of the industry are 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 and KCC Corporation.

The marine coatings market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD million from 2017 to 2027 for the following segments

By Product

  • Anti-fouling coatings
  • Anti-corrosion coatings
  • Foul release coatings
  • Others

By End Users

  • New Ships
  • Repair Work

By Application

  • Coastal
  • Containers
  • Deep sea
  • Leisure boats
  • Offshore vessels
  • Others

The above information has been provided on a regional and country basis for the following:

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Malaysia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • GCC Countries
Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

Marine coatings market size was estimated to be around USD 4 billion during 2020 and will record over 5.6% CAGR through 2021-2027 with gradual rise in seaborne trade and recreational activities.
The market share from new ships segments worldwide had reached USD 1.85 billion during 2020 with strong commercial maritime sector and trade activities.
It is estimated that anti-fouling marine coatings industry share will hit USD 2.5 billion by 2027 with the considerable need to restrict subaquatic growth across the hulls of shipping vessels.
Asia Pacific held nearly 65% of share in 2020 owing to major shipbuilding companies in countries like China, South Korea and Japan.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 13
  • Tables & Figures: 222
  • Countries covered: 18
  • Pages: 250
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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