Marine Coatings Market Analysis

Marine Coatings Market Analysis

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.
 

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.
 

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 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.