Marine Coatings Market Size

Marine Coatings Market Size

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.