Marine Coatings Market Size & Share 2021 to 2027

Market Size by Product (Anti-fouling, Anti-corrosion, Foul Release), by Application (Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels), by End Users (New Ships, Repair Works) & Forecast.
Report ID: GMI1142
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Published Date: July 2021
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Report Format: PDF

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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.
 

Marine Coatings Market Outlook

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.
 

Marine Coatings Market Analysis

arine Coatings Market by Product

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.
 

Marine Coatings Market by End User

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.
 

Marine Coatings Market by Application

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.
 

Marine Coatings Market by Region

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.
 

Marine Coatings Market Share

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
  • 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
Marine Coatings Market Scope
  • Marine Coatings Market Size
  • Marine Coatings Market Trends
  • Marine Coatings Market Analysis
  • Marine Coatings Market Share

Report Content

Chapter 1   Methodology and Scope

1.1    Market definitions

1.2    Base estimation & working

1.2.1    North America

1.2.2    Europe

1.2.3    Asia Pacific (APAC)

1.2.4    Latin America (LATAM)

1.2.5    Middle East & Africa (MEA)

1.3    Forecast calculations

1.3.1    COVID-19 impact calculations on industry forecast

1.4    Data Sources

1.4.1    Primary

1.4.2    Secondary

Chapter 2   Executive Summary

2.1    Global marine coatings industry 360° synopsis, 2017 - 2027

2.1.1    Business trends

2.1.2    Application trends

2.1.3    Product trends

2.1.4    End users trends

2.1.5    Regional trends

Chapter 3   Global Marine Coatings Industry Insights

3.1    Industry segmentation

3.2    Industry ecosystem analysis

3.2.1    Raw material suppliers

3.2.2    Manufacturers

3.2.3    Distribution channel analysis

3.2.4    Value chain disruption due to COVID-19

3.2.5    Value addition at each stage

3.2.6    Vendor matrix

3.3    Innovation & sustainability

3.3.1    Technology landscape

3.3.2    Future trends

3.4    Regulatory landscape

3.4.1    North America

3.4.2    Europe

3.4.3    Asia Pacific

3.4.4    Latin America

3.4.5    Middle East & Africa

3.5    Major shipbuilding countries

3.6    Marine trade outlook, 2020

3.7    Pricing analysis (including COVID-19 impact)

3.7.1    Regional price trends

3.7.2    Cost structure analysis, 2020

3.8    Industry impact forces

3.8.1    Growth drivers

3.8.1.1    Proliferating shipbuilding industry in Asia Pacific

3.8.1.2    Increasing ship repairing and overhaul demand

3.8.1.3    Growing need for low fuel consumption and low emission coatings

3.8.2    Industry pitfalls & challenges

3.8.2.1    Higher Inconsistent raw material prices

3.8.2.2    Strict environmental regulations pertaining to marine coatings

3.9    Growth potential analysis, 2020

3.10    Porter’s analysis

3.11    Competitive landscape

3.11.1    Top player’s analysis, 2020

3.11.2    Strategy dashboard

3.12    PESTLE analysis

3.13    COVID-19 impact on application

3.13.1    Shipbuilding

3.13.2    Repair & maintenance activities

Chapter 4   Marine Coatings Market, By Application

4.1    Global marine coatings market insights, by application

4.2    Coastal

4.2.1    Global market estimates and forecasts, 2017 - 2027

4.2.2    Market estimates and forecast, by region, 2017 - 2027

4.3    Containers

4.3.1    Global market estimates and forecasts, 2017 - 2027

4.3.2    Market estimates and forecast, by region, 2017 – 2027

4.4    Deep sea

4.4.1    Global market estimates and forecasts, 2017 - 2027

4.4.2    Market estimates and forecast, by region, 2017 – 2027

4.5    Leisure boats

4.5.1    Global market estimates and forecasts, 2017 - 2027

4.5.2    Market estimates and forecast, by region, 2017 – 2027

4.6    Offshore vessels

4.6.1    Global market estimates and forecasts, 2017 - 2027

4.6.2    Market estimates and forecast, by region, 2017 – 2027

4.7    Others

4.7.1    Global market estimates and forecasts, 2017 - 2027

4.7.2    Market estimates and forecast, by region, 2017 – 2027

Chapter 5   Marine Coatings Market, By Product

5.1    Global marine coatings market insights, by product

5.2    Anti-fouling coatings

5.2.1    Global market estimates and forecasts, 2017 - 2027

5.2.2    Market estimates and forecast, by region, 2017 - 2027

5.3    Anti-corrosion coatings

5.3.1    Global market estimates and forecasts, 2017 - 2027

5.3.2    Market estimates and forecast, by region, 2017 – 2027

5.4    Foul release coatings

5.4.1    Global market estimates and forecasts, 2017 - 2027

5.4.2    Market estimates and forecast, by region, 2017 – 2027

5.5    Others

5.5.1    Global market estimates and forecasts, 2017 - 2027

5.5.2    Market estimates and forecast, by region, 2017 - 2027

Chapter 6   Marine Coatings Market, By End Users

6.1    Global marine coatings market insights, by end users

6.2    New ships

6.2.1    Global market estimates and forecasts, 2017 - 2027

6.2.2    Market estimates and forecast, by region, 2017 - 2027

6.3    Repair work

6.3.1    Global market estimates and forecasts, 2017 - 2027

6.3.2    Market estimates and forecast, by region, 2017 – 2027

Chapter 7   Marine Coatings Market, By Region

7.1    Global marine coatings market regional insights

7.2    North America

7.2.1    Market estimates and forecast, 2017 - 2027

7.2.2    Market estimates and forecast by application, 2017 - 2027

7.2.3    Market estimates and forecast by product, 2017 - 2027

7.2.4    Market estimates and forecast by end users, 2017 - 2027

7.2.5    U.S.

7.2.5.1    Market estimates and forecast, 2017 - 2027

7.2.5.2    Market estimates and forecast by application, 2017 - 2027

7.2.5.3    Market estimates and forecast by product, 2017 - 2027

7.2.5.4    Market estimates and forecast by end users, 2017 - 2027

7.2.6    Canada

7.2.6.1    Market estimates and forecast, 2017 - 2027

7.2.6.2    Market estimates and forecast by application, 2017 - 2027

7.2.6.3    Market estimates and forecast by product, 2017 - 2027

7.2.6.4    Market estimates and forecast by end users, 2017 - 2027

7.3    Europe

7.3.1    Market estimates and forecast, 2017 - 2027

7.3.2    Market estimates and forecast by application, 2017 - 2027

7.3.3    Market estimates and forecast by product, 2017 - 2027

7.3.4    Market estimates and forecast by end users, 2017 - 2027

7.3.5    Germany

7.3.5.1    Market estimates and forecast, 2017 - 2027

7.3.5.2    Market estimates and forecast by application, 2017 - 2027

7.3.5.3    Market estimates and forecast by product, 2017 - 2027

7.3.5.4    Market estimates and forecast by end users, 2017 - 2027

7.3.6    UK

7.3.6.1    Market estimates and forecast, 2017 - 2027

7.3.6.2    Market estimates and forecast by application, 2017 - 2027

7.3.6.3    Market estimates and forecast by product, 2017 - 2027

7.3.6.4    Market estimates and forecast by end users, 2017 - 2027

7.3.7    France

7.3.7.1    Market estimates and forecast, 2017 - 2027

7.3.7.2    Market estimates and forecast by application, 2017 - 2027

7.3.7.3    Market estimates and forecast by product, 2017 - 2027

7.3.7.4    Market estimates and forecast by end users, 2017 - 2027

7.3.8    Spain

7.3.8.1    Market estimates and forecast, 2017 - 2027

7.3.8.2    Market estimates and forecast by application, 2017 - 2027

7.3.8.3    Market estimates and forecast by product, 2017 - 2027

7.3.8.4    Market estimates and forecast by end users, 2017 - 2027

7.3.9    Italy

7.3.9.1    Market estimates and forecast, 2017 - 2027

7.3.9.2    Market estimates and forecast by application, 2017 - 2027

7.3.9.3    Market estimates and forecast by product, 2017 - 2027

7.3.9.4    Market estimates and forecast by end users, 2017 - 2027

7.4    Asia Pacific

7.4.1    Market estimates and forecast, 2017 - 2027

7.4.2    Market estimates and forecast by application, 2017 - 2027

7.4.3    Market estimates and forecast by product, 2017 - 2027

7.4.4    Market estimates and forecast by end users, 2017 - 2027

7.4.5    China

7.4.5.1    Market estimates and forecast, 2017 - 2027

7.4.5.2    Market estimates and forecast by application, 2017 - 2027

7.4.5.3    Market estimates and forecast by product, 2017 - 2027

7.4.5.4    Market estimates and forecast by end users, 2017 - 2027

7.4.6    India

7.4.6.1    Market estimates and forecast, 2017 - 2027

7.4.6.2    Market estimates and forecast by application, 2017 - 2027

7.4.6.3    Market estimates and forecast by product, 2017 - 2027

7.4.6.4    Market estimates and forecast by end users, 2017 - 2027

7.4.7    Japan

7.4.7.1    Market estimates and forecast, 2017 - 2027

7.4.7.2    Market estimates and forecast by application, 2017 - 2027

7.4.7.3    Market estimates and forecast by product, 2017 - 2027

7.4.7.4    Market estimates and forecast by end users, 2017 - 2027

7.4.8    Australia

7.4.8.1    Market estimates and forecast, 2017 - 2027

7.4.8.2    Market estimates and forecast by application, 2017 - 2027

7.4.8.3    Market estimates and forecast by product, 2017 - 2027

7.4.8.4    Market estimates and forecast by end users, 2017 – 2027

7.4.9    Indonesia

7.4.9.1    Market estimates and forecast, 2017 - 2027

7.4.9.2    Market estimates and forecast by application, 2017 - 2027

7.4.9.3    Market estimates and forecast by product, 2017 - 2027

7.4.9.4    Market estimates and forecast by end users, 2017 - 2027

7.4.10    Malaysia

7.4.10.1    Market estimates and forecast, 2017 - 2027

7.4.10.2    Market estimates and forecast by application, 2017 - 2027

7.4.10.3    Market estimates and forecast by product, 2017 - 2027

7.4.10.4    Market estimates and forecast by end users, 2017 - 2027

7.4.11    South Korea

7.4.11.1    Market estimates and forecast, 2017 - 2027

7.4.11.2    Market estimates and forecast by application, 2017 - 2027

7.4.11.3    Market estimates and forecast by product, 2017 - 2027

7.4.11.4    Market estimates and forecast by end users, 2017 - 2027

7.5    Latin America

7.5.1.1    Market estimates and forecast, 2017 - 2027

7.5.1.2    Market estimates and forecast by application, 2017 - 2027

7.5.1.3    Market estimates and forecast by product, 2017 - 2027

7.5.1.4    Market estimates and forecast by end users, 2017 - 2027

7.5.2    Brazil

7.5.2.1    Market estimates and forecast, 2017 - 2027

7.5.2.2    Market estimates and forecast by application, 2017 - 2027

7.5.2.3    Market estimates and forecast by product, 2017 - 2027

7.5.2.4    Market estimates and forecast by end users, 2017 - 2027

7.5.3    Mexico

7.5.3.1    Market estimates and forecast, 2017 - 2027

7.5.3.2    Market estimates and forecast by application, 2017 - 2027

7.5.3.3    Market estimates and forecast by product, 2017 - 2027

7.5.3.4    Market estimates and forecast by end users, 2017 - 2027

7.6    Middle East & Africa

7.6.1    Market estimates and forecast, 2017 - 2027

7.6.2    Market estimates and forecast by application, 2017 - 2027

7.6.3    Market estimates and forecast by product, 2017 - 2027

7.6.4    Market estimates and forecast by end users, 2017 - 2027

7.6.5    South Africa

7.6.5.1    Market estimates and forecast, 2017 - 2027

7.6.5.2    Market estimates and forecast by application, 2017 - 2027

7.6.5.3    Market estimates and forecast by product, 2017 - 2027

7.6.5.4    Market estimates and forecast by end users, 2017 – 2027

7.6.6    GCC Countries

7.6.6.1    Market estimates and forecast, 2017 - 2027

7.6.6.2    Market estimates and forecast by application, 2017 - 2027

7.6.6.3    Market estimates and forecast by product, 2017 - 2027

7.6.6.4    Market estimates and forecast by end users, 2017 - 2027

Chapter 8   Company Profiles

8.1    Akzo Nobel N.V.

8.1.1    Business Overview

8.1.2    Financial Data

8.1.3    Product Landscape

8.1.4    Strategic Outlook

8.1.5    SWOT Analysis

8.2    Jotun A/S

8.2.1    Business Overview

8.2.2    Financial Data

8.2.3    Product Landscape

8.2.4    Strategic Outlook

8.2.5    SWOT Analysis

8.3    Hempel A/S

8.3.1    Business Overview

8.3.2    Financial Data

8.3.3    Product Landscape

8.3.4    Strategic Outlook

8.3.5    SWOT Analysis

8.4    Chugoku Marine Paints, Ltd

8.4.1    Business Overview

8.4.2    Financial Data

8.4.3    Product Landscape

8.4.4    Strategic Outlook

8.4.5    SWOT Analysis

8.5    Kansai Paint Co.,Ltd.

8.5.1    Business Overview

8.5.2    Financial Data

8.5.3    Product Landscape

8.5.4    Strategic Outlook

8.5.5    SWOT Analysis

8.6    NipponPaint Co.

8.6.1    Business Overview

8.6.2    Financial Data

8.6.3    Product Landscape

8.6.4    Strategic Outlook

8.6.5    SWOT Analysis

8.7    Sherwin-Williams Company

8.7.1    Business Overview

8.7.2    Financial Data

8.7.3    Product Landscape

8.7.4    Strategic Outlook

8.7.5    SWOT Analysis

8.8    PPG Industries

8.8.1    Business Overview

8.8.2    Financial Data

8.8.3    Product Landscape

8.8.4    Strategic Outlook

8.8.5    SWOT Analysis

8.9    RPM International

8.9.1    Business Overview

8.9.2    Financial Data

8.9.3    Product Landscape

8.9.4    Strategic Outlook

8.9.5    SWOT Analysis

8.10    KCC Corporation

8.10.1    Business Overview

8.10.2    Financial Data

8.10.3    Product Landscape

8.10.4    Strategic Outlook

8.10.5    SWOT Analysis

8.11    Axalta Coating Systems

8.11.1    Business Overview

8.11.2    Financial Data

8.11.3    Product Landscape

8.11.4    Strategic Outlook

8.11.5    SWOT Analysis

8.12    MCU Coatings International

8.12.1    Business Overview

8.12.2    Financial Data

8.12.3    Product Landscape

8.12.4    Strategic Outlook

8.12.5    SWOT Analysis

8.13    Baril Coatings

8.13.1    Business Overview

8.13.2    Financial Data

8.13.3    Product Landscape

8.13.4    Strategic Outlook

8.13.5    SWOT Analysis

Authors: Kiran Pulidindi, Akshay Prakash

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Base Year: 2020

Companies covered: 13

Tables & Figures: 222

Countries covered: 18

Pages: 250

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