by Marine coatings are surface treatments applied to ships and boats to protect and decorate surfaces. Marine coatings help to prevent corrosion of steel hulls and other metal components by forming a barrier between the substrate material and the surrounding seawater or air. They protect boats and ships from fouling by marine organisms and corrosion caused by seawater, providing longer lifespans. Various types of marine coatings include anti-corrosive, antifouling and foul release coatings. They are applied to different parts of ships such as hull, exterior, interior and deck. The global marine industry relies heavily on effective coating solutions to keep vessels safe, compliant and operational.
The global Marine Coatings Market is estimated to be valued at US$ 12,662.7 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the marine coatings market is the increasing demand for fouling-free coatings. Fouling refers to accumulation of microorganisms, plants, algae and animals on ship hulls, which increases frictional resistance and fuel costs. Foul-release coatings form a slick non-stick surface that prevents fouling from adhering while maintaining smooth underwater hull performance. They offer an eco-friendly alternative to biocidal antifouling coatings. Regulatory restrictions on harmful biocides are expected to further drive adoption of these environmentally-safe fouling-free coating solutions. Another trend is the development of hybrid low friction coating systems combining foul-release properties with self-polishing capabilities. This integrated solution provides multi-season slime and fouling protection.
Porter’s Analysis
- Threat of new entrants: Low capital requirements and established brands make the threat of new entrants quite low in the marine
- coatings market. Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of a variety of coating options from several global and regional players.
- Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes for raw materials.
- Threat of new substitutes: The threat of substitutes remains moderate as newer technologies emerge but compliance with regulatory standards limits full adoption of novel technologies.
- Competitive rivalry: High owing to presence of several global players competing on product quality and service.
Key Takeaways
The global marine coatings market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing demand for shipbuilding and maintenance activities.
The market size for 2023 is US$ 12,662.7 Mn. Asia Pacific dominates the global market currently due to large shipbuilding industry and growing seaborne trade. China accounts for over one-third of global shipbuilding orders.
Key players operating in the marine coatings market are AkzoNobel N.V., Chugoku Marine Paints Ltd., Hempel A/S, Jotun A/S, Kansai Paint Co. Ltd., KCC Corporation, Nippon Paint, PPG Industries Inc, RPM International Inc.,The Sherwin-Williams Company. These players are focusing on new product development and expansion in emerging markets.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
