Global Marine Coatings Market: Snapshot

Just a few players account for a substantial share in the global marine coatings market. As a result it is consolidated. In order to steal a march over their competitors, savvy players in the market are focused on product development. They are seen augmenting their sales by offering a variety of products to their clients to cater to their specific needs.

At the forefront of driving demand in the global marine coatings market is their deep-sea application, which protects ships from harsh weather conditions and improves their appearance. They also serve to up the fuel efficiency of vessels, thereby decreasing their impact on the environment. Research and development of better products with various advantages is also benefitting the market. However, slow growth of the ship building industry is expected to be a restraining factor for the market.

A report by Transparency Market Research, forecasts the global marine coatings market to attain a value of US$14.52 bn by 2025 from US$8.53 bn in 2015 by rising at a CAGR of 6.1% between 2017 and 2025.


Anti-fouling Coatings Leading Product Segment on Account of Repair and Maintenance Activities

Product-wise, the key segments of the global marine coatings market are anti-fouling coatings, foul release coatings, anti-corrosion coatings, etc. Of them, the segment of anti-fouling coatings, which provide protection to vessels and ships from fouling organisms and slime, held a leading share in the market in 2016. Primarily used for ship repair and maintenance, rise in such activities is predicted to boost demand for the product segment in the near future. The anti-corrosion coatings, which protect the surface from abrasion and corrosion, trails in the second position in terms of volume. Foul release coating is another popular product segment since they are biocide-free and environmentally compatible. Demand for other marine coatings such as self-cleaning and self-polishing coatings is likely to surpass that of other products in the near future.

Shipbuilding in China Catapults Asia Pacific Market to Fore

From a geographic standpoint, Asia Pacific dominates the global marine coating market in terms of volume and value. In 2016, it held over 60% value share of the market. Powered by shipbuilding activities in China, Japan, and South Korea, the market in the region is predicted to maintain its leading position in the years ahead too. The region is also expected to outshine all others in terms of growth rate by clocking a CAGR of 6.45% and grow its share to 64.7% by 2025.

Europe and North America are key markets as well since they generate significant demand for marine coatings. The shale gas revolution in the U.S. in North America has upped the need for high deep sea vessels such as oil carriers, tankers, LNG tankers, and LPG tankers, thereby driving up demand for marine coatings. Again, Germany in Europe consumes maximum marine coatings. Majority of companies operating in the marine industry in Europe are located in Germany, Greece, Italy, Norway, and the Netherlands. Thus, these countries are the most lucrative markets for marine coatings. Rising at a CAGR of 5.42% in the forecast period, the market in North America is projected to trim its share to 11.2% by 2025. Similarly, by registering a CAGR of 5.69 in the forecast period, the market in Europe is expected to reduce its share to 17.1% by 2025.

Some of the prominent players in the global marine coatings market are Akzo Nobel N.V., PPG Industries Inc., Jotun A/S, Hempel A/S, Chugoku Marine Paints Ltd., and Sherwin-Williams Company.

Global Marine Coatings Market: Overview

Marine coatings are applied on marine vessels, ships, cargo ships, tugs, tanks and containers, offshore vessels, yacht, super yacht, bulk carriers, chemical tankers, and military vessels for functional purposes such as prevention of corrosion, fouling due to microbes, aquatic shelled animals such as mollusks, mussels, etc. Anti-fouling coatings, anti-corrosion coatings, and foul release coatings are the various types of marine coatings available in the market. These coatings are manufactured using various bases or resins such as epoxy, silicone, acrylate, alkyd, urethane etc.

The report estimates and forecasts the marine coatings market on the global, regional, and country levels. The study provides forecast between 2017 and 2025 based on volume (tons) and revenue (US$ Mn) with 2016 as the base year. The report comprises an exhaustive value chain analysis for each of the product segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage. The study includes drivers and restraints for the marine coatings market along with their impact on demand during the forecast period.

The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the marine coatings market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. Furthermore, the report analyzes substitute analysis of marine coatings and global average price trend analysis.

The report includes Porter’s Five Forces Model to determine the degree of competition in the marine coatings market. It comprises qualitative write-up on market attractiveness analysis, wherein products, processes, applications and countries have been analyzed based on attractiveness for each region. Growth rate, market size, raw Process availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for marine coatings between 2017 and 2025.

Global Marine Coatings Market: Segmentation

The study provides comprehensive view of the marine coatings market by dividing it into product, resin, marine segment, application and geography. The marine coatings market has been segmented by product into anti-fouling coatings, anti-corrosion coatings, foul release coatings and other marine coatings. Based on resin the market is segmented as epoxy, silicone, acrylate, and others. Based on marine segment the market is segmented as dry docking and new shipbuilding. Based on application the market is segmented as coastal, containers, deep sea, leisure boats, offshore vessels, and other applications. The segments have been analyzed based on historic, present, and future trends.

Regional segmentation includes the current and forecast of marine coatings in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Key countries such as the U.S., Norway, Germany, Netherlands, Italy, Turkey, China, South Korea, Japan, ASEAN, South Africa, Mexico, and Brazil have been included in the study. Market segmentation includes amount of marine coatings consumed by product, resin, marine segment, and application in all the regions and countries.

Global Marine Coatings Market: Competitive Analysis

The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Major players profiled in the report Akzo Nobel N.V., PPG Industries Inc., Jotun A/S, Hempel A/S, Chugoku Marine Paints Ltd. and Sherwin-Williams Company. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).

Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.

In-depth interviews and discussions with wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.

The marine coatings market has been divided into the following segments.

Global Marine Coatings Market, by Product

  • Anti-Fouling
  • Anti-Corrosion
  • Foul Release
  • Others

Global Marine Coatings Market, by Resin

  • Epoxy
  • Silicone
  • Alkyd
  • Others

Global Marine Coatings Market, by Marine Segment

  • Dry Docking
  • New Shipbuilding

Global Marine Coatings Market, by Application

  • Coastal
  • Containers
  • Deep Sea
  • Leisure Boats
  • Offshore Vessels
  • Others

Global Marine Coatings Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Norway
    • Germany
    • Netherlands
    • Italy
    • Turkey
    • Rest of Europe
  • Asia Pacific
    • China
    • South Korea
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America