What is the Historic and Current Scenario of the Marine Coatings Market?
The marine coatings market has seen considerable growth due to a variety of factors.
•In recent times, there has been significant growth in the marine coatings market size. It is projected to expand from $5.24 billion in 2024 to $5.56 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.1%.
The historical growth in the market can be associated with factors such as regulatory norms, economic climate, customer tastes, competitive market dynamics, and global incidents which have traditionally impacted the market.
What are the Forecasted Growth and Key Factors of the Marine Coatings Market?
The marine coatings market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the marine coatings market is poised for significant expansion in the coming years, with expectations to reach "$7.2 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 6.7%.
This anticipated growth during the predicted period can be linked to factors such as demographic developments, escalating environmental issues, market innovation, improved supply chain optimization, and evolving consumer preferences. Key trends forecasted for this period consist of improved corrosion protection coatings, the emergence of silicone-based coatings, the use of antimicrobial coatings for biosecurity, the inclusion of graphene in coatings, and coatings designed for fuel efficiency.
What Are the Critical Driver Fuelling the Marine Coatings Market's Growth?
The expansion of maritime trade activities is anticipated to spur the advancement of the marine coatings market. Maritime trade is defined as the overseas transportation of commodities between two countries. Marine coatings effectively prevent corrosion in ships when submerged in water. They also deter moisture and diminish hydrodynamic drag, thus enhancing ship efficiency. This means the surge in maritime trade activities escalates the demand for marine coatings. For example, Eurostat, a government agency based in Luxembourg, stated in July 2024 that the total weight of seaborne goods in the European Union stood at 893.97 million tonnes in the second quarter of 2022, a rise from 851.28 million tonnes in the second quarter of 2021. This further indicates that the escalating maritime trade activities are significantly contributing to the growth of the marine coatings market.
How Is the Marine Coatings Market segmented?
The marine coatings market covered in this report is segmented –
1) By Product: Anti-Fouling Coatings, Anti-Corrosion Coatings, Foul Release Coatings, Other Products
2) By Resin: Epoxy, Polyurethane, Acrylic, Alkyd, Other Resins
3) By Technology: Water-Borne, Solvent-Borne, Other Technologies
4) By Application: Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels, Other Applications
5) By End-Use: New Ships, Repair Work
Subsegments:
1) By Anti-Fouling Coatings: Hard Anti-Fouling Coatings, Soft Anti-Fouling Coatings
2) By Anti-Corrosion Coatings: Epoxy Coatings, Polyurethane Coatings, Zinc-Rich Coatings
3) By Foul Release Coatings: Silicone-Based Foul Release Coatings, Non-Toxic Foul Release Coatings
4) By Other Products: Specialty Coatings, Primers, Topcoats
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What New Trends Are Influencing the Marine Coatings Market?
In the marine coating market, a predominant trend is product innovation. Major corporations in this market are concentrating on introducing new products to remain competitive. An example of this is PPG Industries Inc., a corporation based in the U.S. that manufactures paints, coatings, and speciality materials. In March 2023, they launched PPG SIGMAGLIDE 2390 marine coating. This product stands out for its ability to reduce energy consumption, decrease carbon emissions, and surpass performance targets without damaging the marine ecosystem. The fouling-release coating, which is biocide-free, uses innovative PPG HYDRORESET technology. This causes a transformation in the coating upon immersion in water, resulting in an extremely slick, low-friction surface not recognized by marine organisms.
Who Are the Key Players in the Marine Coatings Market?
Major companies operating in the marine coatings market include:
• PPG Industries Limited
• Akzo Nobel N.V.
• The Sherwin-Williams Company
• Hempel A/S
• Jotun
• Nippon Paint Marine Coatings Co. Ltd.
• Axalta Coating Systems
• RPM International Inc.
• Boero YachtCoatings
• Kansai Paint Co.Ltd.
• KCC Corporation
• Chugoku Marine Paints Ltd.
• Pettit Paints
• General Coatings Manufacturing Corp.
• Wacker Chemie AG
• International Paint Ltd.
• Carboline Company
• International Marine Coatings
• Ameron Protective Coatings
• Devoe Marine Coatings
• Rust-Oleum Marine Coatings
• Sigma Coatings
• BASF SE
• Hexion Inc
• ChromaScape
• Baril Coatings
• MCU coatings
• Tikkurila Oyj
What Is The Most Dominant Region In The Marine Coatings Market?
Asia-Pacific was the largest region in the marine coatings market in 2024. The regions covered in the marine coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
