Marine coatings provide protective barriers to vessels against saline water and atmospheric corrosion, thus extending their service life. Marine coatings find widespread applications for new shipbuilding and ship repair & maintenance activities. Anti-fouling coatings are widely applied to ship hulls to prevent biofouling organisms such as algae, plants, and animals from attaching to the hull surface and slowing down ships. Additionally, marine coatings also offer advantages such as slime & barnacle protection, resistance to oil, chemicals, and gases, and aesthetics.
The global Marine Coatings Market is estimated to be valued at US$ 7.2 billion 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 gaining traction in the marine coatings market is the development of non-toxic bio-based marine coatings. Traditional marine coatings contain toxic volatile organic compounds (VOCs) and biocides which pose environmental and health hazards. However, ongoing research is exploring the potential of bio-based and botanical ingredients as eco-friendly alternatives to traditional toxins in marine coatings. For instance, researchers are studying plant extracts from neem, aloe vera and other plants for their non-toxic fouling release properties. Such innovations aim to offer a sustainable solution by developing next-gen marine coatings which are non-toxic yet effective.
- Threat of new entrants: The marine coatings market requires high R&D investments and strict regulations. This poses significant barriers for new players.
- Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several established manufacturers. However, compliance with industry standards limits options.
- Bargaining power of suppliers: Suppliers have moderate bargaining power owing to the availability of alternative raw material sources and suppliers.
- Threat of new substitutes: No direct substitute exists for marine coatings as they are crucial to prevent corrosion of ship hulls.
- Competitive rivalry: The market is highly competitive with global players like PPG, AkzoNobel, and Jotun.
The global marine coatings market is expected to witness high growth over the forecast period. The global Marine Coatings Market is estimated to be valued at US$ 7.2 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market due to major shipbuilding activities in countries like China, South Korea, and Japan. Countries in this region are also leading exporters of ships globally. The presence of leading shipbuilding countries such as China, South Korea, and Japan are driving high demand. Growth in international seaborne trade is also propelling the regional market.
Key players operating in the marine coatings market are PPG, AkzoNobel, Jotun, Chugoku Marine Paints Ltd., Hempel A/S, Kansai Paint Co. Ltd. These players are focusing on new product launches to consolidate their position. For instance, in 2022, AkzoNobel launched a new antifouling coating systems portfolio to provide optimized hull performance solutions.