Global Marine Coatings Market Size, Share, and COVID-19 Impact Analysis By Product (Anti-fouling coatings, Anti-corrosion coatings, Foul release coatings and Others), By Application (Coastal, Containers, Deep sea, Leisure boats, Offshore vessels and Others), By End-use (New Ships and Repair Work) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030Industry: Chemicals & Materials
Global Marine Coatings Market Insights Forecasts to 2030
- The global Marine Coatings Market was valued at USD 5.00 Billion in 2021.
- The Market is growing at a CAGR of 5% from 2022 to 2030
- The global Marine Coatings Market is expected to reach USD 7.75 Billion by 2030
- North America is expected to grow the fastest during the forecast period.
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The global Marine Coatings Market is expected to reach USD 7.75 Billion by 2030, at a CAGR of 5% during the forecast period 2022 to 2030. Over the projected period, the demand for Marine Coatings in the market will increase due to a rise in the demand for product in favourable economic conditions may lead to a rise in seaborne commerce activity and a beneficial impact on consumer demand for marine coatings.
Marine Coatings protect surfaces & parts of ships and marine containers from erosion and corrosion. They are applied to container ships, bulk carriers, tankers, passenger ships, and general cargo. Marine vessels' service lives are severely shortened by corrosion, which causes component degradation. These coatings are also used by ship builders and maintenance companies to enhance the aesthetics and visual appeal of the outer surfaces. With a variety of paints and coatings, marine coating producers are concentrating on product improvements that serve to lower the fuel consumption of the ship. For example, Hempaguard X7 hull marine coating is a product offered by Hempel that aids in lowering water resistance and supplying a smooth surface below the waterline. Such activities will have a favourable impact on the market share for marine coatings. The expansion of international maritime traffic has a favourable impact on the market for marine coatings as a whole. Customers are increasingly in demand for marine coatings with low VOC content due to their environmental friendliness. Therefore, in order to meet the unique requirements of clients, marine coating producers employ new trends.
The expansion of international trade, increasing consumer awareness of hull protection, the need to increase vessel fuel efficiency, and the growth of the gas and oil sector in the major offshore areas are the main factors expected to propel the global market for marine coatings to a strong expansion. The overall growth of the global marine coatings industry is being impacted by the growing appeal of cruise and yacht ships among leisure travellers. Due to a growing focus on the effects of corrosion on ships and the ensuing increase in fuel consumption, it is projected that the need for marine coatings will continue in the upcoming years. Additionally, it is anticipated that the desire to protect and stop the flora and fauna of a particular ecosystem from being disturbed would increase demand for the many types of marine coatings that are now available on the worldwide market. Additionally, a flurry of environmentally friendly coatings on the market has allowed end users to act responsibly while using vessels. Marine coatings market development is primarily being driven by the expansion of the shipbuilding sector, while elements like changing raw material prices may hamper market expansion.
Our research experts have analysed historical data to determine the COVID-19 pandemic's effect on the marine coatings business and the major market drivers. To achieve a competitive edge, end goals may be determined and marketing strategies can be improved with a comprehensive analysis of the drivers.
This research report categorizes the Market for global Marine Coatings based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Marine Coatings Market. Recent Market developments and competitive strategies such as expansion, Product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the Market. The report strategically identifies and profiles the key Market players and analyses their core competencies in each global Marine Coatings Market sub-segments.
- In 2021, the Anti-fouling segment accounted for the largest share of the Market, with 32.6% and a Market revenue of 1.63 Billion.
Based on the Product, the Marine Coatings Market is categorized into Anti-fouling coatings, Anti-corrosion coatings, Foul release coatings and Others. In 2021, the Anti-fouling segment accounted for the largest share of the Market, with 32.6% and a Market revenue of 1.63 Billion. Throughout the forecast period, the Anti-fouling segment is anticipated to maintain its leading position Due to when anti-fouling is treated to a maritime vessel, subaquatic development is slowed down, resulting in a smoother hull and increased fuel efficiency. Chugoku Marine Paints, Ltd., for instance, introduced a fuel-efficient anti-fouling solution for oceangoing boats in June 2021. Over the predicted period, expanding product availability will enhance category penetration.
- In 2021, the Leisure boats segment accounted for the largest share of the Market, with 20.6% and a Market revenue of 1.03 Billion.
Based on the application, the Marine Coatings Market is categorized into Coastal, Containers, Deep sea, Leisure boats, Offshore vessels and Others. In 2021, the Leisure boats segment accounted for the largest share of the Market, with 20.6% and a Market revenue of 1.03 Billion. Throughout the forecast period, the Leisure boats segment is anticipated to maintain its leading position while expanding at the fastest CAGR due to the value of the marine coatings market is being supported by the growing boating and water sports industries as well as the introduction of numerous water clubs throughout the world.
- In 2021, the New Ships segment accounted for the largest share of the Market, with 60.6% and a Market revenue of 3.03 Billion.
Based on the End-use, the Marine Coatings Market is categorized into New Ships and Repair Work. In 2021, the New Ships segment accounted for the largest share of the Market, with 60.6% and a Market revenue of 3.03 Billion. Throughout the forecast period, the New Ships segment is anticipated to maintain its leading position while expanding at the fastest CAGR due to the marine sector has seen increased investment and rising commercial activity, which has strengthened the shipbuilding industry. In addition, a number of government agencies have developed programmes to encourage the trade of products by maritime transportation.
Regional Segment Analysis of the Marine Coatings Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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Asia Pacific emerged as the largest Market for the global Marine Coatings Market, with a Market share of around 27.9% and 1.39 Billion of the Market revenue in 2021.
- Asia Pacific emerged as the largest Market for the global Marine Coatings Market, with a Market share of around 27.9% and 1.39 Billion of the Market revenue in 2021. The demand for Marine Coatings is being driven by the rising acceptance by the market. The market for Marine Coatings was dominated by the Asia Pacific region this is mostly due to China, Japan, and South Korea building a lot of new ships. Shipbuilding businesses have opened factories all across the region thanks to the accessibility of cheap and competent labour. The expansion of the marine coatings industry is being supported by advantageous geographic conditions that make maritime trade efficient and straightforward. Governmental agencies help the shipbuilding sector through financial and regulatory support.
- North America Market is expected to grow at the fastest CAGR between 2021 and 2030, Because of the rise in sales of new ships, which is aided by the developing shipbuilding industry, the market in North America is anticipated to obtain the highest market share throughout the projected period.
The report offers the appropriate analysis of the key organizations/companies involved within the global Marine Coatings Market along with a comparative evaluation primarily based on their Product offering, business overviews, geographic presence, enterprise strategies, segment Market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including Product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market.
List of Key Market Players:
- Boero Bartolomeo
- RPM International
- Nippon Paint Marin Coatings
- Kansai Paint Marine Coatings
- Wacker Chemie
- Axalta Coating Systems
- PPG Industries
- Pettit Marine Paints
- Engineered Marine Coatings
- Chugoku Marine Paints
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In June 2021, A fuel-efficient anti-fouling solution for ocean-going vessels was introduced by Chugoku Marine Paints, Ltd. Over the predicted period, expanding product availability will drive category penetration.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Marine Coatings Market based on the below-mentioned segments:
Global Marine Coatings Market, By Product
- Anti-fouling coatings
- Anti-corrosion coatings
- Foul release coatings
Global Marine Coatings Market, By Application
- Deep sea
- Leisure boats
- Offshore vessels
Global Marine Coatings Market, By End-use
- New Ships
- Repair Work
Global Marine Coatings Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of the Marine Coatings market?As per Spherical Insights, the size of the Marine Coatings market was valued at USD 5.00 billion in 2021 to USD 7.75 billion by 2030.
What is the market growth rate of the Marine Coatings market?The Marine Coatings market is growing at a CAGR of 5% from 2022 to 2030.
Which country dominates the Marine Coatings market?Asia Pacific emerged as the largest market for Marine Coatings.
Who are the key players in the Marine Coatings market?Key players in the Marine Coatings market are BASF, Boero Bartolomeo, Jotun, RPM International, Sherwin-Williams, Nippon Paint Marin Coatings, Kansai Paint Marine Coatings, Wacker Chemie, Axalta Coating Systems, AkzoNobel, PPG Industries, Pettit Marine Paints, Engineered Marine Coatings, Hempel, and Chugoku Marine Paints.
Which factor drives the growth of the Marine Coatings market?The increasing use of antioxidants in marine coatings is expected to drives the market's growth over the forecast period.
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