Marine coatings are widely used in ships, boats, yachts, cruise liners, oil rigs, and other offshore structures to protect their surface from corrosion, fouling, slime, and other environmental impacts. Marine coatings provide long-term barrier protection and extend the lifespan of substrates by preventing corrosion under water exposure.
The global Marine Coatings Market is estimated to be valued at US$ 9 Billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased offshore exploration activities is one of the major factors fueling demand for marine coatings. Oil & gas companies are increasingly focusing on offshore exploration and production activities due to depletion of onshore reserves. For instance, according to BP statistical review of world energy 2021, global offshore oil production increased from 18 million barrels per day in 2020 to 19 million barrels per day in 2021. Offshore structures experience harsh corrosive conditions and require specialized high-performance coatings. Marine coatings protects offshore structures and vessels from corrosion, thereby extending their life. Thus, growth in offshore exploration is expected to drive the demand for marine coatings during the forecast period.
SWOT Analysis
- Strength: Marine coatings have superior properties including UV resistance, anti-corrosion, adhesion and abrasion resistance which makes them suitable for protecting marine vessels and structures.
- Weakness: Strict environmental regulations surrounding the use of VOC-based marine coatings increases production costs.
- Opportunity: Growth in maritime tourism and maritime trade is driving demand for new ships and vessels requiring protective marine coatings. Expanding offshore oil and gas industry also creates opportunity.
- Threats: Slowdown in global trade poses risks to the shipping industry which can negatively impact marine coatings demand. Stiff competition exists from substitutes like alternative marine coating materials.
Key Takeaways
The global marine coatings market is expected to witness high growth. The global Marine Coatings Market is estimated to be valued at US$ 9 Billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030.
The Asia Pacific region currently dominates the marine coatings market with the largest share, led by strong growth in China, Japan and South Korea. These countries are major shipbuilding nations and have a large number of coastal and shipping activities driving coatings demand.
Key players operating in the marine coatings market include PPG Industries, AkzoNobel, Jotun, Chugoku Marine Paints, Hempel, Sherwin-Williams and Nippon Paint. Marine coating manufacturers are focusing on expanding their product lines to include more environment-friendly, low-VOC product offerings in response to regulatory pressures. Several coatings industry giants are also investing in R&D to develop sustainable bio-based marine coating technologies using plant-derived ingredients.
