Marine coatings are protective paint-like coatings used on ships, boats, oil rigs and components that come in contact with sea water or brackish water. Marine coatings provide protection against corrosion, fouling and slime formation and reduce frictional coefficient offering fuel efficiency. They are important for safety, reliability and extending the lifecycle of marine vessels.
The Marine Coatings Market is estimated to be valued at US$ 12,662.7 Mn 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 major trends driving the growth of the marine coatings market is rising marine trade activities globally. According to the United Nations Conference on Trade and Development (UNCTAD), in 2021, the world seaborne trade grew by 3.8% and reached a record volume of 11.08 billion tons. The rise in global marine trade leads to increasing demand for cargo ships, bulk carriers and oil tankers which boosts the use of marine coatings for corrosion protection and fuel efficiency. Additionally, the trend of underwater coating systems is gaining momentum in the market. These coatings are used for protection of dry docks, offshore structures and ship hulls from tidal zones, splash zones and submerged areas. They provide additional benefits like easy cleaning of marine growth, resistance to damp and moisture. The growing construction of offshore oil & gas infrastructure will further propel the demand for underwater coating systems in the coming years.
Porter's Analysis
Threat of new entrants: Low capital requirements and availability of surplus production capacity in the industry pose a threat of new entrants.
Bargaining power of buyers: Large number of manufacturers providing a wide range of products for new ship building and maintenance activities increases the buyers' bargaining power.
Bargaining power of suppliers: Suppliers of raw materials like epoxy resins, acrylic polymers etc have moderate bargaining power due to availability of close substitutes.
Threat of new substitutes: Low threat as marine coatings have widespread and well-established use in new ship building and repair applications.
Competitive rivalry: Intense competition due to presence of numerous global and regional players.
SWOT Analysis
Strengths: High demand from shipping and marine industries. Offers corrosion protection and increases ship durability.
Weaknesses: Fluctuating raw material prices affect margins. Long drying times increase application costs.
Opportunities: Growing marine freight transport. Investments in new ship building in Asia Pacific and Middle East.
Threats: stringent environmental regulations. Threat from natural and man-made disasters affecting shipping.
Key Takeaways
The global marine coatings market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing seaborne trade and new ship orders. The market size for 2023 is estimated to reach US$ 12,662.7 Mn. Asia Pacific currently dominates the market due to large shipbuilding activities in China, South Korea and Japan.
Regionally, the Asia Pacific region is expected to remain the fastest growing as well as the dominating region in the marine coatings market during the forecast period. This high growth can be attributed to rising domestic and international seaborne trade coupled with increasing new vessel construction in China, South Korea and Japan.
Key players operating in the marine coatings market are AkzoNobel N.V., Chugoku Marine Paints Ltd., Hempel A/S, Jotun A/S, Kansai Paint Co. Ltd., KCC Corporation, Nippon Paint, PPG Industries Inc, RPM International Inc.,The Sherwin-Williams Company.
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