Global Marine Paints Market - Forecasts from 2022 to 2027

The global marine paints market was evaluated at US$2,529.662 million for the year 2020 and is projected to grow at a CAGR of 4.07% to reach a market value of US$3,345.123 million by 2027 in the forecast period.

Marine paints are the types of paints that are applied on ferries, boats, ships, other water vehicles, and structures that are exposed to water frequently. These types of paints provide a protective layer against moisture, brackish water, or saltwater. The offshore oil rigs are painted with marine paints to prevent the iron from rusting and corrosion. The market for marine paints is majorly driven by its widespread presence in the shipping industry, which uses the product extensively owing to the convenience it provides in the operation of the water vehicle. The paints protect marine vessels against corrosive environments. Furthermore, a significant advantage of marine paints in the shipping industry is the fact that they make the ship’s hull smoother, cutting down the friction provided by the waters, which consequently results in a lower demand for fuel to run the ship. A vital advantage of marine paints being used on offshore structures is that they provide the structure with maximum retention of color and gloss. Moreover, the application of marine paints acts as weather-resistant to the structure, preventing it from yellowing, chalking, etc.

The increase in the shipbuilding and repairing industry is expected to fuel the market's growth during the forecast period. The growth of the shipbuilding industry is due to the increasing amounts of investments made in the sector. For instance, according to an article published in Defense News of the United States, the Chinese Communist Party invested more than US$ 130 billion in the shipping industry and other shipping subsidiaries over the period 2010 to 2018. Furthermore, according to a blog by the Eno Center for Transportation, several countries are now developing their shipbuilding industry, with South Korea building up to 37% of the global ship construction, Japan making 27%, and China making up to 21%.

The segmentation of the global marine paints market has been done into resin, product type, applications, and geography. By resin, the classification of the market has been done into epoxy, alkyd, and polyurethane. By product type, the classification of the market has been done into anti-corrosion coatings and antifouling coatings. Furthermore, based on geography, the global market is distributed in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Increasing investments in the shipbuilding sector will drive the market during the forecast period

The growth of the marine paints market is fuelled by increasing investments in the shipbuilding industry. The investment in the sector is due to the increasing demand for commercial ships in several countries; the United States, which was once a leader in the shipbuilding business with investments coming in from all over the world, for instance, the Chinese Communist party invested about US$ 130 billion in the shipbuilding and other related subsidiaries of America during the period 2010-2018. Furthermore, the developments in the European shipbuilding sector will be a tailwind to the market for marine paints during the forecast period. The shipyards in Europe count up to 150, out of which 40 are active for global transportation. According to a report by the European Commission, about 120,000 people are employed in the sector and growing. Moreover, the market share of the shipbuilding business in terms of tonnage is 6% which makes it a major player in the shipbuilding business with a turnover of about EUR 60 billion as per the report.

Increasing concern regarding the prevention of the marine vessels and structures from corrosion will drive the market

The market is expected to witness a significant increase during the forecast period owing to the increasing concerns regarding the prevention of marine vessels and structures from corrosion. Corrosion degrades the ability to the operation of offshore equipment and also inhibits the smooth movement of the marine vessels in the water. The market for marine paints is expected to be driven by increasing awareness about preventing the same from corrosion and other environmental adversities caused by salty and brackish water.

Recent Developments

In September 2021, Nippon Paint Marine, a global leader in advanced hull coatings, launched the world's first biocide-free, reduced friction self-polishing copolymer antifouling technology.

Chugoku Marine Paints, Ltd. introduced a fuel-efficient anti-fouling solution for ocean-going vessels in June 2021.

In January 2021, Nippon Marine Paint introduced the FASTAR series, an antifouling paint for ship bottoms. It's an antifouling solution based on the industry's first coating film surface control technology, which uses a hydrophilic hydrophobic nanodomain structure to reduce coating film elution and biocide elution by up to 50% while maintaining good antifouling performance.

COVID-19 Impact

The advent of COVID-19 hurt the global marine paints market since the pandemic brought the activities in various industries to a standstill which restricted major industrial activities wherein the focus of the manufacturing and other industries shifted to keep the processes going even at less than half the actual capacity. The huge dip in the industrial processes owing to the pandemic in several countries slowed the growth of the marine paints market to a significant level in the year 2020. With the industries getting back on track and recovering after suffering losses due to the pandemic, the processes are expected to resume which here halted due to lockdown protocols earlier. The growth of the marine paints market is expected to show a gradual increase initially. However, it is expected to witness rapid growth after the industries resume activities at full capacity during the forecast period owing to the increasing demand for the services across the world.

Competitive Insights

The players in the global marine paints market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players have been covered along with their relative competitive strategies. The report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, essential products and services being offered, along with the recent deals and investments of these crucial players in the market.

Segmentation

By Resin

• Epoxy
• Alkyd
• Polyurethane

By Product Type

• Anticorrosion coatings
• Antifouling coatings

By Application

• Cargo ships
• Passenger ships
• Boats

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• Germany
• France
• UK
• Spain
• Middle East and Africa
• Saudi Arabia
• UAE
• Asia Pacific

• China
• Japan
• India
• South Korea
• Indonesia
• Taiwan