Marine Coatings Global Market Report 2024

The marine coatings market has grown strongly in recent years. It will grow from $4.94 billion in 2023 to $5.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The expansion observed in the historical period can be attributed to factors such as the regulatory environment, economic conditions, consumer preferences, the competitive landscape, and the historical influence of global events on the market.

The marine coatings market is expected to see strong growth in the next few years. It will grow to $6.63 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be attributed to demographic trends, increasing environmental concerns, innovations in the market, the growing emphasis on supply chain optimization, and shifts in consumer values, which are expected to drive the market. Major trends in the forecast period include advancements in corrosion protection coatings, the ascent of silicone-based coatings, the adoption of antimicrobial coatings for biosecurity purposes, the integration of graphene in coatings, and the development of coatings aimed at improving fuel efficiency.

The anticipated growth in sea trade activities is set to drive the expansion of the marine coatings market. Sea trade, involving the transportation of goods between two countries overseas, creates a demand for efficient means of preventing corrosion on ships submerged in water. Marine coatings play a crucial role in this by fending off moisture and reducing hydrodynamic drag, contributing to enhanced efficiency in ship operation. According to the United Nations Conference on Trade and Development (UNCTAD) in 2022, international maritime trade witnessed a 3.2% growth in 2021, with shipments reaching 11.0 billion tons. Consequently, the burgeoning sea trade activities are a key driver propelling the growth of the marine coatings market.

The projected rise in sea levels is expected to further boost the marine coatings market. Sea levels, representing the average height of the ocean's surface along a specific shoreline, are critical for various geographic and environmental assessments. Marine coatings play a vital role in protecting structures from corrosion and fouling in sea levels, ensuring the longevity and performance of maritime infrastructure. As reported by the National Oceanic and Atmospheric Administration (NOAA) in April 2022, the global average sea level reached a new record high of 101.2 mm (4 inches), surpassing the 2020 level. Consequently, the escalating sea levels become a driving force for the marine coatings market.

Product innovations emerge as a significant trend gaining traction in the marine coating market, with major companies focusing on developing novel products to maintain their market standing. For instance, in March 2023, PPG Industries Inc., a US-based manufacturer of paints, coatings, and specialty materials, introduced PPG SIGMAGLIDE 2390 marine coating. Distinguished by its ability to lower energy consumption, reduce carbon emissions, and surpass performance goals without harming the marine environment, this fouling release coating utilizes the innovative PPG HYDRORESET technology, creating a smooth, nearly frictionless surface that marine organisms do not recognize when submerged in water.

Major companies in the marine coatings market are directing their efforts towards developing advanced coatings incorporating technology such as water trap technology to enhance fuel efficiency and gain a competitive edge. Water trap technology aims to reduce water flow resistance in marine coatings. For example, in January 2022, Nippon Paint Marine, a Japan-based manufacturer of biocide-free marine coatings, launched FASTAR, a self-polishing antifouling coating. Inspired by tuna skin, this coating incorporates water trap technology, reducing water flow resistance and lowering vessel fuel consumption by approximately 8%.

In April 2022, Sherwin-Williams Company, a US-based provider of paints, coatings, and related products, acquired the European industrial coatings business of Sika AG for an undisclosed amount. This strategic acquisition aligns with Sherwin-Williams' growth and profitability goals, providing access to unique technology and expanded manufacturing and service capabilities. Sika AG, a Switzerland-based company, specializes in manufacturing and selling corrosion protection coating systems for vessels, oil and gas tanks, and steel infrastructure both internally and externally.

Major companies operating in the marine coatings market report are PPG Industries Limited, Akzo Nobel N.V., The Sherwin-Williams Company, Hempel A/S, Jotun, Nippon Paint Marine Coatings Co. Ltd., Axalta Coating Systems, RPM International Inc., Boero YachtCoatings, Kansai Paint Co.Ltd., KCC Corporation, Chugoku Marine Paints Ltd., Pettit Paints, General Coatings Manufacturing Corp., Wacker Chemie AG, International Paint Ltd., Carboline Company, International Marine Coatings, Ameron Protective Coatings, Devoe Marine Coatings, Rust-Oleum Marine Coatings, Sigma Coatings, BASF SE, Hexion Inc., ChromaScape, Baril Coatings, MCU coatings, Tikkurila Oyj.

Asia-Pacific was the largest region in the marine coatings market in 2023. The regions covered in the marine coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the marine coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product types of marine coatings include anti-fouling coatings, anti-corrosion coatings, foul-release coatings, and others. Anti-fouling coatings, for instance, typically feature a vinyl and wood rosin binder and are applied to the hull and propellers of maritime vessels. Resins used in marine coatings comprise various types such as epoxy, polyurethane, acrylic, alkyd, and others. Different technologies, including water-borne and solvent-borne, are employed, and these coatings find applications in various settings such as coastal areas, containers, deep-sea environments, leisure boats, offshore vessels, and more. They are utilized by diverse end-users, including those involved in the construction of new ships and repair work.

The marine coatings market research report provides marine coatings market statistics, including marine coatings industry global market size, regional shares, competitors with a marine coatings market share, detailed marine coatings market segments, market trends, and opportunities, and any further data you may need to thrive in the marine coatings industry. This marine coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marine coating market consists of sales of paints, primers, base coats, and top coats. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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