India Marine Coatings Market, By Region, Competition, Forecast & Opportunities, 2020-2030F

The India Marine Coatings Market was valued at INR Crore 0.58 Billion in 2024, and is expected to reach INR Crore 1.07 Billion by 2030, rising at a CAGR of 10.70%. The India Marine Coating Market is witnessing consistent expansion, underpinned by the rapid growth of the domestic shipbuilding sector, increased capital allocation toward naval and defense maritime assets, and accelerated port infrastructure upgrades. The government's strategic push toward coastal shipping corridors, offshore hydrocarbon development, and deep-draft port expansion is driving sustained demand for advanced marine coatings particularly those offering superior anti-corrosion, antifouling, and long-term structural protection.

As a result, the market is undergoing a structural shift from a traditionally cost-driven, maintenance-focused model to a technology-intensive, performance-based value chain. With a growing preference for durable, environmentally compliant formulations, and greater involvement from organized players, the sector is aligning closely with India’s ambition to position itself as a global maritime manufacturing and logistics hub by 2030.

Key Market Drivers

Expansion of Shipbuilding and Ship Repair Industry

The expansion of the shipbuilding and ship repair industry in India is a major driver fueling the growth of the India Marine Coating Market, as it directly increases the demand for a wide range of high-performance coatings used throughout a vessel’s construction, maintenance, and lifecycle management. India currently holds a marginal 0.07% share in the global shipbuilding market, placing it outside the top 15. Achieving the government’s stated ambition of entering the top 10 by 2030. India’s shipbuilding sector is gaining momentum with support from government initiatives such as “Make in India”, Sagarmala, and Atmanirbhar Bharat, aimed at enhancing indigenous manufacturing capabilities.

Major public-sector shipyards like Cochin Shipyard Ltd, Garden Reach Shipbuilders & Engineers, and Mazagon Dock Shipbuilders, as well as private players like L&T Shipbuilding, are receiving increasing orders for commercial vessels, defense ships, patrol boats, and offshore supply vessels. Each newbuild vessel requires a comprehensive coating system, including anti-corrosion primers, antifouling paints, tie coats, topcoats, and specialty coatings. This creates significant baseline demand for marine coatings across multiple resin and product categories. As the number of shipbuilding contracts grows, so does the volume of coating consumption per vessel, directly contributing to market expansion.

With India emerging as a competitive hub for ship repair and dry docking services, especially for vessels operating in the Indian Ocean and Southeast Asia, the demand for maintenance coatings is increasing rapidly. Ship maintenance cycles often require complete recoating of hulls, tanks, decks, and engine rooms, particularly to address wear and corrosion caused by prolonged exposure to saline environments. Coating consumption in the repair phase is sometimes even higher than in new building, as vessels require multiple layers of surface preparation, touch-ups, and anti-fouling renewal.

India’s strategic geographic location and lower labor costs make it an attractive option for global ship operators, which further accelerates the repair and recoating market. Modernization efforts at Indian shipyards are leading to the adoption of automated coating application systems, advanced surface preparation techniques, and stricter quality control standards.

These improvements not only increase coating throughput but also enable the use of higher-grade, performance-based coatings that comply with international maritime standards. The shift toward modular shipbuilding and integrated project timelines further increases demand for pre-coated panels and high-efficiency coatings that dry quickly and perform reliably in extreme marine conditions. Such advancements increase the per capita coating requirement per vessel and promote the use of premium coating solutions in both private and government shipyards.

Key Market Challenges

High Dependence on Imports for Raw Materials and Specialty Chemicals

One of the most critical challenges in the Indian marine coating industry is its reliance on imported raw materials and additives, particularly for high-performance formulations.

Specialty pigments, resins (like certain polyurethane or epoxy variants), and biocides used in marine coatings often need to be sourced from global suppliers, which leads to cost volatility and extended lead times. Disruptions in global supply chains such as those seen during the COVID-19 pandemic and geopolitical tensions have exposed vulnerabilities and caused delays in production cycles. Currency fluctuations and import duties further inflate the cost base, affecting price competitiveness and margins for domestic manufacturers. This dependence hampers scalability and localized innovation, limiting India's ability to become self-sufficient in high-grade marine coating systems.

Key Market Trends

Shift Toward Eco-Friendly and Biocide-Free Coatings

As global environmental regulations tighten, there is a growing trend in India toward the adoption of eco-friendly marine coatings, particularly biocide-free antifouling solutions and low-VOC (volatile organic compounds) formulations.

International maritime regulations such as IMO’s MARPOL Annex VI, and India's increasing alignment with green shipping protocols, are compelling the domestic marine sector to reduce the environmental footprint of coatings. Traditional antifouling coatings that use harmful biocides are gradually being replaced by silicone-based or polymer-based fouling release coatings, which prevent organism attachment without toxic discharge. Shipowners and port authorities are being held to higher ESG (Environmental, Social, Governance) standards, increasing demand for coatings that meet green certification criteria. This trend is fostering R&D investment and product portfolio expansion among manufacturers operating in India, with a growing focus on high-performance sustainable solutions.

Key Market Players

AkzoNobel India Ltd.
Jotun
PPG Asian Paints
Nippon Paint
Kansai Nerolac

Report Scope:

In this report, the India Marine Coatings Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

India Marine Coatings Market, By Resin:

Epoxy
Polyurethane
Alkyd
Others

India Marine Coatings Market, By Product Type:

Anti-Corrosion Marine Coatings
Antifouling Coatings
Others

India Marine Coatings Market, By Application:

Passenger Ships
Cargo Ships
Boats
Others