Marine Coatings Market Analysis | 2023-2028

Market Insights

The marine coatings market was estimated at USD 3.58 billion in 2022 and is likely to grow at a CAGR of 6% during 2023-2028 to reach USD 4.70 billion in 2028.

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Market Dynamics

Introduction

Marine coatings are the coatings that are applied on the ship’s surface, cruises, vessels, yachts, and other offshore structures i.e., oil rigs and bridges to protect them against corrosion, fouling, and slimes, as they are exposed to the seawater and corrosive conditions.These coatings increase the durability and life of the vessels of marine and offshore structures.

Market Drivers

The major factor influencing the demand for marine coatings is mainly:

• Its increasing demand from the shipbuilding & repair industry.
• Marine coatings possess various properties, such as protecting the surfaces and parts of ships from corrosion and abrasion.
• Further, they improve the visual appearance and aesthetic appeal of surfaces, which in turn, is driving the growth of the market.

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Key Players

The following are the key players in the marine coatings market:

• AkzoNobel
• Chugoku Marine Paints
• Hempel
• Jotun
• Nippon Paint.
• PPG Industries
• Sherwin-Williams

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

By Resin Type

"Epoxy resin held the largest share of the market in 2022"

The market is segmented into epoxy, alkyd, polyurethane, and others. The epoxy resin held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. It possesses various properties, such as water and chemical resistance, high durability, and owns excellent adhesive properties on a variety of substrates.

By Product Type

"Antifouling coatings segment is expected to be dominant during the forecast period"

The market is segmented into anti-corrosion marine coatings, antifouling coatings, primer coatings, varnish coatings, chemical-resistant coatings, anti-slip coatings, and others.The antifouling coatings segment is expected to be dominant during the forecast period. These coatings are applied to a ship’s hull to prevent marine growth and improve vessel performance and durability. They protect the components of ships and surfaces from marine biofouling. This coating develops smooth and non-sticky surfaces on the parts of the ship, due to which it becomes extremely hard for fouling organisms to get attached to these parts.  

By Application Type

"Passenger ships segment is expected to remain the fastest-growing application during the forecast period"

The market is segmented into cargo ships, passenger ships, boats, and others.The passenger ships segment is expected to remain the fastest-growing application during the foreseen duration. The growth in coastal and maritime tourism across the globe is contributing to the growth of the shipping industry in the market.

Regional Analysis

"Asia-Pacific is estimated to be the largest marine coatings market during the forecast period"

Asia-Pacific is estimated to be the largest marine coatings market during the forecast period, with China, Japan, South Korea, Vietnam, Indonesia, and India, being the major countries with promising growth opportunities.The growth of the market is driven by the growth of various end-use industries, such as industrial, transportation, electronics, and medical, which is generating substantial demand for marine coatings, an increase in new shipbuilding projects and programs, and the presence of a large number of marine coatings manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer lucrative growth opportunities during the forecast period.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s functional marine coatings market realities and future market possibilities for the forecast period.

• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.

• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The marine coatings market is segmented into the following categories:

By Resin Type

• Epoxy 
• Alkyd 
• Polyurethane 
• Others 

By Product Type

• Anti-Corrosion Marine Coatings 
• Antifouling Coatings 
• Primer Coatings 
• Varnish Coatings
• Chemical Resistant Coatings 
• Anti-Slip Coatings 
• Others 

By Application Type

• Cargo Ships 
• Passenger Ships 
• Boats 
• Others 

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: 

Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.