Growth Opportunities in Global Marine Coatings

Growth Opportunities in Global Marine Coatings

Strategies to Develop Coatings with Advanced Technologies Create Future Growth Potential

Ships and boats require highly specific and durable coatings for application on both above and below waterline components. In this study, these products are collectively referred to as marine coatings.

The analysis covers anticorrosion and antifouling marine coatings for new shipbuilding and maintenance activities to evaluate the demand for the global market. This research focuses on the impact of the supply chain, sustainability, product innovation, and digitalization on the global marine coatings market to evaluate its potential. Discussions include an assessment of the current status and future potential of the global marine coatings market. Analysis considers marine coating-generated volume shipments and revenues from 2019 to 2029 and records revenues at the manufacturer level.

The major vessel types are large vessels (cargo, passenger, and naval), leisure boats (yachts, small ferries, and other pleasure crafts), and fishing vessels. Major chemistries include epoxy, polyurethane, alkyd, and others for anti-corrosion coatings; and acrylates and silicones & fluorosilicones for antifouling coatings. Customers select coatings based on a variety of application requirements such as corrosion resistance, resistance to fuels and other chemicals, stability under various temperature ranges and pressure conditions, resistance to humidity, and resistance to biofouling. Coating formulations must be UV resistant with durable color retention for above the waterline exterior applications and superior corrosion and chemical resistant for structural applications.

Asia-Pacific is the largest market with huge shipbuilding and maintenance bases in countries including China, South Korea, and Japan. The shipping industry in Europe also contributes significantly to the marine coatings market. The region holds more than 140 large shipyards, and about a third of these are active in the global market for large seagoing commercial vessels.

The marine coatings market is greatly impacted by megatrends such trade wars, nearshoring, and stringent environmental regulations. However, it will benefit from increasing use of advanced antifouling coatings that are priced higher than conventional coatings. The marine coatings market is highly competitive among large, global manufacturers, so the competitive environment is skewed toward these participants. Manufacturers engage in continuous product development activities based on changes in customer needs and in the regulatory environment. By establishing long-term relationships with their customers, manufacturers try to ensure that they are equally proactive and reactive to various industry requirements.