The Marine Coatings Market size is estimated at USD 3.77 billion in 2024, and is expected to reach USD 4.80 billion by 2029, growing at a CAGR of greater than 4.5% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market due to nationwide lockdowns, strict social distancing measures, and disruption in supply chains, which negatively affected marine new build and marine OEM applications, thereby affecting the market for marine coatings. However, the market recovered well after the restrictions were lifted. The market recovered significantly, owing to the rise in the consumption of marine coatings in marine OEM and marine new build applications.
The marine coatings market is consolidated in nature. Some of the major players in the market (not in any particular order) include Jotun, AkzoNobel N.V., Chugoku Marine Paints, Ltd., PPG Industries, Inc., and The Sherwin-Williams Company, among others.
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