During the period between 2023 and 2030, it is estimated that the marine coatings market will expand at a CAGR of 5.5%. The rise of international trade as a whole has led to a greater reliance on sea lanes as a means of delivering goods and conducting business in various regions of the globe. This has led to a growth in the production of bulk carriers, container ships, and general cargo ships around the world, which has therefore widened the market for marine coatings. It is projected that the rising demand for marine coatings from emerging economies such as China and South Korea would be a major factor in the global expansion of the marine coatings market.
Shipping is frequently regarded as the most cost-effective mode of transport. Consequently, the sea accounts for nearly 90 percent of all international goods transportation. Due to the constantly developing shipbuilding and offshore engineering sectors in the Asia-Pacific region, it is projected that the marine coatings market in that region will continue to increase in the coming years. Due to their exposure to harsh environments, ships are in constant need of maintenance and repair. The market is driven by all of these many factors.
The oil and gas industry is continually expanding, which is largely attributable to its constant redefinition of production potential. The development of technology has made it possible to extract fossil fuels that were unavailable just a couple of decades ago. This was once believed to be impossible. The search for new oil and gas reserves has prompted oil and gas companies to relocate their operations to deeper and deeper seas. Despite this, the Gulf states possess the world's largest crude oil reserves. There is potential for an increase in the import and export of crude oil, LNG, and chemicals between nations, which would need the use of large ships and vessels, including crude, LNG, LPG, and chemical carriers, among other types of transport vessels. This expansion will certainly result in a rise in demand for marine coatings in the construction of large ships and vessels during the projected period.
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Fluctuating pricing for its raw materials present a significant challenge for the marine coatings sector. The raw materials utilized in the production of marine coatings are petrochemicals, which are derived from the refining of crude oil. Consequently, the current decline in oil prices has an immediate and direct impact on the coatings industry. Long-term, the price decline will be advantageous for coating producers; however, low pricing may be problematic for manufacturers in the immediate term due to the impact of past inventory expenses on output. It is projected that the global marine coatings market would expand significantly due to a rise in demand from developing regions such as Asia-Pacific, the Middle East, and Africa.
By 2021, the marine antifouling coatings industry will dominate the market. These are mounted to the hull of a ship to inhibit the growth of subaquatic organisms, resulting in a smoother hull and enhanced fuel efficiency. To produce more effective antifouling coatings, firms are investing in research and development. In June of 2021, for example, Chugoku Marine Paints, Ltd. released a fuel-efficient antifouling product for ocean-going vessels. Increasing the number of available items will facilitate the segment's penetration within the predicted period.
Over the period from 2023 to 2030, the CAGR for the market for recreational boats is anticipated to exceed 6%. The increasing popularity of boating and other water-related activities, as well as the growth of water clubs in various parts of the world, contribute to the market value of marine coatings. In 2018, according to a study conducted by the United States Coast Guard, about 84.5 million Americans participated in boating activities. This represents more than 25 percent of the United States overall population.
In terms of revenue share, epoxy-based marine coatings are anticipated to account for the largest portion of the market in 2021. This is mostly due to the properties, which include good corrosion and abrasion resistance. Epoxy-based maritime coatings are also used in multicomponent coatings, which blend epoxy with other coating types.
The massive number of newly constructed ships in China, Japan, and South Korea is principally responsible for the region's disproportionately high revenue share of nearly 65% in the marine coatings market. Due to the availability of low-cost and skilled labour in the region, shipbuilding companies have been encouraged to develop production facilities in the region. A factor contributing to the expansion of the marine coatings market is the availability of attractive geographical locations that make maritime trade more efficient and less challenging. The shipbuilding industry is receiving financial assistance as well as regulatory assistance from government entities. Several nations, including China, Japan, South Korea, India, Vietnam, and Indonesia, are recognized as shipbuilding powerhouses. Over the past several years, this region has undergone significant economic growth as well as the expansion of its manufacturing and energy industries, which has led to a rise in maritime traffic.
There is intense competition among the top five marine coatings companies, although they all control a substantial portion of the industry. In order to strengthen their market position, manufacturers are developing breakthrough marine coatings with lower VOC levels (volatile organic compounds). They are actively engaging with numerous ship traders in an effort to strengthen their standing in the industry. Akzo Nobel N.V., Jotun A/S, Hempel A/S, Chugoku Marine Paints, Ltd., Kansai Paint Co., Ltd., Nippon Paint Co., Sherwin-Williams Company, PPG Industries, RPM International, and KCC Corporation are well-known manufacturers in this industry.
