It is anticipated that the market for marine coatings is expected to grow at a CAGR of 5.5% during the forecast period of 2023 to 2030. The expansion of international trade as a whole has led to the greater utilization of sea lanes as a means of transporting goods and carrying out business operations in different parts of the world. This has resulted in an increase in the number of bulk carriers, container ships, and general cargo ships being produced across the globe, which has consequently broadened the scope of the market for marine coatings. It is anticipated that the growing demand for marine coatings from developing economies such as China and South Korea would be a primary driver of the expansion of the marine coatings industry across the world.

Increasing Shipbuilding Activities in APAC

Shipping is often regarded as the kind of transportation that offers the best value. As a result, the sea accounts for approximately 90% of all international traffic in products. Due to the rapidly expanding shipbuilding and offshore engineering sectors in the Asia-Pacific region, the marine coatings market in that area is anticipated to have consistent growth in the coming years. Ships are constantly in need of maintenance and repair since they are exposed to hostile surroundings, which creates this ongoing requirement. The market is being driven by all of these different causes.

Demand For Oil and Gas Industry to Open Significant Opportunities

The oil and gas sector is consistently expanding, which is due in large part to the fact that it is consistently redefining its production potential. The advancement of technology has made it possible to extract fossil fuels that were inaccessible only a decade or two ago. This was previously thought to be impossible. The search for fresh oil and gas sources has led oil and gas corporations to move their operations into deeper and even deeper water. Despite this, the countries in the Gulf have the world's greatest crude oil reserves. There is potential for an increase in the import and export of crude oil, LNG, and chemicals between countries, which would involve the utilization of large ships and vessels, such as crude, LNG, LPG, and chemical carriers, among other types of transport boats. This expansion will inevitably result in an increase in the demand for marine coatings in the construction of large ships and vessels throughout the course of the period covered by the forecast.

Price Fluctuations of Raw Materials Challenging the Market Growth

The marine coatings industry faces a significant obstacle in the form of fluctuating prices for its raw materials. Petrochemicals, which are obtained through the processing of crude oil, are the raw materials that are utilized in the fabrication of marine coatings. As a result, the recent drop in oil prices is having an immediate and direct effect on the market for coatings. The fall in prices will be beneficial to coating makers in the long term; however, low prices will be troublesome for manufacturers in the short term as they will impair output due to the impact of past inventory expenses. It is anticipated that the global market for marine coatings would demonstrate significant expansion as a result of an increase in demand coming from growing regions such as Asia Pacific and the Middle East and Africa.

Antifouling Coatings Dominated the Product Market

By the year 2021, the market for anti-fouling marine coatings dominated the market. These are attached to the maritime vessel in order to retard the growth of subaquatic organisms, which results in a smoother hull and increased fuel efficiency. In order to provide anti-fouling coatings that are more effective, manufacturers are spending on research and development. For instance, Chugoku Marine Paints, Ltd. introduced a fuel-efficient anti-fouling product for ocean-going vessels in June of 2021. Increasing the number of products that are available will provide support for segment penetration during the anticipated timeframe.

Leisure Boats to Witness the Fastest Growth

Over the period from 2023 to 2030, the CAGR for the leisure boat market is expected to reach over 6%. The growing popularity of boating and other water-related activities, as well as the proliferation of water clubs in many parts of the world, are factors that are supporting the market value of marine coatings. According to research conducted by the United States Coast Guard in 2018, almost 84.5 million residents participated in boating activities. This number represents more than 25 percent of the total population of the United States.

Epoxy Leading the Resin Market

Epoxy-based marine coatings are expected to account for the highest share of the market in terms of revenue share in 2021. This is mostly a result of the characteristics, which include excellent resistance to corrosion as well as abrasion. Epoxy-based marine coatings are also utilized in multi-component coatings, which combine epoxy with various types of coatings.

APAC to Remain as the Growth Leader

The enormous number of newly built ships in China, Japan, and South Korea is primarily responsible for the region's disproportionately high revenue share of the marine coatings market, which comes in at over 65%. Shipbuilding businesses have been motivated to establish production plants around the region as a result of the region's availability of low-cost and skilled labor. The presence of advantageous geographical locations that make sea trade more effective and less difficult is one factor that is boosting the growth of the marine coatings market. The shipbuilding sector is receiving help from governmental entities in the form of financial assistance as well as regulatory assistance. Several nations, including China, Japan, South Korea, India, Vietnam, and Indonesia, are regarded as some of the most important hubs for ship production. This region has experienced tremendous economic development as well as the growth of the manufacturing and energy sectors over the past several years, which has led to an increase in the amount of maritime trade that takes place in the region.

Market Remains Consolidated, Competition to Further Intensify During the Forecast Period

There is a high level of competition among the top five firms in the marine coatings business, yet they all hold a large part of the market. In order to increase their position in the market, manufacturers are working to develop revolutionary marine coatings that have lower levels of VOC (volatile organic compounds). They are actively collaborating with various ship traders in an effort to boost their position within the sector.  The companies Akzo Nobel N.V., Jotun A/S, Hempel A/S, Chugoku Marine Paints, Ltd., Kansai Paint Co., Ltd., NipponPaint Co., Sherwin-Williams Company, PPG Industries, RPM International, and KCC Corporation are among the most well-known manufacturers in this sector.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Marine Coatings market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Marine Coatings market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Marine Coatings market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Marine Coatings market?
• Which is the largest regional market for Marine Coatings market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Marine Coatings market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Marine Coatings market worldwide?