Market Overview:
The global marine coatings market is likely to grow at a healthy CAGR between 2017- 2023, according to the recent report by Market Research Future (MRFR). Marine coatings, simply put, are protective coatings that are applied on the surface of yachts, vessels, cruises, ships, and other types of offshore structures such as bridges and oil rigs that are exposed to corrosive conditions and sea water. It offers protection against slimes, fouling, and corrosion to increase the life and durability of marine vessels offshore structures.
Various factors are adding to the global marine coatings market growth. Such factors, according to the new MRFR report, include consumers’ awareness about hull protection, the vessel’s fuel efficiency, growth in the world trade, and booming oil gas sector, especially in offshore regions. Besides, dry-docking activities, new shipbuilding facilities, and benefits such as the reduction in fuel consumption, and the prevention of corrosion are also adding market growth.
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On the contrary, inconsistent prices of raw materials and stringent environment regulations may hinder the marine coatings market growth over the forecast period.
Competitive Analysis:
Some of the prominent players operating in the global marine coatings market PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), Chugoku Marine Paints (Japan), Nippon Paint (Japan), Kansai Paint (Japan), Axalta (US), and BASF SE (Germany) among others.
Market Segmentation:
The MRFR report offers an inclusive segmental analysis of the global marine coatings market report based on application, product type, and resin type.
By product type, the marine coatings market is segmented into antifouling coatings, anti-corrosion marine coatings, and others. Of these, the antifouling coatings will lead the market over the forecast period.
By resin type, the marine coatings market is segmented into polyurethane, alkyd, epoxy, and others. Of these, the polyurethane segment will dominate the market over the forecast period for its alluring features such as high abrasion resistance, high corrosion, low-temperature flexibility, and low VOC.
By application, the marine coatings market is segmented into boats, passenger ships, cargo ships, and others. Of these, cargo ships will have a major share in the market over the forecast period for its increasing use in international trade.
Market Scenario:
The cargo ship application segment is anticipated to observe a higher CAGR during the forecast period. The growing international trade has augmented the demand for cargo ships which in turn is the major factor positively affecting the market growth.
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Regional Analysis:
The regional segmentation of the global marine coatings market segments the market into continent-based regional markets namely North America, Europe, Asia Pacific, Latin America, and the Middle East Africa (MEA). The Asia Pacific holds the lion's share of the global market, and it has been anticipated to emerge as the fastest growing regional market during the forecast period. The key factor augmenting the market growth in this region is the growing international trade from this region due to which the demand for marine coating is increasing. China and India are major shipping hubs in this region. Hence, these countries have the potential of emerging as lucrative markets. The growing energy requirement in the developing economies of this region because of which increased the oil and gas activities are increasing the demand for marine coatings in the oil rigs and other offshore structures. Other important country-specific markets in this region are Australia, Japan, and New Zealand, followed by the rest of the Asia Pacific region.
According to the report, North America is another dominant regional market. Here the market is strong due to the presence of the developed marine and oil gas sector. Exports, as well as imports by sea, are increasing in this region. Also, North America is one of the largest market for boats, cruise liners and yachts. Therefore, the demand for marine coatings is always high in the region. The most important country-specific markets in this region are the United States of America (USA), Canada, and Mexico.
Europe is a lucrative market that is primarily driven by the growing international trade and the oil and gas industry. Due to the growing international trade mainly in Germany, Italy, and the United Kingdom (UK), the demand for vessels in this region is growing significantly, enhancing the market growth for marine coatings. Due to the developed tourism industry in Europe, the demand for cruise liners and yachts is high which will boost the market for marine coatings. Other significant country-specific markets in Europe are France and Spain, followed by the rest of Europe.
The report predicts moderate growth for Latin America due to the growing marine and energy sector. This region faces market restraints due to poor port infrastructure and complex trade laws. The primary country-specific markets in Latin America are Argentina and Brazil, followed by the rest of Latin America. In the MEA region, the market is slow and steady. Reasons for the limited market growth in this region are lack of awareness, lack of education, lack of technological development, and political instability. The cream of MEA region market generating maximum revenue comprises of Bahrain, Turkey, Israel, Qatar, Kuwait, Oman, North Africa, United Arab Emirates (UAE), and Saudi Arabia, followed by the rest of MEA region.
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