Marine Coatings Market Report Reveals Significant Growth and Opportunities

Market Values:

The Marine Coatings Market was valued at USD 5.57 Billion in 2022, with expectations to reach USD 8.52 Billion by 2029, showcasing a CAGR of 6.24% during the forecast period (2023-2029).

Report Scope:

The comprehensive Marine Coatings Market report covers key trends and technologies influencing market growth, offering insights into drivers, restraints, and opportunities anticipated to impact the market from 2022 to 2029. The report categorizes the market based on product, application, end-users, and resin.

Research Methodology:

The research methodology employed for estimating and forecasting the Marine Coatings market involved capturing data on key vendor revenues. Market size for individual segments was determined through various secondary sources, including industry associations, white papers, and journals. Vendor offerings and market segmentation were considered, utilizing a bottom-up approach to determine the overall market size. This was further verified through primary research, including extensive interviews with key industry personnel. Data triangulation and market breakdown procedures were employed to ensure accurate statistics for all segments and sub-segments.

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Key Drivers:

Development in the Shipbuilding Sector: The report identifies the growth of the shipbuilding industry as a key driver for the global marine coatings market. Significant growth since 2010, driven by rising seaborne trade and multinational corporations' expanded operations, has contributed to increased production of new ships and the repair and maintenance of old ships.

Increased Use of Anti-Corrosion Coatings: The rising popularity of anti-corrosion marine coatings, protecting vessel metal components from oxidation, salt spray, and moisture, is identified as a significant driver. The anti-corrosion market segment accounts for about 40% of total marine coatings sales, with industry participants introducing novel offers to meet growing demand.

Market Opportunities:

Growing Shipbuilding Operations: The forecast period is expected to see increased shipbuilding operations, presenting new market opportunities. The demand for repair and maintenance activities to withstand extreme weather conditions is a driving force, along with the availability of inexpensive labor in China, India, and Vietnam.

Economic Conditions and Trade Policies: Developing economic conditions and favorable trade policies are expected to present business prospects. Additionally, the growth in crude oil output due to expansion in the oil and gas sector is anticipated to fuel market growth.

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Market Segment Analysis:

by Product

Anti-fouling coatings
Anti-corrosion coatings
Foul release coatings
Others

by Application

Coastal
Containers
Deep sea
Leisure boats
Offshore vessels
Others

by End Users

New Ships
Repair Work

by Resin

Epoxy
Alkyd
Polyurethane
Others (Acrylic, Polyester, and Fluoropolymer)

Regional Insights:

North America to Retain Lead: North America is expected to witness significant growth during the forecast period, driven by a slow but steady expansion of the marine industry in the region. The European market slightly outpaces North America in terms of growth rates.

APAC Dominance: The APAC marine coatings industry is projected to dominate the global market, with a high growth rate. China leads in consumption, driven by shipbuilding, maintenance, and dry-docking operations.

Emerging Markets: The Indian market is anticipated to become a formidable competitor, and South Korea's market is catching up with China. The European market's outlook is enhanced by renowned boat manufacturers, sizable freight, and passenger ship fleets.

Key Players Guiding the Journey:

1. PPG Industries, Inc. (US)
2. Axalta Coating Systems, LLC (US)
3. Cabot Corporation. (US)
4. Carboline Company (US)
5. General Coatings (US)
6. Progress Rail Services Corporation (US)
7. Mascoat (US)
8. The Sherwin-Williams Company (US)
9. Kop Coat (US)
10.RPM International, Inc. (US)
11.Delta T & Protective Products (Canada)
12.BASF SE (Germany)
13.Chemco International Ltd (UK)
14.Jotun (Norway)
15.Boero (Italy)
16.Hempel A/S (Denmark)
17.Akzo Nobel N.V. (Netherlands)
18.EXCEL India Protective Paints Pvt. Ltd (India)
19.Mathur Corr Tech Private Limited (India)
20.Chugoku Marine Paints, Ltd. (Japan)
21.Kansai Paint Co.,Ltd. (Japan)
22.Nippon Paint Holdings Co., Ltd. (Japan)
23.KCC Corporation (South Korea)
24.Sharpshell Engineering (South Africa)
25.Cresta Paints (Africa)

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Table of content for the Global Marine Coatings Market includes:

Part 01: Executive Summary

Part 02: Scope of the Global Marine Coatings Market Report

Part 03: Global Marine Coatings Market Landscape

Part 04: Global Marine Coatings Market Sizing

Part 05: Global Marine Coatings Market Segmentation

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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