Marine Coatings Market is Estimated to Witness High Growth Owing to Increasing Sea Trade Activities

Market Overview:

Marine coatings are protective coatings used on ships, boats, yachts, and various other marine structures and equipment. They protect vessels and offshore structures from corrosion, fouling, and slime while offering aesthetic appearance. Marine coatings find widespread application on decks, hulls, and other parts of ships, boats, and offshore oil & gas equipment and structures.

Market Dynamics:

The marine coatings market is expected to witness significant growth over the forecast period owing to increasing sea trade activities globally and growing marine freight transport. Major drivers favoring the market growth include rising international sea-borne trade and expanding global shipping fleet size to support the growing trade. According to United Nations Conference on Trade and Development statistics, in 2020, global sea trade was estimated at around $14 trillion. Requiring protection of vessel assets worth billions of dollars encourages greater use of protective, high-performance marine coatings. In addition, rising offshore oil & gas exploration and production activities propel the demand for marine coatings used in production platforms, rigs, pipelines, and other offshore energy infrastructure.

Increasing global seaborne trade activity is driving the growth of the marine coatings market

With over 80% of global trade being carried out through sea routes, the amount of cargo being transported through ships, boats and other vessels has increased exponentially in the past few decades. This rise in seaborne trade volumes directly contributes to higher demand for new ships and vessels. Ship owners require protective marine coatings to be regularly applied on ship hulls and other metal parts exposed to sea water in order to prevent corrosion and extend the lifespan of vessels. Therefore, the growth in global seaborne trade acts as a key driver boosting the sales of marine coatings.

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Key Players Covered In This Report:

AkzoNobel N.V., Chugoku Marine Paints Ltd., Hempel A/S, Jotun A/S, Kansai Paint Co. Ltd., KCC Corporation, Nippon Paint, PPG Industries Inc, RPM International Inc, The Sherwin-Williams Company., Permagard Marine, Jyoti Innovision Private Limited, Protexion, Excel India Protective Paints Pvt. Ltd., Goa Paints, Axalta Coating Systems, BOERO BARTOLOMEO S.p.A., Vizag chemical, and Nippon Paint

Market Segmentation:

Product Type:

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

Application:

Coastal
Containers
Deep sea
Leisure boats
Offshore vessels
Others

Key Region/Countries are Classified as Follows:

The following section of the report offers valuable insights into different regions and the key players operating within each of them. To assess the growth of a specific region or country, economic, social, environmental, technological, and political factors have been carefully considered.

The section also provides readers with revenue and sales data for each region and country, gathered through comprehensive research. This information is intended to assist readers in determining the potential value of an investment in a particular region.

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ Latin America (Brazil, Argentina, Colombia,.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Growing offshore oil & gas industry spurs demand for specialized marine coatings

The offshore oil & gas sector has emerged as a major end-user industry for marine coatings. Activities like offshore drilling rigs, production platforms, pipelines and subsea installations require extensive use of performance marine coatings that can provide protection from harsh offshore conditions. Factors such as rising global energy demands, focus on deep-water oil exploration and investments in offshore wind farms have led to expansion of the offshore industry. This favors the marine coatings market as specialized protective formulations are needed for the metal substrates used extensively in offshore oil & gas projects.

Implementation of stringent environmental regulations regarding VOC emissions hinders market growth

Marine coatings contain volatile organic compounds (VOCs) which evaporate into the air during and after application. However, VOCs are recognized as major air pollutants linked to increased smog formation and other environmental and health hazards. Many regions across the globe have formulated strict VOC emission standards for marine coatings in accordance with international protocols. This has prompted coating manufacturers to develop low/no VOC formulations. Although helping to reduce pollution, reformulating coatings to meet environmental norms leads to increased R&D and production costs. This acts as a major restrain constraining the marine coatings market's revenue potential.

Growing demand for high solids, low VOC marine coatings presents an opportunistic area for market expansion

While environmental regulations regarding VOC emissions pose compliance challenges for marine coatings producers, they have also opened up opportunities for innovation. Producing coatings that contain lower quantities of solvents and VOCs allows companies to tap into the rising global demand for environment-friendly marine coatings alternatives. High solids and 100% solid marine coatings have low or zero VOCs but provide equivalent or better performance than conventional solvent-borne types. Their use enables compliance with stringent emission norms without compromising on key properties such as corrosion protection and durability. This provides opportunities for coating manufacturers to launch green product portfolios and expand market presence.

Increasing adoption of advanced surface pretreatment technologies before coating application

To bond properly onto metal substrates and possess optimum lifespan under corrosive marine environment conditions, surface preparation and pretreatment plays a vital role. Recent market trends suggest that advanced pretreatment methods utilizing innovative techniques such as zinc phosphating, aluminium phophating, blasting and passivation are gaining popularity before the application of various marine coatings. Use of these surface treatment technologies leads to significantly improved coating adhesion, increased corrosion resistance and prevents premature peeling or flaking failures. As such, they are being widely adopted during ship building and repairs. Going forward, development of novel environment-friendly pretreatment solutions is expected to further enhance the performance of marine protective coatings.

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Key Benefits For Stakeholders

The report provides an in-depth analysis of the global bromine derivatives market trends along with the current and future market forecast.
This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
Porter's five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the bromine derivatives industry for strategy building.
A comprehensive global bromine derivatives market analysis covers factors that drive and restrain the market growth.
The qualitative data in this report aims on market dynamics, trends, and developments.

The report answers a number of crucial questions, including:

➥ Which companies dominate the global Marine Coatings Market ?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the market economy globally?

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