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Marine Coatings Market Set to Reach USD 10.20 Billion by 2032, Driven by Innovation and Regional Expansion

05-22-2025 11:35 AM CET | Chemicals & Materials

Press release from: Maximize Market Research Pvt. Ltd.

Marine Coatings Market

Marine Coatings Market

The global Marine Coatings Market is poised for significant growth, projected to reach USD 10.20 billion by 2032, up from USD 6.28 billion in 2024, exhibiting a CAGR of 6.24% during the forecast period (2025-2032) . This growth is fueled by advancements in shipbuilding, increased demand for anti-corrosion coatings, and the expansion of offshore oil and gas exploration activities.

Competitive Landscape

The marine coatings industry is characterized by intense competition, with key players such as AkzoNobel, PPG Industries, Hempel A/S, Jotun, and Sherwin-Williams leading the market. These companies are investing heavily in research and development to introduce innovative coatings that offer superior protection and performance in marine environments. Strategic partnerships, mergers, and acquisitions are common strategies adopted to expand product portfolios and geographical presence.

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Regional Insights

United States: Growth and Consolidation

The U.S. marine coatings market is experiencing robust growth, driven by the expansion of the recreational boating sector and the presence of one of the largest and most advanced naval fleets globally. Recreational boating in North America saw a significant surge, with annual economic activity rising by 36%, from USD 170 billion in 2018 to USD 230 billion in 2023 . Additionally, Sherwin-Williams' acquisition of the European industrial coatings business of Sika AG in April 2022 aligns with its growth and profitability goals, providing access to unique technology and expanded manufacturing capabilities .

Asia Pacific: Opportunities and Trends

Asia Pacific dominates the global marine coatings market, accounting for 36.16% share in 2023, with a valuation of USD 1,482.6 million . Countries like China, South Korea, and Japan lead in shipbuilding activities, driving demand for high-performance coatings. The rise in offshore oil and gas exploration activities in countries like India, China, and Indonesia further accelerates the demand for marine coatings. Local players such as Nippon Paint Holdings Co., Ltd. and Kansai Paint Co., Ltd. dominate this region, capitalizing on their expertise and understanding of local market dynamics .

Middle East and Africa: Trends and Updation

The Middle East and African regions are witnessing growing demand for marine coatings, driven by increasing urbanization and improving standards of living. Sustainability and environmental concerns are gaining prominence in the GCC region, influencing the adoption of eco-friendly coatings. In Africa, rapid growth in infrastructure enables marine coatings companies to generate significant business growth in the medium to long-term future .

Europe: Growth and Innovation

Europe boasts a mature marine coatings market characterized by strict regulatory standards and a strong emphasis on innovation. Key players such as AkzoNobel and Hempel A/S lead the region, offering advanced coatings solutions for shipbuilding, maintenance, and repair. Growing investments in renewable energy and offshore wind farms further stimulate market growth in Europe .

Recent Developments

In March 2023, PPG Industries introduced PPG SIGMAGLIDE 2390 marine coating, distinguished by its ability to lower energy consumption, reduce carbon emissions, and surpass performance goals without harming the marine environment .

In January 2022, Nippon Paint Marine launched FASTAR, a self-polishing antifouling coating inspired by tuna skin, incorporating water trap technology to reduce water flow resistance and lower vessel fuel consumption by approximately 8% .

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Marine Coatings Market Segmentation:

by Product

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

by Application

Coastal
Containers
Deep sea
Leisure boats
Offshore vessels
Others

With a revenue share of about 25.7% in 2024, leisure boats led the global marine coatings market based on application. The expanding boating and water sports industries, as well as the emergence of several water clubs worldwide, are contributing to the market value for marine coatings. In 2018, the U.S. Coast Guard found that 84.5 million Americans, or more than 25% of the population, engaged in boating activities.

by End Users

New Ships
Repair Work

During the forecast period, the new ship sector by end user is anticipated to expand at the highest CAGR of 7.15%. The shipbuilding industry has benefited from growing commerce and investment in the maritime sector. For example, India intends to invest more than USD 40 billion by 2030 in the construction of new ports and the restoration of existing ports in order to increase the volume of Indian cargo that is transhipped at harbours. Additionally, several government organisations have created initiatives to promote goods trade via sea transportation.

by Resin

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

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Key Competitors:

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)

Regional Analysis:

The report provides formal, functional, and vernacular regional analysis, identifying the most impactful business areas based on high demand in various regions, including Asia Pacific, North America, Latin America, the Middle East, Europe, and Africa. This analysis offers valuable insights into distinct targets, strategies, and market values for each region.

Want to understand the market better? Check out the summary of the research report for key insights: https://www.maximizemarketresearch.com/market-report/marine-coatings-market/2058/

Key Questions Addressed in the Marine Coatings Market Report:

What defines the Marine Coatings Market?
What is the forecast period for the Marine Coatings Market?
How does the competitive scenario look in the Marine Coatings market?
Which region holds the largest market share in the Marine Coatings Market?
What opportunities are available in the Marine Coatings Market?
What factors influence the growth of the Marine Coatings market?
Who are the key players in the Marine Coatings market?
Which company holds the largest share in the Marine Coatings market?
What will be the CAGR of the Marine Coatings market during the forecast period?
What key trends are expected to emerge in the Marine Coatings market in the upcoming years?

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About Maximize Market Research:

Maximize Market Research is a versatile market research and consulting company, comprising professionals from various industries. Our expertise spans medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, communication, automotive, chemical products, general merchandise, beverages, personal care, and automated systems, among others. We provide market-validated industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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