Expanding Sea Trade Boosts Marine Coatings Market: Strengthening the Growth Trajectory of the Marine Coatings Market

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What Is the Expected CAGR for the Marine Coatings Market Through 2025?
The scale of the marine coatings market has seen robust expansion in the last few years. From $5.24 billion in 2024, the market size is projected to increase to $5.56 billion by the end of 2025, registering a compound annual growth rate (CAGR) of 6.1%. The surge witnessed during the historical era can be linked to various factors such as the regulatory framework, economic scenario, consumer inclinations, competitive dynamics and global incidents which have traditionally shaped the market.

What's the Projected Size of the Global Marine Coatings Market by 2029?
The size of the marine coatings market is projected to witness robust expansion in the coming years, reaching a valuation of $7.2 billion by 2029, boasting a compound annual growth rate (CAGR) of 6.7%. The anticipated drivers for this upturn during the forecast period include demographic shifts, escalating ecological consciousness, market inventiveness, amplified optimization of the supply chain, and evolving consumer preferences. Key trends for this period encompass the improvement of corrosion protection coatings, the emergence of silicone-based coverings, the use of antimicrobial coatings for biosecurity, the introduction of graphene into coatings, and the development of coatings designed for fuel efficiency.

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Top Growth Drivers in the Marine Coatings Industry: What's Accelerating the Market?
The expansion of maritime trade is projected to fuel the marine coatings market's progression. Maritime trade pertains to inter-country overseas shipment of items. Using marine coatings is an effective way to combat ship corrosion when immersed in water. They also offer protection against moisture and reduce hydrodynamic drag, thereby enhancing ship efficiency; consequently, escalating maritime trade activities lead to an increased need for marine coatings. For example, Eurostat, a government agency situated in Luxembourg, in July 2024 revealed that there was a rise in the gross weight of seaborne goods in the European Union, hitting 893.97 million tonnes in Q2 2022, compared to 851.28 million tonnes in Q2 2021. As a result, the upsurge in maritime trade activities is bolstering the marine coatings market's growth.

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What Trends Will Shape the Marine Coatings Market Through 2029 and Beyond?
In the marine coating market, companies are focusing on innovative solutions to improve sustainability and performance. In March 2023, US-based PPG Industries Inc. introduced PPG SIGMAGLIDE 2390, a biocide-free marine coating utilizing HYDRORESET technology to reduce energy use and carbon emissions, while creating a slick surface that resists marine organism attachment.

What Are the Main Segments in the Marine Coatings Market?
The marine coatings market covered in this report is segmented -

1) By Product: Anti-Fouling Coatings, Anti-Corrosion Coatings, Foul Release Coatings, Other Products
2) By Resin: Epoxy, Polyurethane, Acrylic, Alkyd, Other Resins
3) By Technology: Water-Borne, Solvent-Borne, Other Technologies
4) By Application: Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels, Other Applications
5) By End-Use: New Ships, Repair Work

Subsegments:
1) By Anti-Fouling Coatings: Hard Anti-Fouling Coatings, Soft Anti-Fouling Coatings
2) By Anti-Corrosion Coatings: Epoxy Coatings, Polyurethane Coatings, Zinc-Rich Coatings
3) By Foul Release Coatings: Silicone-Based Foul Release Coatings, Non-Toxic Foul Release Coatings
4) By Other Products: Specialty Coatings, Primers, Topcoats

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Which Top Companies are Driving Growth in the Marine Coatings Market?
Major companies operating in the marine coatings market include PPG Industries Limited, Akzo Nobel N.V., The Sherwin-Williams Company, Hempel A/S, Jotun, Nippon Paint Marine Coatings Co. Ltd., Axalta Coating Systems, RPM International Inc., Boero YachtCoatings, Kansai Paint Co.Ltd., KCC Corporation, Chugoku Marine Paints Ltd., Pettit Paints, General Coatings Manufacturing Corp., Wacker Chemie AG, International Paint Ltd., Carboline Company, International Marine Coatings, Ameron Protective Coatings, Devoe Marine Coatings, Rust-Oleum Marine Coatings, Sigma Coatings, BASF SE, Hexion Inc, ChromaScape, Baril Coatings, MCU coatings, Tikkurila Oyj

Which Regions Will Dominate the Marine Coatings Market Through 2029?
Asia-Pacific was the largest region in the marine coatings market in 2024. The regions covered in the marine coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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