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The global marine coatings market size is estimated to grow by USD 4.47 billion at a CAGR of 6.5% between 2022 and 2027. The growth of the marine pump market is influenced by several key factors. The growth of the shipbuilding industry, driven by increasing demand for new vessels and offshore structures, is driving market growth. Additionally, an increase in marine trading and logistics activities, fueled by globalization and growth in international trade, is contributing to market expansion. Moreover, an increase in naval expenditures, driven by defense modernization efforts and geopolitical tensions, is also fueling market growth.
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The market report extensively covers market segmentation by application (coastal, deepsea, containers, offshore house, and others), type (epoxy, polyurethane, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The coastal segment will account for a major share of the market's growth during the forecast period. Coastal environments require high-performance materials, as metal protection is paramount in corrosive marine environments. Marine paints use a variety of additives to protect equipment from the marine environment, and the paints are often applied in relatively thick films. Fumed silica is applied as an effective anti-sag agent between coating layers to form thick films.
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The coastal segment was valued at USD 3.62 billion in 2017. Growth in this segment is influenced by government support for the expansion of coastal shipping infrastructure. For example, in January 2020, the Indian government announced the extension of its two-year tariff discount scheme for domestic vehicle carriers. The new discount system is intended to encourage domestic shipping. The government is trying to encourage car, and motor vehicle travel along the coast to provide a more fuel-efficient, cheaper, and environmentally friendly mode of transportation than roads and rail.
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APAC is estimated to contribute 78%to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The shipbuilding industry is a major end user of the APAC market. The major shipbuilding industry players of China, South Korea, and Japan hold the largest market shares in APAC. In the shipbuilding market, APAC is the largest shipbuilder, with South Korea leading the APAC market.
Building, expanding, and improving logistics infrastructure in APAC is expected to propel the shipping industry forward. Such initiatives have the potential to boost expansion, boost trade, and increase demand for transportation and logistics services. Increased manufacturing and trading activities are expected to boost the demand for maritime trade for exchanging goods and services, boosting the maritime industry in the region.
The market is witnessing a boost due to industrialization and lifestyle changes driving shipping activities. Companies like Hempel A/S and Nippon Paint are leading the market with innovations such as high solids and self-cleaning coatings, catering to ship manufacturers and vessels. These layers not only protect ships from harsh marine environments but also reduce fuel consumption through their self-cleaning properties. New entrants like Midwest Outdoor Marketing are also contributing to the market with innovative solutions. With the increasing demand for crude oil and the growth of shipping activities, the market is expected to expand further. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growth of the shipbuilding industry drives the growth of the market. The major consumer of the market is the shipbuilding industry. Shipbuilding growth was very low until 2010. Since 2010, it has shown rapid growth, mainly due to its increasing FDI flows worldwide, maritime trade, and expansion of multinational business. Developed countries such as the United States are also developing their shipping industries. As the shipping industry expands, new ships are added to the shipping network, driving the demand for ship manufacturers and ship vessels. This growth in shipping activities also highlights the importance of technologies like self-cleaning coatings, which can help maintain the efficiency and longevity of ships in the fleet. Therefore, increasing shipbuilding and the repair and maintenance of older ships are the major growth drivers for the market during the forecast period.
Expansion of the shipping industry will also add new ships to the shipping network. Thus, new ship manufacturing and an increase in the repair and maintenance of old ships are the major growth drivers for the market during the forecast period. The demand for offshore vessels is decreasing due to fluctuations in oil prices. However, the demand for vessels that operate in harsh weather conditions is increasing, which is boosting the growth rate of the market. Shipbuilding moved to Asia, especially South Korea, China, and Japan.
An inclination towards green marine coatings is the primary trend in the market. Recently, many environmental regulations have been tightened, and shipping companies are interested in improving navigation efficiency. Ship coatings must maintain their quality and efficiency and have an eco-friendly effect to survive in the market. Many of them contain chemicals that are harmful to aquatic life. Anti-corrosion layers containing benzene and zinc introduce chemicals into the marine environment. To protect the marine environment, government agencies are imposing strict regulations against the usage of harmful chemicals.
Increasing demand for waterborne coatings that offer high performance, ease of use, and low VOC performance is a key market trend. The increasing popularity of this product is due to its advantages, such as good aesthetics, high workability, and increased productivity. The rise in popularity and demand for these waterborne and solventless presents significant opportunities for the market during the forecast period.
The variations in the prices of raw materials of marine coatings are a major challenge to the market. Fluctuations in raw material prices for the production of these pose a major challenge for manufacturers. Benzene, toluene, ethylene, and naphthalene are the main raw materials used in the production of anti-corrosion coatings. These commodities are derived from petroleum, and the prices of these commodities are dependent on the prices of natural gas and oil. Unstable supply and demand and the unpredictable political situation in the Middle East keep oil prices highly volatile in foreign markets. These instabilities increase the price of these petrochemical derivatives.
Therefore, the market will be adversely affected by oil price fluctuations. Fluctuations in the prices of these petrochemicals in various markets are also having a negative impact on the market. The manufacture of antifouling coatings involves many commercially available chemicals. Fluctuations in the price of copper will also directly affect the price of antifouling layers, which is one of the critical raw materials of the industry. These factors will impact the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Akzo Nobel NV - The company primarily focuses on Marine, Protective and Yacht Coatings, Industrial Coatings, Powder Coatings, Decorative Paints, etc. The key offerings of the company include marine coatings such as Sea Hawk coatings.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is influenced by various factors such as shipbuilding activities, ship repair and maintenance activities, and the fluctuating price of raw materials. Anti-fouling coatings are essential for cargo ships, container ships, and passenger ships to prevent marine growth and maintain fuel efficiency. Energy-saving coatings and low-emission coatings are increasingly important due to environmental concerns and economic conditions. Favorable trade policies and recovering economic conditions are driving market growth, while challenges include drydocking and safety concerns. Companies like Hempaguard X7 and New Nautical Coatings are innovating with products like Foul release coatings and Polyuria and flooring coatings to meet market demands.
The market faces restraints and challenges such as crude oil production fluctuations and the need for fuel-saving and low-emission coatings due to environmental concerns. However, with the growth of new shipbuilding projects and the increasing demand for energy-saving coatings, the market is expected to expand. Anti-fouling coatings like Hempaguard X7 hull marine coating are crucial for maintaining the efficiency of shipping vessels, tow and tugboats, and ferries. Companies like Versaflex are innovating with products for seawater ballast tanks and the yacht coating business, catering to the needs of the urban population and consumers seeking sustainable and effective solutions. The market faces restraints & challenges despite innovations in energy-saving coatings and fuel-saving and low emission coatings.
Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.5% |
Market growth 2023-2027 |
USD 4.47 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.89 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 78% |
Key countries |
US, China, South Korea, Japan, and Belgium |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akzo Nobel NV, Axalta Coating Systems Ltd., Baril Coatings BV, BASF SE, Berger Paints , Boero Bartolomeo S.p.A., Chugoku Marine Paints Ltd., Endura Manufacturing Co. Ltd., Hempel AS, Jotun AS, Kansai Paint Co. Ltd., KCC Co. Ltd., MCU Coatings International, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., Protexion LLP, RPM International Inc., Seal for Life Group, The Sherwin Williams Co., and Wacker Chemie AG |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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