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The marine coatings market size is forecast to increase by USD 5.41 billion at a CAGR of 6.9% between 2024 and 2029.
The marine coatings industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
The coastal segment is estimated to witness significant growth during the forecast period.
Marine coatings play a crucial role in protecting valuable assets used in the oil and gas, shipping, and coastal industrial sectors from the corrosive marine environment. These coatings, often applied in thick films, utilize various additives to ensure sag resistance and effective coverage. Fumed Silica is a commonly used additive, providing benefits such as anti-settling, anti-sag properties, and enhanced chemical resistance, corrosion resistance, and scratch resistance to the cured polymer coating. In deep-water exploration, ultra-deep water, and harsh environments, the demand for advanced coatings solutions is on the rise. Bio-based coatings, with their eco-friendly appeal, are gaining traction in the market.
Additionally, the energy sector, including LNG carriers and crude oil tankers, relies heavily on marine coatings for water resistance and fuel consumption efficiency. Maintenance companies and shipbuilding industries are key players in the market, ensuring the continuous upkeep of ships, pipe laying vessels, drill ships, and other offshore vessels. The international shipping trade, with its extensive maritime activities, further fuels the demand for marine coatings. Marine containers, cruise vessels, and platforms supply vessels also require regular maintenance and coatings applications for optimal performance. As the focus on reducing VOC emissions continues, the market for foul release coatings and multi-component coatings is expected to grow.
The coastal infrastructure, including ports and harbors, also benefits from marine coatings, ensuring the longevity of structures and reducing maintenance costs.
The Coastal segment was valued at USD 3.95 billion in 2019 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 79% 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 market in APAC is significantly driven by the shipbuilding industry, with China, South Korea, and Japan being the leading players. APAC is the largest producer of ships globally, with South Korea holding a considerable market share in the region. The construction and expansion of logistics infrastructure in APAC are anticipated to stimulate growth in the maritime industry, boosting trade and increasing the demand for transport and logistics services. The in manufacturing and commerce activities is expected to fuel the need for seaborne trading, leading to increased marine industry growth. Deep-water exploration, oil prices, and the energy sector are other key factors influencing the market.
Corrosion resistance, water resistance, and foul release coatings are essential for ships operating in harsh environments, including deep sea and ultra-deep water. The use of advanced coatings solutions, such as multi-component coatings and eco-friendly coating alternatives, is increasing due to their ability to enhance the performance and longevity of ships' steel hulls. The leisure boats segment, including yacht ships and cruise vessels, is also a significant market for marine coatings. Aesthetics and visual appeal are essential factors for this segment, as these vessels are often used for leisure and tourism purposes. The offshore engineering industry, including pipe laying vessels, drill ships, and offshore platforms, also relies on marine coatings for their durability and resistance to harsh conditions.
The maritime shipping industry's growth is further driven by international trade, with container ships and bulk carriers transporting goods between different countries. The maintenance and repair of these vessels are crucial to ensure their longevity and efficiency, making maintenance companies an essential market for marine coatings. The fossil fuels industry, including crude oil tankers and LNG carriers, also relies on marine coatings for their cargo containment and protection. The market in APAC is driven by the shipbuilding industry, logistics infrastructure development, and the energy and fossil fuels sectors. The use of advanced coatings solutions, including anti-corrosion and anti-fouling coatings, is essential for ships operating in harsh environments.
The leisure boats segment and the offshore engineering industry are also significant markets for marine coatings. The growth of the marine industry is expected to continue, driven by increasing global trade and commerce activities.
Our researchers analyzed the data with 2024 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 marine coatings market forecasting 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 marine coatings market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, marine coatings market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Akzo Nobel NV - The company offers marine coatings such as Sea Hawk coatings.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 industry 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 market exhibits a dynamic and evolving landscape, shaped by various factors including the price of oil, the demand for different types of ships, and the need for advanced coatings solutions to address corrosion and other challenges. Ships, a significant segment of the maritime industry, require regular maintenance to ensure their longevity and efficiency. This need is particularly acute for oil prices, which can impact the profitability of shipping operations. For instance, fluctuations in oil prices can influence the demand for oil tankers, which transport crude oil from reserves to refineries and markets. Moreover, the market for yacht ships and other luxury vessels is driven by different factors, such as aesthetics and eco-friendly considerations.
Maintenance companies catering to this segment offer bio-based coatings and advanced solutions to meet the unique demands of these vessels. Pipe laying vessels and drill ships are essential components of the offshore engineering industry, which is experiencing growth due to deep-water exploration and production of petrochemicals. Corrosion resistance is a critical factor in the selection of coatings for these vessels, as they operate in harsh environments. Container ships and LNG carriers are key players in international trade, transporting goods and energy resources across the globe. Coatings for these vessels must provide water resistance and abrasion resistance to ensure safe and efficient transportation.
The energy sector's focus on fossil fuels and renewable energy sources influences the market in various ways. For instance, the demand for anti-corrosion coatings remains strong in the oil and gas industry, while eco-friendly coating alternatives gain popularity in the renewable energy sector. The maritime shipping activities, including cargo ships, tankers, and cruise vessels, contribute significantly to seaborne commerce activity. Coatings play a crucial role in ensuring the visual appeal, fuel consumption efficiency, and safety of these vessels. The offshore infrastructure, including offshore platforms, FPSO vessels, and bridges, also requires coatings for protection against corrosion and fouling.
These coatings must provide excellent resistance to harsh environments and meet stringent regulatory requirements. The coatings industry responds to these market dynamics by producing innovative solutions, such as multi-component coatings and foul release coatings, to address the unique challenges of different ship types and operating conditions. Coating producers also focus on developing eco-friendly alternatives to traditional coatings to meet the growing demand for sustainable solutions. The maritime trade, including exports and imports, is a significant driver of the market. Harbors and ports play a crucial role in facilitating this trade and require coatings for their infrastructure, such as docks and marine containers, to ensure their durability and functionality.
The market is a dynamic and evolving landscape, shaped by various factors, including the demand for different types of ships, oil prices, and the need for advanced coatings solutions to address corrosion and other challenges. The market responds to these trends by producing innovative solutions and eco-friendly alternatives to meet the unique demands of different ship types and operating conditions.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Marine Coatings Market insights. See full methodology.
Market Scope |
|
Report Coverage |
Details |
Page number |
252 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.9% |
Market growth 2025-2029 |
USD 5.41 billion |
Market structure |
Fragmented |
YoY growth 2024-2025(%) |
6.4 |
Key countries |
China, Japan, South Korea, India, US, Germany, France, UK, The Netherlands, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Application
9 Market Segmentation by Type
10 Market Segmentation by Technology
11 Market Segmentation by Product
12 Customer Landscape
13 Geographic Landscape
14 Drivers, Challenges, and Opportunity/Restraints
15 Competitive Landscape
16 Competitive Analysis
17 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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