Latest News- Marine Coatings Market: Coastal is expected to lead the Application segment during 2025-2029

The Marine Coatings Market is being driven by Growth of shipbuilding industry

The Marine Coatings Market is expected to grow at a CAGR of 6.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 5414.8 million. In the marine coatings market, shipping companies are prioritizing both efficiency and environmental compliance. Strict regulations have been enacted to limit the use of harmful chemicals, such as benzene and zinc, which are commonly found in anti-corrosion coatings and can negatively impact marine life. To remain competitive, marine coatings must not only maintain their existing quality and efficiency but also incorporate eco-friendly properties. Research and development initiatives are underway to discover and implement alternative, environmentally friendly chemicals for marine coatings production. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Coastal
  • Deepsea
  • Containers
  • Offshore house
  • Others
• Type
  • Epoxy
  • Polyurethane
  • Others
• Technology
  • Solvent-borne
  • Water-borne
  • Others
• Product
  • Anti-fouling coatings
  • Anti-corrosion coatings
  • Foul release coatings
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • France
    • Germany
    • Italy
    • The Netherlands
    • UK
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth of shipbuilding industry
• Increase in marine trading and logistics activities
• Increase in naval expenditures

However, the market also witnesses some limitations, which are as follows:

• Fluctuating raw material prices
• Slowdown in global economic growth
• Stringent environmental regulations

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Market Scope in Marine Coatings Market Research Report

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Research Analysis Overview

The Marine Coatings Market encompasses international trade and the protection of various types of ships, including bulk carriers, container ships, and general cargo ships, traversing sea routes. The shipbuilding and offshore engineering industries require durable coatings for harsh environments. Maintenance and repair are crucial due to corrosion, fouling, and bio-fouling. Advanced coatings solutions address VOC emissions and eco-friendly alternatives. Seaborne trade and new ship constructions increase commerce activity, necessitating aesthetic and functional paints and coatings for ships, marine containers, and vessels from ship builders and maintenance companies. Fuel consumption efficiency is also a significant factor.

Market Research Overview

The Marine Coatings Market encompasses businesses specializing in the production of coatings for international shipping vessels, including bulk carriers, container ships, and general cargo ships. This market serves the shipbuilding industry and offshore engineering sector, catering to the demand for protective coatings in harsh environments. The market's expansion is influenced by the increasing reliance on sea routes for global trade and the necessity for regular maintenance and repair in these industries. Technavio's market analysis estimates the size of the Marine Coatings Market based on the consolidated revenue generated by manufacturers of marine coatings. Key growth drivers include the demand for lightweight, corrosion-resistant materials in the maritime industry and the continuous innovation in coatings technology to meet the needs of diverse applications.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/