Marine Coatings Market Size to grow by USD 4858.8 million between 2024-2028
According to a research report “ Marine Coatings Market” by Application (Coastal, Deepsea, Containers, Offshore house, Others) Type (Epoxy, Polyurethane, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 4858.8 million, at a CAGR of 6.64% during the forecast period. The marine coatings market experiences significant demand from the shipbuilding sector, which has witnessed a resurgence in growth since 2010. Factors such as increasing global Foreign Direct Investment (FDI) flows, expanding multinational corporations' businesses, and the rise in seaborne trade have contributed to this expansion. Notably, key shipping hubs, like Brazil's Portonave Terminal, have reported impressive growth, recording a 29% increase in cargo volume in 2021. Developed economies, including the United States, are also investing heavily in their shipping industries, as evidenced by the US Department of Transportation's November 2021 action plan to boost port, waterway, and freight network investments.
Browse market data tables, figures, and in-depth TOC on “Marine Coatings Market” by Application (Coastal, Deepsea, Containers, Offshore house, Others) Type (Epoxy, Polyurethane, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By Application, the Coastal segment is projected to dominate the market size in 2024
Epoxy-based marine coatings hold significant market appeal due to their extensive utilization in diverse applications, safeguarding both metal and concrete surfaces. Key attributes of epoxy anti-corrosion coatings include: application on outer metal surfaces, superior weather resistance, prolonged durability, dependability on concrete, high chemical resistance, excellent UV and temperature stability, superior abrasion resistance, and robust resistance against acids, alkalis, and water. Market expansion is driven by the continuous launch of innovative products, such as PPG's recently announced PPG AMERLOCK 600, a high-build, polyamide-cured epoxy coating. This advanced coating offers broad application thickness and expedited dry times, further bolstering the market's growth trajectory.
By Type, Epoxy segment is expected to hold the largest market size for the year 2024
In the marine industry, the protection of valuable assets from the corrosive marine environment is paramount for businesses operating in oil and gas, shipping, and coastal industrial applications. Marine coatings are a crucial solution to ensure metal protection, and their effectiveness is enhanced through the use of additives such as fumed silica. This microspherical additive plays a vital role in preventing sagging and settling during application, enabling the formation of thick, protective films. Hydrophobic fumed silica, specifically, is highly relevant for epoxy and polyurethane resin systems, commonly used in marine applications, due to its ability to provide not only sag resistance but also exceptional chemical resistance, corrosion resistance, and scratch resistance to the cured polymer coating.
APAC is forecasted to hold the largest market size by region in 2024
The Marine Coatings Market represents a significant business opportunity, driven by the increasing demand for vessels with enhanced fuel efficiency and extended operational lifespan. Key players in this sector focus on developing innovative, high-performance coatings that offer superior protection against corrosion, fouling, and biofouling. Market growth is further propelled by stringent regulations and the expanding global maritime fleet.
The Marine Coatings Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Marine Coatings Market encompasses the production, sale, and application of coatings and paints used on ships, marine containers, and other seafaring vessels. These coatings serve multiple purposes, including enhancing visual appeal and aesthetics, reducing fuel consumption, and ensuring the durability of the vessels in harsh marine environments. Ship builders and maintenance companies are key consumers of marine coatings, with new ship constructions and maintenance and repair work driving demand. Seaborne commerce activity, including international trade via general cargo ships, container ships, and bulk carriers, also significantly impact market growth. Advanced coatings solutions are increasingly being adopted to address issues such as fouling, corrosion, and VOC emissions. Eco-friendly coating alternatives, including bio-based coatings, are gaining popularity due to their lower environmental impact. The offshore engineering and shipbuilding industries also contribute significantly to the market, with a focus on advanced technologies and sustainable solutions. In the context of seaborne trade, marine coatings play a crucial role in ensuring the efficient operation of ships, reducing fuel consumption, and maintaining the integrity of vessels in various sea routes and harsh environments. Overall, the marine coatings market is expected to grow steadily in the coming years, driven by increasing seaborne trade and the need for eco-friendly and advanced coating solutions.
Market Research Overview
The Marine Coatings Market encompasses a wide range of deep sea and coastal applications, from leisure boats to large container ships, cruise vessels, naval vessels, and offshore platforms. Foul release coatings dominate the Anti-fouling segment, protecting against flora and fauna growth and ensuring the visual appeal and aesthetics of leisure travellers' yachts and ships. Coatings and paints offer water resistance, fuel consumption efficiency, and anti-corrosion properties for various marine structures, including ships, marine containers, harbors, docks, ports, and coastal infrastructure. Ship builders and maintenance companies rely on advanced coatings solutions for new ship constructions and maintenance in harsh environments. The International shipping trade, energy sector, and offshore engineering industry drive demand for marine coatings in seaborne commerce activity, including LNG carriers, crude oil tankers, and platform supply vessels. Eco-friendly coating alternatives, such as multi-component coatings with high abrasion and corrosion resistance, address concerns over VOC emissions and contribute to the market's growth. Major coating producers cater to the needs of diverse industries, including the oil prices-driven petrochemicals sector and crude oil reserves in Gulf countries. Deep-water exploration and ultra-deep-water exploration projects require advanced coatings for offshore vessels, drill ships, FPSO vessels, and pipe laying vessels. New ship constructions, seaborne trade, and cargo ships also contribute to the market's expansion.
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