Global Marine Coatings Market Set for Robust Growth

The Global Marine Coatings Market is experiencing significant expansion, driven by the burgeoning shipbuilding industry and increasing demand for protective coatings in marine applications. Valued at approximately USD 5.92 billion in 2023, the market is projected to reach USD 9.04 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 6.24% during the forecast period.

Competitive Landscape

The marine coatings industry is characterized by the presence of several key players who are continually innovating to meet the evolving demands of the market. Prominent companies such as AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Jotun, and Chugoku Marine Paints, Ltd. are at the forefront, offering a diverse range of products to cater to various marine applications. These companies are investing heavily in research and development to enhance the performance and sustainability of their coatings, thereby maintaining a competitive edge in the market.

Regional Demand Highlights

The Asia-Pacific region dominates the marine coatings market, accounting for a significant share of global revenue. This dominance is attributed to the region's robust shipbuilding industry, particularly in countries like China, South Korea, and Japan. The increasing demand for new vessels and offshore structures in these countries is driving the growth of the marine coatings market.

by Product

Anti-fouling coatings
Anti-corrosion coatings
Foul release coatings
Others

by Application

Coastal
Containers
Deep sea
Leisure boats
Offshore vessels
Others

In 2023, leisure boats held a revenue share of about 25.7%, dominating the worldwide marine coatings market. The expanding boating and water sports industries, as well as the emergence of several water clubs worldwide, are contributing to the market value for marine coatings. In 2018, the U.S. Coast Guard found that 84.5 million Americans, or more than 25% of the population, engaged in boating activities.

by End Users

New Ships
Repair Work

Over the course of the projection period, the new ship segment is anticipated to increase at the highest CAGR of 7.15%. The shipbuilding industry has benefited from growing commerce and investment in the maritime sector. For example, India intends to invest more than USD 40 billion by 2030 in the construction of new ports and the refurbishment of existing ports in order to increase the volume of Indian cargo that is transhipped at harbors. Additionally, several government organizations have created initiatives to promote goods trade via sea transportation.

by Resin

Epoxy
Alkyd
Polyurethane
Others (Acrylic, Polyester, and Fluoropolymer)

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Key Market Participants:

1. PPG Industries, Inc. (US)
2. Axalta Coating Systems, LLC (US)
3. Cabot Corporation. (US)
4. Carboline Company (US)
5. General Coatings (US)
6. Progress Rail Services Corporation (US)
7. Mascoat (US)
8. The Sherwin-Williams Company (US)
9. Kop Coat (US)
10.RPM International, Inc. (US)
11.Delta T & Protective Products (Canada)
12.BASF SE (Germany)
13.Chemco International Ltd (UK)
14.Jotun (Norway)
15.Boero (Italy)
16.Hempel A/S (Denmark)
17.Akzo Nobel N.V. (Netherlands)
18.EXCEL India Protective Paints Pvt. Ltd (India)
19.Mathur Corr Tech Private Limited (India)
20.Chugoku Marine Paints, Ltd. (Japan)
21.Kansai Paint Co.,Ltd. (Japan)
22.Nippon Paint Holdings Co., Ltd. (Japan)
23.KCC Corporation (South Korea)
24.Sharpshell Engineering (South Africa)
25.Cresta Paints (Africa)

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