Global Marine Coatings Market - Segmented by Function, Resin, Technology, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global marine coatings market is expected to reach a value of USD 5348.89 million, at a CAGR of 2.28% during the forecast period, 2018-2023. The major factor driving the growth of the market is the growing ship building industry in the Asia-Pacific region, along with the increasing production rates of leisure boats and cruise ships around the world.
Increasing Production Activities in the Marine Industry
Coatings are used for both interior and exterior purposes on yachts and other leisure boats. A significant share of demand comes from the coatings used for yachts. Yacht coatings are available in different variants, such as premium topcoats, high-build surfaces, various protective primers, finishing primers, and antifouling paints. Further, interior topcoats and wood coatings are used in yachts and other boats as well. In addition, cruise travelling has outpaced the general leisure travelling segment with the global cruise passengers estimated to be around 25.8 million and projected to grow to 27.2 million in 2018, according to Cruise Lines International Association (CLIA). This growth is anticipated to continue further, which, in turn, is expected to create a surge in the demand for coatings used for repair and maintenance purposes. Also, it is estimated that 27 ships, for river and ocean cruising purposes, would be coming by the end of 2018, thus, increasing the consumption of marine coatings used for OEM purposes as well.
Epoxy Coatings are the Dominant Type
Epoxy coatings have the largest share of all the resin types available in the global marine coatings market. Epoxy coatings are used during shipbuilding, maintenance, and repairs on multiple parts of the ship, such as underwater hulls, ballast tanks, cargo tanks or holds, decks, topsides, and superstructures, among other parts. Epoxy coatings are majorly used as primers and topcoats. Owing to their convenience to recoat, bonding ability with different materials and moisture-resistant nature, these coatings are effectively used for applications involving corrosion-resistivity. In addition, epoxy coatings possess superior properties
China Facing a Slowdown in Demand
China accounts for the largest share of marine coatings in the Asia-Pacific region, with over 35% of the market share. This can be attributed to lower costs and technological advances and workmanship levels in the country. Also, China is witnessing most number of dry dockings. The recent decline in the shipbuilding industry, along with the slowdown of Chinese economy, is a roadblock to the growth of the marine coatings market in the country. Oversupply of ships in the industry has disturbed the ship building industry in China. The government has been trying to cut on subsidizing overcapacity, which, in turn, would have an impact on the marine OEM coatings for new ships. Another key factor is the increasing strictness of regulations in China over the years. These regulations, with short notice times for implementation are giving a tough time to coating manufacturers, due to increasing costs of testing of new products and raw materials involved.
Key Developments in the Market
February 2018: AkzoNobel to develop new marine fouling prevention technology that is based on ultraviolet light emitting diodes (LED) to be used in underwater surfaces for the prevention of fouling.
November 2017: Hempel offers new cargo hold coating, Hempadur Ultra-strength Fibre 47510 for improving the reduction in cargo hold maintenance costs.
June 2017: Expansion of AkzoNobel’s US R&D facilities with an investment of USD 3.5 million.
March 2017: Launch of Pettit Marine Paint’s new anti-fouling marine coating, Black Widow.
March 2017: Hempel starts a new Central Distribution Center in Texas, United States, to expand its operations in North America.
Major Players: Jotun, AkzoNobel, PPG Industries, Hempel, Chugoku Marine Paints Ltd., Nippon Paint Marine Coatings Co. Ltd., and other players include Axalta Coating Systems, Pettit Marine Coatings, BASF SE, Engineered Marine Coatings, Boero Bartolomeos.P.A, RPM International Inc., Sherwin-Williams, KCC, Kainsai Paint Marine Co. Ltd., and Wacker Chemie AG.
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