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Marine coatings are protective type of coatings mostly used in marine applications to protect ships, tankers, vessels, submarines, and other materials subjected to marine and saline environments. They have functional properties like superior durability, protection of surfaces, resistance to corrosion and abrasion. They also improve the aesthetic properties and visual appeal of the substrates.
Growing sea trade activities have been significantly boosting the shipbuilding and repair industries. Increasing demand for corrosion and abrasion-resistant marine coatings to protect the ships from getting damaged is expected to drive the market. Additionally, the need for improving the fuel efficiency of marine vessels and expansion of the oil & gas exploration activities in seabed is expected to boost the market growth.
However, there are certain stringent government norms related to the manufacturing of coatings that involves emission of VOCs. VOCs are harmful emissions that effect the human health and environment negatively. This is expected to hinder the market growth.
Key Market Driver -
Increasing demand from shipbuilding industry.
Key Market Restraint -
Stringent government norms.
Based on product type, the global marine coatings market is segmented into anti-corrosion coatings, anti-fouling coatings and others. Based on application, is segmented into cargo ships, passenger ships, boats, submarines, service ships, offshore vessels, and other applications.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global marine coatings market consists of global & regional players operating. Some of the key players in the market include Hempel A/S, AkzoNobel N.V., Nippon Kansai Paint Co., Axalta Coating Systems, Jotun A/S, KCC Corporation, Baril Coatings, MCU coatings, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to account for the largest share attributed to the increasing sea trade activities. Increasing oil & gas exploration activities in sea and oceans is expected to influence the market. North America is expected to show significant growth due to its large manufacturing base. Europe is expected to show considerable growth attributed to the increasing shipbuilding and repair industries. Latin America and Middle East & Africa shall exhibit sluggish growth by the end of the forecast period.
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