Acumen Research and Consulting estimates that the global marine coatings market is anticipated to reach market size of around US$ 6,370 Mn by 2028 and is anticipated to grow at a CAGR of around 3.3% in terms of revenue during the forecast period 2021 - 2028.
Marine coatings represent protective coatings on the surface that is exposed to sea water conditions of ships, cruises, boats, and other offshore structures (oil rigs and bridges). The marine lacquers are applied on these areas to protect the durability and life of marine vessels and offshore structures against corrosion, fouling and slims. The need to dry the ships afterwards, to create new vessels and to expand offshore drilling drives the development of the global demand for marine coatings. Shipping also expands due to international trade, and is a strong factor in the expansion of the global demand for marine coatings. The demand for customer-free, VOC-friendly marine coverings has gained popularity, and the use of new trends in the manufacturing of marine coatings in order to comply with these consumer requirements and government standards.
Market Insights
New shipbuilding activities led by the growth of offshore exploration and the growing need for dry docking of load and ships promote market development of marine coating. When the transport around the region grows slowly, the regional transportation industry has a positive impact. The need for low fuel consumption would raise the importance of anti-fouling and anti-corrosive agents, which will encourage the growth of the industry. The average consumption of fuel and the discharge of carbon dioxide will ascend by up to 40% due to the nature of vessel body failures as a result of the establishment of a few aquatic life forms and microscopic species. By advancing technology and innovation, protective coverings can be said during the period as a key contributor to the protection of capital investments in a vessel structure. Due to rising environmental standards and regulations, there is a chang client inclination towards sustainability. The manufacturers are therefore be involved in the production of marine coverage in such a way that they fulfill the needs of buyers and comply with government standards and controls.
Increasing Production Activities in the Marine Industry
Indoor and outdoor coverings on yachts and other recreational boats shall be used. The coatings used for yachts represent a significant share of demand. Yacht coating can be used in various versions including premium topcoats, high-construction surfaces, various primers, finishing elements and antifouling paints. In the yachts and other boats, interior topcoats and wood coatings are also used. Further, according to Cruise Lines International Association (CLIA) Cruise travel is estimated to have gone beyond the general leisure segment with the global cruise passenger estimated at some 25.8 million and projected to reach 27.2 million. This growth is projected to continue further, and the demand for coatings for repair and maintenance purposes is projected to grow in turn. During the forecast period, all of the above factors are expected to influence the global market.
Due to the small size of the marine industry in the region, the North America Marine Coatings Market is showing steady growth. In terms of market growth and slower growth, the market for marine coatings in the European region is just above the North American market. In the global marine market, the Asia-Pacific marine coating market is continually dominating and will show a healthy growth rate over the forecast. In Asia Pacific, the consumption of marine coatings has shown exponential growth, mainly due to growth in the new shipbuilding activities, repair and dry-docking activities of the country with China on top of the list in terms of consumption in Asia Pacific and world-wide. Following China is the South Korean market for maritime coverings. In terms of market share, Japan's market for marine coatings is in third place. The number of shipowners in Singapore has increased, which is expected to boost the Asia Pacific marine coating market. The Indian market will also appear in the forecast timeframe as a major competitor in the marine coating industry.
Key Players
Major players included in this report are Jotun A/S, AkzoNobel N.V., Hempel A/S, KCC Corporation, Kansai Paint Co. Ltd., Nippon, Axalta Coating Systems, Baril Coatings, MCU Coatings International, and others. Such firms use multiple tactics to achieve strategic advantages by increasing the manufacturing range, differentiating goods and acquisitions.
The global marine coatings market is segmented as below:
Market Segmentation
Marine Coatings Market By Resin
Epoxy
Alkyd
Polyurethane
Others (Acrylic, Polyester, and Fluoropolymer)
Marine Coatings Market By Product Type
Anti-Corrosion Coatings
Antifouling Coatings
Others (Foul Release and Moisture Cure)
Marine Coatings Market By Application
Cargo Ships
Passenger Ships
Boats
Others (Offshore Vessels, Service Ships, and Tugs)
Marine Coatings Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
CHAPTER 1.Industry Overview of Marine Coatings
1.1.Definition and Scope
1.1.1.Definition of Marine Coatings
1.1.2.Market Segmentation
1.1.3.Years Considered for the Study
1.1.4.Assumptions and Acronyms Used
1.1.4.1.Market Assumptions and Market Forecast
1.1.4.2.Acronyms Used in Global Marine Coatings Market
1.2.Summary
1.2.1.Executive Summary
1.2.2.Marine Coatings Market By Resin
1.2.3.Marine Coatings Market By Product Type
1.2.4.Marine Coatings Market By Application
1.2.5.Marine Coatings Market by Regions
CHAPTER 2.Research Approach
2.1.Methodology
2.1.1.Research Programs
2.1.2.Market Size Estimation
2.1.3.Market Breakdown and Data Triangulation
2.2.Data Source
2.2.1.Secondary Sources
2.2.2.Primary Sources
CHAPTER 3.Market Dynamics And Competition Analysis
3.1.Market Drivers
3.1.1.Driver 1
3.1.2.Driver 2
3.2.Restraints and Challenges
3.2.1.Restrain 1
3.2.2.Restrain 2
3.3.Growth Opportunities
3.3.1.Opportunity 1
3.3.2.Opportunity 2
3.4.Porter’s Five Forces Analysis
3.4.1.Bargaining Power of Suppliers
3.4.2.Bargaining Power of Buyers
3.4.3.Threat of Substitute
3.4.4.Threat of New Entrants
3.4.5.Degree of Competition
3.5.Market Concentration Ratio and Market Maturity Analysis of Marine Coatings Market
3.5.1.Go To Market Strategy
3.5.1.1.Introduction
3.5.1.2.Growth
3.5.1.3.Maturity
3.5.1.4.Saturation
3.5.1.5.Possible Development
3.6.Technological Roadmap for Marine Coatings Market
3.7.Value Chain Analysis
3.7.1.List of Key Manufacturers
3.7.2.List of Customers
3.7.3.Level of Integration
3.8.Cost Structure Analysis
3.8.1.Price Trend of Key Raw Materials
3.8.2.Raw Material Suppliers
3.8.3.Proportion of Manufacturing Cost Structure
3.8.3.1.Raw Material
3.8.3.2.Labor Cost
3.8.3.3.Manufacturing Expense
3.9.Regulatory Compliance
3.10.Competitive Landscape, 2020
3.10.1.Player Positioning Analysis
3.10.2.Key Strategies Adopted By Leading Players
CHAPTER 4.Manufacturing Plant Analysis
4.1.Manufacturing Plant Location and Establish Date of Major Manufacturers in 2020
4.2.R&D Status and Application Source of Marine Coatings Major Manufacturers in 2020
CHAPTER 5.Marine Coatings Market By Resin
5.1.Introduction
5.2.Marine Coatings Revenue By Resin
5.2.1.Marine Coatings Revenue (US$ Mn) and Forecast, By Resin, 2017-2028
5.2.2.Epoxy
5.2.2.1.Epoxy Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
5.2.3.Alkyd
5.2.3.1.Alkyd Market Revenue (US$ Mn) and Growth Rate (%),-2028
5.2.4.Polyurethane
5.2.4.1.Polyurethane Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
5.2.5.Others (Acrylic, Polyester, and Fluoropolymer)
5.2.5.1.Others (Acrylic, Polyester, and Fluoropolymer) Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
CHAPTER 6.Marine Coatings Market Revenue By Product Type
6.1.Introduction
6.2.Marine Coatings Revenue (US$ Mn) By Product Type
6.2.1.Marine Coatings Revenue (US$ Mn) and Forecast By Product Type, 2017 - 2028
6.2.2.Cell Based Assays
6.2.2.1.Cell Based Assays Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
6.2.3.Anti-Corrosion Coatings
6.2.3.1.Anti-Corrosion Coatings Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
6.2.4.Antifouling Coatings
6.2.4.1.Antifouling Coatings Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
6.2.5.Others (Foul Release and Moisture Cure)
6.2.5.1.Others (Foul Release and Moisture Cure) Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
CHAPTER 7.Marine Coatings Market By Application
7.1.Introduction
7.2.Marine Coatings Revenue (US$ Mn) By Application
7.2.1.Marine Coatings Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
7.2.2.Cargo Ships
7.2.2.1.Cargo Ships Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
7.2.3.Passenger Ships
7.2.3.1.Passenger Ships Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
7.2.4.Boats
7.2.4.1.Boats Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
7.2.5.Others (Offshore Vessels, Service Ships, and Tugs)
7.2.5.1.Others (Offshore Vessels, Service Ships, and Tugs) Market Revenue (US$ Mn) and Growth Rate (%), 2017-2028
CHAPTER 8.North America Marine Coatings Market By Country
8.1.North America Marine Coatings Overview
8.2.U.S.
8.2.1.U.S. Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017-2028
8.2.2.U.S. Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017-2028
8.2.3.U.S. Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
8.3.Canada
8.3.1.Canada Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017-2028
8.3.2.Canada Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017-2028
8.3.3.Canada Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
8.4.North America PEST Analysis
CHAPTER 9.Europe Marine Coatings Market By Country
9.1.Europe Marine Coatings Market Overview
9.2.U.K.
9.2.1.U.K. Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017-2028
9.2.2.U.K. Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017-2028
9.2.3.U.K. Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
9.3.Germany
9.3.1.Germany Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017-2028
9.3.2.Germany Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017-2028
9.3.3.Germany Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
9.4.France
9.4.1.France Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017-2028
9.4.2.France Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017-2028
9.4.3.France Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
9.5.Spain
9.5.1.Spain Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017-2028
9.5.2.Spain Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017-2028
9.5.3.Spain Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
9.6.Rest of Europe
9.6.1.Rest of Europe Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017-2028
9.6.2.Rest of Europe Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017-2028
9.6.3.Rest of Europe Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017-2028
9.7.Europe PEST Analysis
CHAPTER 10.Asia Pacific Marine Coatings Market By Country
10.1.Asia Pacific Marine Coatings Market Overview
10.2.China
10.2.1.China Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017 - 2028
10.2.2.China Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017 - 2028
10.2.3.China Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
10.3.Japan
10.3.1.Japan Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017 - 2028
10.3.2.Japan Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017 - 2028
10.3.3.Japan Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
10.4.India
10.4.1.India Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017 - 2028
10.4.2.India Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017 - 2028
10.4.3.India Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
10.5.Australia
10.5.1.Australia Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017 - 2028
10.5.2.Australia Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017 - 2028
10.5.3.Australia Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
10.6.South Korea
10.6.1.South Korea Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017 - 2028
10.6.2.South Korea Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017 - 2028
10.6.3.South Korea Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
10.7.Rest of Asia-Pacific
10.7.1.Rest of Asia-Pacific Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017 - 2028
10.7.2.Rest of Asia-Pacific Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017 - 2028
10.7.3.Rest of Asia-Pacific Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
10.8.Asia Pacific PEST Analysis
CHAPTER 11.Latin America Marine Coatings Market By Country
11.1.Latin America Marine Coatings Market Overview
11.2.Brazil
11.2.1.Brazil Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017 - 2028
11.2.2.Brazil Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017 - 2028
11.2.3.Brazil Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
11.3.Mexico
11.3.1.Mexico Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017 - 2028
11.3.2.Mexico Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017 - 2028
11.3.3.Mexico Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
11.4.Rest of Latin America
11.4.1.Rest of Latin America Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017 - 2028
11.4.2.Rest of Latin America Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017 – 2028
11.4.3.Rest of Latin America Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
CHAPTER 12.Middle East & Africa Marine Coatings Market By Country
12.1.Middle East & Africa Marine Coatings Market Overview
12.2.Saudi Arabia
12.2.1.Saudi Arabia Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017 - 2028
12.2.2.Saudi Arabia Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017 - 2028
12.2.3.Saudi Arabia Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
12.3.UAE
12.3.1.UAE Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017 - 2028
12.3.2.UAE Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017 - 2028
12.3.3.UAE Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
12.4.Rest of Middle East & Africa
12.4.1.Rest of Middle East & Africa Marine Coatings Market Revenue (US$ Mn) and Forecast By Resin, 2017 - 2028
12.4.2.Rest of Middle East & Africa Marine Coatings Market Revenue (US$ Mn) and Forecast By Product Type, 2017 - 2028
12.4.3.Rest of Middle East & Africa Marine Coatings Market Revenue (US$ Mn) and Forecast By Application, 2017 - 2028
CHAPTER 13.Player Analysis Of Marine Coatings
13.1.Marine Coatings Market Company Share Analysis
13.2.Competition Matrix
13.2.1.Competitive Benchmarking of key players by price, presence, market share, and R&D investment
13.2.2.New Product Launches and Product Enhancements
13.2.3.Mergers And Acquisition In Global Marine Coatings Market
13.2.4.Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 14.COMPANY PROFILE
14.1.Jotun A/S
14.1.1.Company Snapshot
14.1.2.Business Overview
14.1.3.Financial Overview
14.1.3.1.Revenue (US$ Mn), 2020
14.1.3.2.Jotun A/S 2020 Marine Coatings Business Regional Distribution
14.1.4.Product/ Service and Specification
14.1.5.Recent Developments & Business Strategy
14.1.6.Manufacturing Plant Footprint Analysis
14.2.
14.3.AkzoNobel N.V.
14.4.Hempel A/S
14.5.KCC Corporation
14.6.Kansai Paint Co. Ltd.
14.7.Nippon
14.8.Axalta Coating Systems
14.9.Baril Coatings
14.10.MCU Coatings International
14.11.Others
