Marine Coatings Market showing Compound annual growth rate and forecast till 2025
Asia Pacific is the largest market for marine coatings. This is driven by both the marine and oil & gas industry. Increasing demand for energy in emerging economies of India, China, Indonesia, Philippines and ASEAN has boosted exploration and production activities in this region. Moreover, demand for goods has been followed by increased shipping and shipbuilding activity in this region which in turn has driven the marine coatings market. In addition, the development of this region as a low cost manufacturing zone has also increased shipping.
North America and Europe are the largest markets for boats, yachts and cruise liners, though these account for a relatively small market share in the marine industry. The luxury cruise liner segment is the fastest growing in these regions.
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Middle East and North Africa are crude oil rich zones. The oil tanker segment is a major player in this region. The oil produced in these regions is exported to Asian, European and North American markets.
Latin American market has witnessed growth in both energy and marine industry. Though growth is sluggish due to complex trade laws between countries and poor port infrastructure. But, increased private sector engagement in modernization of ports and regulatory improvements can be a driver for the marine industry.
There is a tendency of corrosion due to exposure to hostile marine environments. The consequences of corrosion are larger than the price incurred in preventing it, hence marine coatings have become a vital part of the shipping and shipbuilding industries. In addition, fuel consumption is reduced if the ship is in optimal shape. The major challenges are environmental regulations against leachable coatings. High VOC coats on leaching have an adverse effect on marine ecosystems. Furthermore, oil price instability has led to raw material price fluctuations which will slow down market growth in the forecast period.
Marine Coatings Market Taxonomy
On basis of Product Type: Anti-Fouling, Foul Release, Slime Release, Anti-Corrosion, Others
On basis of Application
Marine:Freight Containers, Fishing Vessels, Shipyards & Ports, Naval Vessels, Boats, Ships, Yachts, Cruises, Tankers, Barges
Special Purpose Vessels:Oil and Gas, Construction, Others
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The requirement of special purpose ships in the oil and gas industry is growing. As production moves to deep-water and ultra-deep-water, specially designed drill ships and exploratory ships are required. In 2010, Maersk has commissioned the Viking, a US$ 650 million drillship to drill in depths of excess of 3000m water depth. Further developments in this segment is expected in the forecast period. Major players in the marine coatings market include Nippon paint marines Co. Ltd., Hempel A/S, Jotun A/S, PPG Industries Inc., AkzoNobel NV, DuPont, Axalta Coating Systems, Engineered marine coatings LLC, Chugoku Marine Paints Ltd., Advanced Marine Coating AS, KCC Corp., Kansai Paint Co. Ltd.
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