The global marine
coatings market is
consolidated with a handful of dominating players who account for significant
shares of the market. These players are majorly leading in the market on
account of their focus on development of products that are advanced as well as
increasing their range so as to cater to specific demands of clients. The names
of these players are: PPG Industries Inc., Akzo Nobel N.V., Jotun A/S, Chugoku
Marine Paints Ltd., Sherwin-Williams Company, and Hempel A/S.
According
to Transparency Market Research (TMR), between 2017 and 2025, the global marine
coatings market will expand at a 6.1% CAGR and reach a value of US$14.52 bn by
2025. On the basis of products, the market is led by the antifouling coatings
as it offers solid protection from fouling organisms and slimes. In addition to
this, an increase in maintenance and ship repair activities which require
antifouling coatings will also boost the growth of the global marine coatings
market. By geography, Asia Pacific is leading in the marine coatings market and
it accounted for 60% of the total market in 2016, with China, South Korea, and
Japan at the forefront.
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Need
to Protect Ships from Harsh Weather Conditions Pushing Demand for Marine
Coatings
According
to the lead analyst of the report, “the deep sea application of ships requires
the ships and vessels to be protected against harsh weather conditions, while
also maintaining their appearance and this is the major factor boosting the
growth of the marine coatings market.” in addition to this, marine coatings
play an important role in boosting the fuel efficiency of vessels. The rising ship
repair and maintenance activities will also boost the demand for marine
coatings during the forecast period. In order to ensure long-term security of
marine assets, the oil and gas industry makes use of marine coatings
extensively.
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Slow
Growth of Shipbuilding Industry Hampering Demand for Marine Coatings
The
market is also supported through enforcement of norms such as the IMO ballast
tank coating. It is anticipated that there will be product innovations in the
near future as government policies are becoming strict and there will be a need
to create eco-friendly products. Thus, manufacturers are focusing on developing
metal-free antifouling coatings which has no negative impact on marine life or
the environment. However, the slow growth of the shipbuilding industry is
limiting the growth of the global marine coatings market.
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