Global Marine Coatings Market: Snapshot
Just a few players account for a substantial share in the global marine coatings market. As a result it is consolidated. In order to steal a march over their competitors, savvy players in the market are focused on product development. They are seen augmenting their sales by offering a variety of products to their clients to cater to their specific needs.
At the forefront of driving demand in the global marine coatings market is their deep-sea application, which protects ships from harsh weather conditions and improves their appearance. They also serve to up the fuel efficiency of vessels, thereby decreasing their impact on the environment. Research and development of better products with various advantages is also benefitting the market. However, slow growth of the ship building industry is expected to be a restraining factor for the market.
A report by Transparency Market Research, forecasts the global marine coatings market to attain a value of US$14.52 bn by 2025 from US$8.53 bn in 2015 by rising at a CAGR of 6.1% between 2017 and 2025.
Anti-fouling Coatings Leading Product Segment on Account of Repair and Maintenance Activities
Product-wise, the key segments of the global marine coatings market are anti-fouling coatings, foul release coatings, anti-corrosion coatings, etc. Of them, the segment of anti-fouling coatings, which provide protection to vessels and ships from fouling organisms and slime, held a leading share in the market in 2016. Primarily used for ship repair and maintenance, rise in such activities is predicted to boost demand for the product segment in the near future. The anti-corrosion coatings, which protect the surface from abrasion and corrosion, trails in the second position in terms of volume. Foul release coating is another popular product segment since they are biocide-free and environmentally compatible. Demand for other marine coatings such as self-cleaning and self-polishing coatings is likely to surpass that of other products in the near future.
Shipbuilding in China Catapults Asia Pacific Market to Fore
From a geographic standpoint, Asia Pacific dominates the global marine coating market in terms of volume and value. In 2016, it held over 60% value share of the market. Powered by shipbuilding activities in China, Japan, and South Korea, the market in the region is predicted to maintain its leading position in the years ahead too. The region is also expected to outshine all others in terms of growth rate by clocking a CAGR of 6.45% and grow its share to 64.7% by 2025.
Europe and North America are key markets as well since they generate significant demand for marine coatings. The shale gas revolution in the U.S. in North America has upped the need for high deep sea vessels such as oil carriers, tankers, LNG tankers, and LPG tankers, thereby driving up demand for marine coatings. Again, Germany in Europe consumes maximum marine coatings. Majority of companies operating in the marine industry in Europe are located in Germany, Greece, Italy, Norway, and the Netherlands. Thus, these countries are the most lucrative markets for marine coatings. Rising at a CAGR of 5.42% in the forecast period, the market in North America is projected to trim its share to 11.2% by 2025. Similarly, by registering a CAGR of 5.69 in the forecast period, the market in Europe is expected to reduce its share to 17.1% by 2025.
Some of the prominent players in the global marine coatings market are Akzo Nobel N.V., PPG Industries Inc., Jotun A/S, Hempel A/S, Chugoku Marine Paints Ltd., and Sherwin-Williams Company.