The growing demand for efficient fuel consumption across the marine industry is positively impacting Marine Coatings Market globally. The rise in the number of shipbuilding firms by the day bears evidence to this fact. The occurrence of fouling over the hull and underwater body of ships may result in the degradation of their performance and durability, which may significantly impact the fuel consumption rate. To efficiently utilize the fuel and improve the performance of ships, it is essential to avoid the occurrence of fouling, which can be achieved by means of marine coatings. Also, the changing preferences toward marine transportation over other modes of transport will propel marine coatings industry share.
As per the report by Global Market Insights, Inc., “Worldwide Marine Coatings Market will exceed a revenue collection of USD 15 billion by 2024 with an annual growth rate of nearly 7% over the period of 2016 to 2024.” Market players are striving to enhance the available products and to innovate new technological aspects, which will provide a significant push to marine coatings industry share over the coming timeframe. Firms are also concentrating on improving abrasion and corrosion resistance, cure time, and edge retention.
U.S. Marine Coatings Market size, by application, 2013 - 2024 (USD Million)
Anti-fouling coating product segment covered over 40% of the marine coatings industry share in 2015 and will register huge annual growth rate over the coming years of 2016 to 2024. While manufacturing new ships and adding the finishing touches, anti-fouling coatings are prominently used to avoid the lingering of marine organisms over the outer surface of the boat.
Asian countries such as China, Japan, South Korea, Taiwan, and Philippines are investing noticeably in the shipbuilding sector, which will favorably influence marine coatings market size. China led the global shipbuilding industry, acquiring more than 33% of the overall share.
Underwater paint coating offers better reliability, improved fuel consumption, reduced drag, and enhanced recoating life cycle. To increase the abrasion, corrosion, and friction resistance, ultra-high and high solid coatings are used for application. Coastal application segment in marine coatings market collected a revenue of more than 3 billion in 2015 and will record substantial growth rate over the coming timeframe. It is extensively used for tugs, offshore supply vessels, coasters, dredgers, defense ships, and fishing vessels, which will noticeably drive marine coatings industry share.
Leisure boat application segment in marine coatings market was worth USD 1 billion in 2015 and is predicted to register an annual growth rate of about 7% over the period of 2016 to 2024, owing to the increasing demand for leisure boats across Western Europe and North America. North America and Europe together accounted for more than 25% of the global marine coatings market share in 2015 and will generate considerable revenue over the years ahead. The other application segments such as deep sea, offshore vessels, and containers will also contribute significantly toward the marine coatings industry growth.
Key players are not only focusing to sustain in this competitive business, but are also into producing eco-friendly products based on the regulatory norms. Development of novel, innovative products will remain one of the key growth strategies of most of the industry players. Some other vendors will also focus on mergers and acquisitions to expand their market share and invest heavily into the development of eco-friendly coating and anti-fouling paints. To prevent the rusting of the hull body, anti-corrosion painting is carried out on the outer body of the ship. The anti-corrosion coatings product segment collected a revenue of USD 3 billion in 2015 and will exhibit an attractive growth rate of more than 6% over the period of 2016 to 2024, primarily driven by the surging need to avoid rusting of hull surface due to saline water. This, in turn, will boost marine coatings market size.
The top four industry giants accounted for more than 50% of the global product demand. The notable players in marine coatings market are Hempel Group, PPG Industries, AkzoNobel, Jotun, Kansai Paint Co., Ltd, Nippon Paint, Sherwin-Williams, RPM International Inc., BASF, KCC Corp., CHUGOKU MARINE PAINTS, Ltd., and DuPont.