The marine coating market is estimated to be valued at about USD 10.2 billion in 2018 and is expected to grow at a CAGR of 6.5% from 2018 to 2025. The major key factors driving the growth of marine coating market are the growing need for fuel-saving and low-emission coatings, growth in offshore drilling, growing demand for VOC free and environment-friendly marine coatings, and growth in the overall international trade leads to increase the sea route activities. The major factors hampering the growth of marine coating market is volatility in prices of raw materials.
Apart from different marine coating product types, the anti-fouling coating had held the largest market share in 2017 and is witnessing a significant growth. Anti-fouling coating provides protection to vessels and ships, used for ship repair and maintenance, protect the surface from abrasion and corrosion, due to these benefits, the demand for anti-fouling coating is growing is fuelling the marine coating market. The foul-release technology is also witnessing a significant growth in this market, due to growing demand from large cargo ships, as foul-release coating save fuel in large cargo ships which consume a lot of fuel.
Asia-Pacific has the largest marine coating market share and it is estimated to witness a significant CAGR. This growth is due to the increasing demand for shipbuilding and dry-docking manufacturers, whereas, China has the most dry dockings.
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In the North American region, it is estimated that U.S. will hold the largest share due to the shale gas revolution that increased the demand for high deep-sea vessels such as oil carriers, tankers, and LNG and LPG tankers. Furthermore, the increasing popularity of yacht and cruise ships is also contributing to the growth in this. The new treading technologies in the global marine coating markets are water-based and less VOC content, and faster drying marine coatings. The manufacturers are focusing on these new treading technologies, which will help to overcome the environmental restraints.
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The major key players in the global marine coating market include Akzo Nobel, PPG, Hempel, Nippon, BASF, Kansai Paints, Chugoku Marine Paints, Jotun, Sherwin-Williams, DuPont, Engineered Marine Coating, and Advanced Marine Coating.
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