Wilmington, Delaware, United States, Transparency Market Research Inc. -, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The global marine coatings market (해양 코팅 시장) is estimated to flourish at a CAGR of 5.5% from 2024 to 2034. Transparency Market Research projects that the overall sales revenue for marine coatings is estimated to reach US$ 24.7 billion by the end of 2034.
A significant driver is the increasing demand for coatings with enhanced antifouling properties to combat the spread of invasive species. As global shipping routes expand, there's a growing concern about the introduction of non-native species into new ecosystems. To address this issue, there's a rising need for marine coatings that effectively deter marine fouling organisms, minimizing their impact on marine ecosystems.
The rise of sustainable tourism and recreational boating activities is driving demand for eco-friendly marine coatings. Boat owners and operators are increasingly prioritizing environmentally responsible coatings that minimize harm to marine ecosystems while providing effective protection against corrosion and fouling.
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The emergence of new substrates and materials in ship construction is influencing coating requirements. Advanced materials such as composites and aluminum alloys offer unique challenges for coating adhesion and durability, driving the need for specialized coatings tailored to these substrates.
The increasing prevalence of bio-based and renewable coatings is gaining traction in the marine industry. These coatings offer environmental benefits while maintaining high performance, aligning with the industry's sustainability goals and regulatory requirements.
Key Findings of the Market Report
- Anti-fouling coatings lead the marine coatings market, providing essential protection against marine fouling organisms and maintaining vessel performance and fuel efficiency.
- Epoxy resin segment leads the marine coatings market due to its superior adhesion, durability, and resistance to water, chemicals, and abrasion.
- New shipbuilding segment leads the marine coatings market due to increased demand for coatings to protect newly constructed vessels.
Marine Coatings Market Growth Drivers & Trends
- Increasing global trade volumes drive demand for marine coatings to protect vessels from corrosion, fouling, and environmental degradation.
- Growing focus on eco-friendly coatings fuels innovation in sustainable and low-VOC formulations.
- Development of advanced coatings with enhanced durability, adhesion, and anti-corrosive properties boosts market growth.
- Growing investments in offshore oil and gas exploration, renewable energy, and maritime infrastructure drive demand for protective coatings.
- Adoption of hull coatings designed to reduce drag and improve fuel efficiency supports market growth amidst rising fuel costs and environmental concerns.
Global Marine Coatings Market: Regional Profile
- North America stands as a major market driven by the presence of prominent players like PPG Industries and Sherwin-Williams, catering to a robust marine industry encompassing shipping, offshore, and naval sectors. Stringent environmental regulations and a focus on sustainability propel demand for eco-friendly coatings in this region.
- Europe boasts a mature market characterized by strict regulatory standards and a strong emphasis on innovation. Key players such as AkzoNobel and Hempel A/S lead the region, offering a wide range of advanced coatings solutions for shipbuilding, maintenance, and repair. Growing investments in renewable energy and offshore wind farms further stimulate market growth in Europe.
- In the Asia Pacific, rapid industrialization, maritime trade expansion, and rising shipbuilding activities drive significant market demand. Local players like Nippon Paint Holdings Co., Ltd. and Kansai Paint Co., Ltd. dominate this region, capitalizing on their expertise and understanding of local market dynamics.
- Increasing investments in infrastructure development, particularly in emerging economies like China and India, fuel demand for marine coatings for port infrastructure, offshore platforms, and vessel maintenance.
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Marine Coatings Market (Marché des revêtements marins): Competitive Landscape
In the competitive marine coatings market, global players such as AkzoNobel, PPG Industries, and Hempel A/S dominate, offering comprehensive portfolios of anti-corrosion, antifouling, and protective coatings. Regional contenders like Jotun and Chugoku Marine Paints also hold significant market share, leveraging localized expertise and distribution networks.
Technological advancements, environmental regulations, and shifting customer preferences drive competition, prompting companies to innovate sustainable, high-performance coatings. Strategic collaborations, mergers, and acquisitions further intensify rivalry, as players vie to expand market reach and enhance product offerings.
Amidst this dynamic landscape, differentiation through product quality, environmental compliance, and customer service remains key to sustaining competitive advantage. Some prominent players are as follows:
- Akzo Nobel N.V.
- Chugoku Marine Paints Ltd.
- Hempel A/S
- The Sherwin-Williams Company
- RPM International Inc.
- PPG Industries Inc.
- Nippon Paint Holdings Co. Ltd.
- Kansai Paint Co. Ltd.
- KCC Corporation
- Axalta Coating Systems Ltd.
- San Cera Coat Industries Pvt. Ltd
Product Portfolio
- RPM International Inc. offers a diverse range of specialty coatings, sealants, and building materials. With a commitment to innovation and sustainability, their products cater to various industries including construction, automotive, and industrial, ensuring durability, performance, and environmental responsibility.
- PPG Industries, Inc. is a global leader in coatings and specialty materials, providing innovative solutions for automotive, aerospace, and architectural applications. With a focus on performance, protection, and aesthetics, their products enhance surfaces, protect assets, and inspire creativity worldwide.
Marine Coatings Market: Key Segments
By Product
- Anti-fouling
- Anti-corrosion
- Foul Release
- Others
By Resin
- Epoxy
- Silicone
- Alkyd
- Others
By Marine
- Dry Docking
- New Shipbuilding
By Application
- Coastal
- Containers
- Deep Sea
- Leisure Boats
- Offshore Vessels
- Others
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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