Marine Coatings Market Size 2022-2031 with Top Countries Data, Industry Share, Growth, Value and Analysis by Top Key Players

Marine coatings are protective layers which are waterproof in nature, and applied to surfaces unprotected from, exposed to or immersed in fresh, brackish, and/or salt water. They are mainly used for coatings ferries, boats, ships and other watercraft, as well as with marine structures, such as offshore oil rigs, drill ships, and oil & gas structures. Marine coatings include base coats, top coats and clear coats, paints, primers, varnishes, and stains, and inks, marking materials, and sealers or surface sealants. Like other types of protective coatings, marine coatings differ in terms of performance, properties, and chemistries. Marine coatings include epoxy fairing compounds, epoxy primers and sealers, wood finishing systems, as well as anti-fouling coatings.

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Asia-Pacific is leading the marine coatings market. This is mainly due to the huge numbers of new shipbuilding and also dry dockings in Asia-Pacific region. The expansion of global trade through sea routes has increased the number of bulk carriers, container ships and general cargo ships manufactured, in turn widening the scope of the marine coatings market in Asia-Pacific. The key countries contributing to the marine coatings industry in Asia-Pacific region are China, Japan, and South Korea. These three countries together accounted for almost 85% of marine coatings consumption in Asia-Pacific and more than 65% of the global marine coatings market. Furthermore, countries, such as Thailand, Singapore, Vietnam, Philippines, and India are also emerging as a next new shipbuilding and offshore engineering hub in the near term. It is clear that Asia-Pacific will retain a dominant position in the ship building industry globally and hence, sustain the growth momentum. EMEA (Europe and the Middle East & Africa) and the Americas are comparatively a small market for marine coatings and projected to grow at a moderate CAGR.

The anti-corrosive coatings demand mainly dominates the global marine coatings market, followed by anti-fouling coatings. Epoxy-based anticorrosive marine coatings are slated for high growth due to its favorable cost and enhanced performance. Anti-fouling coatings are also more popular for their ability to prevent the buildup of organic matter on ship hulls, improve fuel efficiency, and decrease emissions.

The report analyzes the marine coatings market trends and forecasts till 2031. The market size has been provided in terms of market volume (million liters) and value ($million). The report also identifies prominent players and provides analysis for each player in terms of company overview, financials, products & services offered recent developments, and company strategy.

The marine coatings market is projected to register a CAGR of 8.9% between 2022 and 2031 to reach $10.4 billion. The epoxy-based marine coatings are witnessing a CAGR of 8.8% and constitute a significant part of the overall marine coatings market, in terms volume.

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The manufacturers of marine coatings, which include anti-corrosive, anti-fouling, and foul-release products, are developing new, more environmentally friendly formulas. Companies are investing in developing eco-friendly products, such as metal-free and anti-fouling coatings. The product differentiation is quite high in the market for which the focus is more on new developments which help the players to stay competitive in the market. All these factors will continue to drive the demand for marine coatings.

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