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Marine Coatings Market Share

Report ID: GMI1142
Published Date: Jul 2021
Report Format: PDF

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Marine Coatings Market Share

The marine coatings industry is highly consolidated with the top five players holding significant share. Manufacturers are developing innovative marine coatings with lower VOC (volatile organic compounds) to strengthen their market position. They are involved in collaborations with ship traders to strengthening their industry foothold. For instance, in December 2019, Jotun A/S and COSCO SHIPPING International Hong Kong renewed their joint venture agreement to supply marine coatings for COSCO SHIPPING fleet and the Chinese market.

Some of the prominent manufacturers of the industry are

Akzo Nobel N.V.
Jotun A/S
Hempel A/S
Chugoku Marine Paints, Ltd
Kansai Paint Co.,Ltd.
NipponPaint Co.
Sherwin-Williams Company
PPG Industries
RPM International
KCC Corporation

Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

Marine coatings market size was estimated to be around USD 4 billion during 2020 and will record over 5.6% CAGR through 2021-2027 with gradual rise in seaborne trade and recreational activities.

The market share from new ships segments worldwide had reached USD 1.85 billion during 2020 with strong commercial maritime sector and trade activities.

It is estimated that anti-fouling marine coatings industry share will hit USD 2.5 billion by 2027 with the considerable need to restrict subaquatic growth across the hulls of shipping vessels.

Asia Pacific held nearly 65% of share in 2020 owing to major shipbuilding companies in countries like China, South Korea and Japan.