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Marine Coatings Market Size

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

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Marine Coatings Market Size

Marine coatings market size was valued at over USD 4 billion in 2020 and is estimated to exhibit 5.6% CAGR from 2021 to 2027. The market is anticipated to hit 5.1% CAGR in terms of volume to reach 726.4 Kilo Tons through the forecast period. Favorable economic conditions will potentially increase seaborne trade activities and positively influence marine coatings demand over the study timeframe.

Marine coatings are applied to container ships, bulk carriers, tankers, passenger ships and general cargo as they protect surfaces & parts of ships and marine containers from abrasion and corrosion. Corrosion degrades the components and significantly reduces the service life of marine vessels. The ship builders and repair service providers also apply these coatings to improve the visual appearance and aesthetics of the exterior surfaces.

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Marine coating manufacturers are focusing on product innovations that help to improve the fuel consumption of the ship with various paints and coatings. For instance, Hempel offers Hempaguard X7 hull marine coating that helps to reduce water resistance and provide a smooth surface below the waterline. Such initiatives will positively influence the marine coatings market share.

Marine Coatings Market Report Attributes
Report Attribute	Details
Base Year:	2020
Marine Coatings Market Size in 2020:	4,322.8 Million (USD)
Forecast Period:	2021 to 2027
Forecast Period 2021 to 2027 CAGR:	5.6%
2027 Value Projection:	6,280.0 Million (USD)
Historical Data for:	2017 to 2020
No. of Pages:	250
Tables, Charts & Figures:	222
Segments covered:	Application, Product, End Users and Region
Growth Drivers:	Proliferating shipbuilding industry in Asia Pacific Increasing ship repairing and overhaul demand Growing need for low fuel consumption and low emission coatings
Pitfalls & Challenges:	Higher Inconsistent raw material prices Strict environmental regulations pertaining to marine coatings

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The marine coating industry is significantly affected by fluctuating raw material prices. Crude oil, one of the key raw materials is subject to high price volatility. Crude oil derivatives prices have increased due to government restrictions related to COVID-19, resulting in higher prices of the end-product. Fluctuations in the prices of titanium oxide and copper will further affect the manufacturing cost.

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.