The Business Research Company’s report on the Marine Coatings Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the marine coatings market further?
The growing sea trade activities are expected to propel the growth of the marine coatings market going forward. Sea trade refers to the transportation of goods abroad between two countries overseas. Marine coatings are efficient means of preventing ships’ corrosion while submerging in water. They can also fend off moisture and lessen hydrodynamic drag, which helps ships run more efficiently; as a result, the growing sea trade activities increase the demand for marine coatings. For instance, in July 2024, Eurostat, the Luxembourg-based government agency, reported that the gross weight of seaborne goods in the European Union reached 893.97 million tonnes in Q2 2022, compared to 851.28 million tonnes in Q2 2021. Therefore, the growing sea trade activities are driving the growth of the marine coatings market.
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What are the key factors influencing the forecasted market size of the marine coatings industry?
The marine coatings market size has grown strongly in recent years. It will grow from$5.24 billion in 2024 to $5.56 billion in 2025 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to regulatory environment, economic conditions, consumer preferences, competitive landscape, global events have historically influenced the market
The marine coatings market size is expected to see strong growth in the next few years. It will grow to “$7.2 billion in 2029 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to demographic trends, growing environmental concerns, market innovation, growing supply chain optimization, changing consumer values are anticipated drivers. Major trends in the forecast period include enhanced corrosion protection coatings, rise of silicone-based coatings, antimicrobial coatings for biosecurity, integration of graphene in coatings, coatings for fuel efficiency.
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Who are the leading competitors in the marine coatings market?
Major companies operating in the marine coatings market include PPG Industries Limited, Akzo Nobel N.V., The Sherwin-Williams Company, Hempel A/S, Jotun, Nippon Paint Marine Coatings Co. Ltd., Axalta Coating Systems, RPM International Inc., Boero YachtCoatings, Kansai Paint Co.Ltd., KCC Corporation, Chugoku Marine Paints Ltd., Pettit Paints, General Coatings Manufacturing Corp., Wacker Chemie AG, International Paint Ltd., Carboline Company, International Marine Coatings, Ameron Protective Coatings, Devoe Marine Coatings, Rust-Oleum Marine Coatings, Sigma Coatings, BASF SE, Hexion Inc, ChromaScape, Baril Coatings, MCU coatings, Tikkurila Oyj
Which emerging trends are set to transform the marine coatings market landscape?
Product innovations are a key trend gaining popularity in the marine coating market. Major companies operating in the marine coating market are focusing on developing new products to sustain their position in the market. For instance, in March 2023, PPG Industries Inc., a US-based paints, coatings, and specialty materials manufacturer, launched PPG SIGMAGLIDE 2390 marine coating. This coating’s unique feature is its capacity to lower energy use, cut carbon emissions, and exceed performance goals without harming the marine environment. The biocide-free fouling release coating is built on the innovative PPG HYDRORESET technology, which transforms the coating when submerged in water to create an incredibly smooth, nearly frictionless surface that marine organisms do not recognize.
How do different geographies compare in terms of market share and growth potential in the marine coatings market?
Asia-Pacific was the largest region in the marine coatings market in 2024. The regions covered in the marine coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Which major segments of the marine coatings market are experiencing the fastest growth?
The marine coatings market covered in this report is segmented –
1) By Product: Anti-Fouling Coatings, Anti-Corrosion Coatings, Foul Release Coatings, Other Products
2) By Resin: Epoxy, Polyurethane, Acrylic, Alkyd, Other Resins
3) By Technology: Water-Borne, Solvent-Borne, Other Technologies
4) By Application: Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels, Other Applications
5) By End-Use: New Ships, Repair Work
Subsegments:
1) By Anti-Fouling Coatings: Hard Anti-Fouling Coatings, Soft Anti-Fouling Coatings
2) By Anti-Corrosion Coatings: Epoxy Coatings, Polyurethane Coatings, Zinc-Rich Coatings
3) By Foul Release Coatings: Silicone-Based Foul Release Coatings, Non-Toxic Foul Release Coatings
4) By Other Products: Specialty Coatings, Primers, Topcoats
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How is the marine coatings market defined, and what are its core characteristics?
Marine coating refers to a particular kind of protective coating that acts as a barrier between the water and the substrate to shield it from harm. It is used to shield ships, boats, tankers, and other materials from saltwater or freshwater.
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