Analysis of Global Marine Coatings Market, Forecast to 2025

NEW YORK, June 26, 2019 /PRNewswire/ --

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Marine is one of the key industries of leading economies and caters to end-users including navy, merchants, passenger cruise owners etc.Ships and boats and related components and products that are in operation or are being manufactured require a variety of highly specific and durable coatings for various applications on different above and below waterline components.

Such products are collectively referred to as marine coatings in this study.

The marine coatings market in this study is analyzed for end-users including new shipbuilders and maintenance. The major vessel types Large Vessels (cargo & passenger and naval), Leisure Boats (yachts and other pleasure crafts), and Fishing Vessels and Boats.

Major chemistries include epoxy, polyurethane, alkyd, and others for anti-corrosion coatings, and acrylates and silicones & fluorosilicones for antifouling coatings.Coatings are selected for an application based on a variety of requirements such as corrosion resistance, resistance to fuels and other chemicals, stability under various temperature ranges and pressure conditions, resistance to humidity, and resistance to biofouling.

The requirements vary depending on the end application. Coatings formulations are required to be UV resistant with durable color retention for above waterline exterior applications, and greatly corrosion and chemical resistant for structural applications.

Asia Pacific is the largest market for the marine sector with huge shipbuilding and maintenance bases in countries including China, South Korea, and Japan. The shipping industry in Europe is dynamic and competitive from both economic and social perspectives and contributes significantly to the marine coatings market.

The region holds more than 140 large shipyards and about a third of these are active in the global market catering to large seagoing commercial vessels.

The market for marine coatings is greatly impacted by mega trends such economic slowdown in key markets and countries and stringent environmental regulations mandating use of lower volatile organic compound (VOC) emitting and harmful biocide and other metal containing coatings. However, market growth may gain from increasing use of advanced antifouling coatings that are priced higher than the conventional coatings in the coming few years.

The marine coatings market is highly competitive among large and global manufacturers. The competitive environment in the market is highly skewed towards the larger market participants who increasingly engage in mergers and acquisitions and joint ventures among themselves and also smaller companies to acquire new products, technologies, and market shares due to which the market points towards further consolidation in the coming few years.

Manufacturers engage in continuous product development activities based on the changing market needs and regulatory environment. By establishing long term relationships with their customers, manufacturers try to ensure that they are equally proactive and reactive to the various requirements of this industry.

Marine coatings face regulatory pressures from organizations such as International Maritime Organization (IMO), US Environmental Protection Agency (US EPA), and REACH that mandate the use of products with lower VOC emissions and eliminate the use of heavy metals. There is an increasing trend of customers moving to higher solids aerospace coatings and waterborne coatings for want of lower volatile organic compound (VOC) emissions, better specifications, and durability.

Manufacturers are increasingly investing in product development to enhance environmental sustainability and product efficiency. Customers are increasingly looking for products that are easier to apply, impart greater fuel efficiency by reducing drag, and regulatory compliant.

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