Global $10.8 Billion Marine Coatings Market 2018-2022

The marine coatings market is projected to grow from USD 8.29 Billion in 2017 to USD 10.82 Billion by 2022, at a CAGR of 5.45% during the forecast period from 2017 to 2022.

The increase in the overall international trade has resulted in the increased use of sea routes for carrying out trade activities across the globe. This has led to rise in the number of bulk carriers, container ships, and general cargo ships being manufactured across the globe, thereby widening the scope of the marine coatings market. In addition, the increasing demand for marine coatings from emerging economies such as China and South Korea is expected to fuel the growth of the marine coatings market across the globe.

The Asia Pacific region is the largest market for marine coatings and is expected to continue leading the market till 2022. The growth of the Asia Pacific marine coatings market can be attributed to the recognition of countries such as China, Japan, South Korea, India, Vietnam, and Indonesia as ship manufacturing hubs.

New product launches and expansions have been the major developmental strategies adopted by the key players operating in the marine coatings market between 2013 and 2017. Companies such as PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), have adopted these strategies to enhance their product offerings and customer base as well as gain a competitive edge over their peers in the market. These companies are also focusing on investing in R&D activities to introduce new and cost-effective materials to keep up with the changing consumer needs.

Market Dynamics

> Drivers

Increasing Shipbuilding Activities in APAC

Upcoming Shipbuilding Projects and Plans

Reduction in Fuel Consumption

> Opportunities

Increasing Demand From the Oil & Gas Industry

Advancements in Marine Coating Technologies

> Challenges

Fluctuating Raw Material Prices

Environmental Regulations

> Companies Mentioned

Akzonobel

Asian Paints

Axalta

BASF Coatings

Berger Paints

Brunel Marine Coating Systems

Chugoku Marine Paints

Cloverdale Paint

Dupont

Epifanes

Hempel

Jotun

Kansai Paint

Nippon Paint

PPG Industries

Rpm International

Shalimar Paints

Sherwin-Williams

Tiger Coatings

Tohpe