TMR Forecasts Marine Coatings Market to Reach $11.88 Billion in 2020

In the latest market study released by Transparency Market Research (TMR), titled “Marine Coatings Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”, the global marine coatings market will reach USD 11.88 billion in 2020, increasing from $7.65 billion in 2013. If the figures hold true, the market will display a 6.5 percent CAGR from 2014 to 2020. According to the report, the marine coatings market is primarily driven by the emergence of China as a key participant in the shipbuilding industry and rising need for low emissions and fuel-saving solutions across the globe. Marine coatings provide protection from corrosion, abrasion, and impact to vessels, ships and containers, containers, carriers, among others.

Increasing ship repair and maintenance activities worldwide will open opportunities for the marine coatings market, said TMR analysts. However, volatile raw material prices, which are based on crude oil, will negatively impact this market. The report states that anti-fouling coatings led the product segmentation of the market in 2013. Anti-fouling coatings protect vessels and ships against fouling organisms and slime. The anti-corrosion product segment held the second largest share in the market in 2013. Amongst the products, foul-release coatings are popular due to their biocide-free property and environmental compatibility.

However, other marine coatings such as self-cleaning and self-polishing coatings will exhibit the fastest growth in the marine coatings market in the years to come. By application, coastal is the largest application segment of marine coatings in the last few years. This is mainly due to the application of marine coatings for new shipbuilding as well as drydocking. In 2013, deep sea applications held more than 24% of the global marine coatings market. Rising inland and overseas trade and logistics activities have contributed substantially to the demand for marine coatings for containers and offshore vessels. Leisure boats are expected to exhibit the highest demand for marine coatings in the next few years, adds the report.

The report says that Asia Pacific has led the marine coatings market in the last few years. The region will continue to contribute significant revenue to the global marine coatings market due to the massive shipbuilding industries in China, Japan, and South Korea. Europe, being a major market for ship repair and maintenance, follows Asia Pacific in the global marine coatings market. North America will exhibit slow growth in the marine coatings market in the next few years.

The Rest of the World segment is likely to have an increased share in the overall market by the end of the forecast period. Growth of the maritime industry in Saudi Arabia, South Africa, and Brazil accounts as  the major factor responsible for the rising demand for marine coatings in the region. The report profiles the key players in the global marine coatings market, namely Akzo Nobel N.V., Jotun A/S, Chugoku Marine Paints Ltd., PPG Industries Inc. and Sherwin-Williams Company.