The marine coatings market
was valued at $3.19 billion in 2016 and is projected to reach $3.93 billion by 2022, at a CAGR of 3.5% during the forecast period from 2017 to 2022.
Increasing demand for marine coatings from the shipbuilding industry in emerging economies such as China, India, and Brazil, is expected to fuel the growth of the marine coatings market across the globe.
PPG Industries (U.S.) is one of the leading manufacturers of marine coatings, globally. The company has been focusing on new product launches and expansions to maintain its leading position in the market.
For instance, in November 2017, the company launched a new water-based primer, namely, PPG AQUACRON 834.
This is an economical anti-corrosion primer for steel applications. In February 2016, the company invested USD 7.8 million for expanding its global paints and coatings R&D hub in the US This investment is expected to help the company enhance its overall capabilities as well as expand its presence in the region.
AkzoNobel (Netherlands) is another major player in the marine coatings market. The company has been focusing on expansions as a part of its strategic development activities.
In June 2017, the company carried out the expansion of its research & development facility in Texas (U.S.). The company invested USD 3.5 million for this expansion activity. This R&D facility supports the protective coatings and marine coatings businesses of the company.
The growth of the marine coatings market can be attributed to the continuous growth of the shipbuilding and offshore engineering industries in emerging economies. However, fluctuating prices of raw materials used for manufacturing marine coatings and increasing environmental regulations are the challenges for the growth of the marine coatings market.
Anti-corrosion coatings are the most widely used type of marine coatings as they enhance life as well as the quality of structures or surfaces, wherein they are applied. Anti-corrosion coatings are passive corrosion-resistant products. These coatings isolate surfaces from aggressive corrosive agents such as moisture, salts, and acids.
Epoxy marine coatings are widely used in the shipbuilding industry due to their anti-corrosion properties. These coatings prevent corrosion in those parts of ships that are continuously exposed to seawater and ultraviolet (UV) rays. This results in an increased demand for epoxy marine coatings from the shipping industry, thereby leading to the growth of the epoxy segment of the marine coatings market.
The marine coatings market has been studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is expected to lead the marine coatings market during the forecast period, owing to the increased consumption of marine coatings in emerging economies such as China, India, and South Korea.
The Asia Pacific marine coatings market is also projected to grow at the highest CAGR between 2017 and 2022, in terms of value. The demand for oil & gas is increasing in tandem with the ongoing urbanization and industrialization in the region. This, in turn, has fueled the demand for large cargo vessels from the region, thereby increasing the demand for marine coatings in the Asia Pacific region.