The Marine Coatings Market

The marine coatings market comprises not just antifouling coatings for ships, but also protective coatings for offshore structures such as oil rigs. There is great potential for growth in this diverse market.  For 2012, market research firm Frost and Sullivan reported the protective and marine coatings market generated revenue of $2.03 billion North American with a base growth grate of 2.1 percent, and $2.40 billion in Europe, with a base year growth rate of 1.2 percent. According to the study, despite the recent global economic downturn, favorable long-term industrial trends should help the North American market grow to $2.40 billion by 2017, with a market revenue compound annual growth rate (CAGR) of 3.4 percent, and the European market is set to grow to $2.72 billion, with a CAGR of 2.6 percent.

Key issues impacting the market include environmental regulations and oversupply of vessels, resulting in reduced newbuilds.

“The marine coatings marketplace is a sizeable and diverse industry consisting primarily of large, ocean traveling commercial vessels,” said Tom Molenda, global director of marine coatings, PPG Industries.  &ldquo