Marine & Offshore Coatings Market

The marine, yacht and offshore coatings market was a mixed bag in 2009. While certain segments were soft, other areas, particularly newbuilding and offshore, offered growth opportunities.

Sherwin-Williams experienced growth in its offshore and petrochemical related business, with much of that tied to Brazil's investment in those markets, according to Rick McRae, global market director, marine, Sherwin-Williams Protective and Marine. "That really helped investment in the Gulf of Mexico and helped to propel that portion of the market," he said. "The newbuild activity in Asia in 2009 remained stable given the completion of previously announced vessels while the inland marine maintenance market remained steady throughout most of 2009. However, the newbuild market slowed primarily because it was difficult for owners to obtain financing. The government marine business was somewhat soft, mostly due to deferral of maintenance.

While it's a little too early to tell what 2010 will bring, Sherwin-Williams is seeing some projects that had been on hold moving forward, and existing projects that were going slowly have increased their pace. The