Marine Coatings Worth $15 Billion by 2024

According to leading marine coatings manufacturers contacted for this month’s feature article, the market, although challenging, overall has been healthy and all indications are this trend will continue.

The marine coatings market size is forecasted to surpass $15 billion by 2024, according to research by Global Market Insights.

A growing need for low fuel consumption will drive the demand for regular coating by anti-fouling agents, propelling the overall marine coatings market, GMI said.

“Predictably, the coatings market remained very competitive in 2018,” said Christian Ottosen, group VP, head of Marine, Hempel A/S. “The price for raw materials increased more than anticipated, which affected the entire coatings industry. There were sustained tough market conditions in the marine industry globally. The marine newbuild markets in Asia and Europe continued to decline but there was a rise within marine maintenance. We see 2019 as a year of progress and overall the global coatings market is expected to pick up.”  

“The commercial marine coatings industry in North America has seen steady growth since the beginning of 2018, and we see it continuing at a similar pace through 2019 and into next year,” noted Al Kaminsky, U.S./Canada marine director for PPG Protective and Marine Coatings.

Jotun recently signed an agreement with Korean Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, for a new type of marine paint that reduces solvent emissions by up to 90 percent. This is the starting point of a closer cooperation and the use of a new, innovative solvent-free primer.

Jotun focuses heavily on research and development of environmentally friendly paints, and the corrosion-protective primer reduces total solvent release by 80-90%. The company disclosed it has worked on developing the new type of marine paint for 13 years. Jotun claims it will reduce solvent (VOC) emissions into the air from approximately 250 grams per liter to nine grams per liter.

The new product is currently available for Korean shipyards and selected shipbuilders in Europe who have experience applying single-coat primers that require careful application techniques.