The Marine Coatings Market

When we think of marine coatings, often times the first thought goes to the aesthetics of the ships. However, marine coatings play a key role in protecting ships, whether it is imparting anti-fouling properties, maintaining the ship from corrosion, improving energy efficiency by keeping the hulls clean or so much more.

It is a growing market, and one that requires new technology to meet increasingly stringent government mandates.
Chris Birkert, marine segment manager at AkzoNobel, pointed to the expanding number of ships reaching ports.

“The marine coatings market is experiencing strong market demand, with the global fleet growing by 2.1% year-to-date and the number of new vessels delivered increasing by 11% in the past year, according to the Clarksons World Fleet Register in March,” Birkert reported.

“We’ve found there’s been a rise in the number of inquiries related to marine coatings for fuel tanks, specifically within the realm of new-build vessels powered by alternative fuels. The primary fuels of interest appear to be LNG and methanol. This trend underscores the evolving needs of shipowners in the maritime industry,” he added.

Despite this, Birkert said that the conflict in the Red Sea and the reduced water levels in the Panama Canal, among other geo-political factors, have resulted in some delays to dry dockings throughout the year, with vessels facing longer transit routes to reach their discharge points and then docking.

“With this backdrop in mind, we’ve seen growing and continuous demand for higher performing fouling control coatings as shipowners and operators face new and stricter regulations, such as the Carbon Intensity Indicator (CII) and the European Union Emissions Trading System (EU ETS) to reduce CO2 emissions,” said Birkert. “Having the right fouling control product on their underwater hulls ensures that shipowners maintain a clean hull and can lower their fuel consumption for their vessel when in operation.”

Alexander Enström, EVP, head of Marine at Hempel A/S, reported that the market for marine coatings this year has continued to be strong, thanks to the International Maritime Organization (IMO) regulations that were introduced last year, which led to an increased demand for solutions that can improve energy efficiency.

“Challenges have arisen from disruptions in the Red Sea, causing delays to dry dockings, but busy newbuild yards support continued and growing demand for marine coatings solutions,” added Enström. “The decarbonization push in the maritime industry is bringing together operators, charterers as well as shipowners and creating a need for investing in hull coating upgrades – even for the stakeholders who do not pay for the fuel.”

Ariana Psomas, PPG global segment director of new build and dry dock, Protective and Marine Coatings, noted that the marine coatings market is experiencing notable growth, fueled by several key factors.

“There is a significant rise in demand for advanced, sustainable coatings, reflecting the shift towards efficient solutions for a decarbonized future. This surge is largely driven by regulatory pressures, environmental responsibility, and the need for improved operational efficiency within the shipping industry,” Psomas observed.

Increasing Regulations

There are a number of important factors leading to growth in the marine coatings market. For example, Birkert noted that the International Marine Organization (IMO) announced new carbon targets for the fleet last year. These targets include a 20% reduction in emissions by 2030, a 70% reduction by 2040, compared with 2008 levels, and the ultimate goal of net-zero emissions by 2050.

“The new EU Emissions Trading System has increased operational costs for shipowners and fouling control coatings are widely considered to be an effective strategy for decarbonizing their fleets in line with the regulations,” Birkert said. “Compliance with current and new legislation on decarbonization of the marine industry has required additional upgrades to the underwater hulls of their vessels, as the right coatings choice can lead to a decrease in both fuel expenditure and emissions.”

Birkert observed that another factor driving growth in the marine coatings market is the increasing age profile of the global fleet, which means docked ships require additional repairs to enable them to return to service.

“Demolitions remain low as freight rates continue to track above the ten-year average and shipyard order books continue to expand with delivery dates now beyond 2027,” said Birkert. “Owners are retaining old ships for longer, which increases the maintenance scope at dry dock to achieve the required CII rating. Often, steel needs to be replaced and this has fueled demand for anti-corrosive products such as Intershield 300HS, Interbond 201 and cosmetic finishes like Interthane 990E.”

Psomas noted that the increasing demand for premium low-friction marine coatings is a key driver, as vessel operators seek to improve efficiency and lower vessel emissions.

“This growing interest stems from the coatings’ ability to minimize drag and enhance hydrodynamic performance,” said Psomas. “Simultaneously, the global push towards more sustainable practices is fueling demand for coatings that contribute to reduced emissions and improved environmental performance in shipping operations.

Psomas said that environmental regulations are also playing a crucial role.

“The implementation of measures such as the Carbon Intensity Indicator (CII), Energy Efficiency Existing Ship Index (EEXI), and IMO GHG emissions targets is creating a strong incentive for the adoption of advanced coating technologies. These regulations, coupled with rising fuel costs and environmental concerns, are driving high demand for coatings that can significantly reduce fuel consumption and emissions,” Psomas reported.

“Advancements in coating technologies are further propelling market growth,” Psomas added. “Lastly, there’s an increasing awareness in the shipping industry about the critical role of hull coatings in overall vessel performance. As the sector becomes more attuned to the impact of hull condition on efficiency, there’s a growing interest in high-performance coating solutions. This heightened awareness is contributing significantly to the expansion of the marine coatings market.”

Enström noted that the introduction of even more ambitious decarbonization targets set by the International Maritime Organization (IMO) in 2023 helps fuel the demand for Hempaguard, as many stakeholders in the industry search for the best solutions to help reduce their fuel consumption and carbon footprint, here and now.

“The IMO’s Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII), both of which came into force at the start of 2023, screen vessels on efficiency,” Enström observed. “To meet targets, most shipowners are having to look to every aspect of a ship’s operations to reduce emissions and increase their performance, and the choice of coating on a ship’s hull has significant impact.”

The Importance of Sustainability

Not surprisingly, sustainability is very much on the mind of ship owners.

PPG’s Psomas noted that sustainability has emerged as a paramount concern for customers in the marine coatings market, manifesting itself in various aspects of their decision-making process.

‘There’s a significant shift towards coatings with minimal environmental impact, such as biocide-free and copper-free formulations, reflecting a growing demand for sustainable products,” Psomas added. “Customers are also increasingly seeking coatings that can contribute to reduced greenhouse gas emissions, aligning with both regulatory requirements and their own corporate sustainability goals.

Psomas noted that the concept of sustainability extends beyond the coating’s composition to its long-term performance.
“Customers value products that provide long-lasting protection, reducing the need for frequent reapplication and maintenance,” she said. “This perspective ties into the broader view of economic sustainability, with a growing recognition that sustainable solutions often yield long-term economic benefits through improved efficiency and reduced maintenance costs.

“Regulatory compliance is another key driver, with customers prioritizing coatings that help them meet or exceed environmental regulations,” Psomas said. “They view sustainability as a crucial factor in maintaining operational viability in an increasingly regulated industry. Furthermore, many customers see the adoption of sustainable coating solutions as an integral part of their overall corporate responsibility and brand positioning.

‘There’s also a growing interest in the entire lifecycle impact of coatings, from production to application and eventual disposal. This holistic approach to sustainability reflects a deeper understanding of environmental responsibilities in the maritime sector,” Psomas said.

“The high demand for products like PPG SIGMAGLIDE 2390 and PPG NEXEON 810, which offer significant environmental benefits, underscores the critical importance of sustainability to customers in this market,” added Psomas. “It’s clear that sustainability has become a central factor in coating selection, influencing product development, marketing strategies, and customer relationships in the marine coatings industry.”

“Sustainability is very important for our customers because it’s the key driver of reductions in fuel and CO2 emissions,” AkzoNobel’s Birkert observed. “Over the last 18 months, we’ve already seen increased customer enquiries for high-performing fouling control as a result of EU ETS and CII.

“Customers are concerned about the impact it could have on their business and are seeking products with the highest level of emissions-saving potential to help mitigate carbon levies and comply with the new regulations,” he added. “For example, a case study by International for a 30,000 DWT container ship demonstrates how Intersleek 1100SR, a biocide-free fouling control with a 20-year track record, can save six tons of VOCs, more than 72,000 tons of CO2 emissions and over $10 million in fuel consumption across a 15-year lifecycle.

“It’s now essential for vessel owners and operators to make their ship CII-compliant and there’s higher demand for powerful fouling control products and efficiency services, such as the International HullCare package,” noted Birkert. “Reductions in VOCs during new construction is also very important for customers using high solids primers, cosmetic finishes and tank linings such as Intershield 300HS, Interguard 7500HS, Interthane 990E and Interline 704HS. High solids formulations such as Interline 704HS require less product during application, resulting in fewer VOCs being released. Customers have the choice to improve coverage while cutting down on waste and their impact on the environment.”

“Sustainability is of very high importance to our customers,” Enström said, “not only enabling them to meet stringent regulations set by the International Maritime Organization, but also reducing operations costs through fuel savings.”