Marine coatings are primarily used to protect marine vessels and offshore rigs & platforms from extreme weather conditions, corrosion, fouling, and other mechanical damages. The main products in this market include anti-corrosive, anti-fouling, and others. The demand for marine coatings is majorly driven by commercial vessels, cargo ships, tankers, cruise liners, and other sea-faring vessels. The marine coatings market is estimated to be valued at US$ 12,662.7 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights Market Dynamics: The global marine coatings market is expected to witness significant growth over the forecast period, owing to growing maritime trade and increasing marine vessel construction activities across the globe. According to the United Nations Conference on Trade and Development (UNCTAD), seaborne trade volumes reached around 11 billion tons in 2020 and is projected to further rise going forward. Furthermore, countries such as China, South Korea, and Germany are actively investing and building new commercial vessels to expand their shipping capacities. For instance, China aims to build over 100 new commercial vessels by 2023. This rising marine vessel construction is anticipated to propel the demand for high-performance marine coatings during the forecast period. Additionally, stringent regulations regarding the use of toxic anti-fouling coatings is increasing the adoption of advanced eco-friendly marine coatings. SWOT Analysis Strength: Marine coatings provide protection to ships from corrosion, fiber and algae. They extend the lifespan of ships and reduce maintenance costs. Marine coatings has wide product portfolio including antifouling, anticorrosion and bulkhead coatings. Weakness: Stringent environmental regulations related to marine coatings raw materials increase compliance costs. Volatility in raw material prices such as resins affects the overall costs. Opportunity: Growth in seaborne trade and shipbuilding activities in Asia Pacific drives the demand for new ships and maintenance activities. Development of bio-based and environment-friendly marine coatings presents new revenue opportunities. Threats: Slowdown in global trade due to economic uncertainties poses challenges. Substitution threat from alternatives coatings such as underwater cable and pipeline coatings. Key Takeaways The global marine coatings market is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period, due to increasing seaborne trade activities between countries. Growth in international trade will drive the demand for new ships and marine coatings for maintenance activities of existing ships. Regional analysis: Asia Pacific dominated the global marine coatings market in 2023, accounting for over 35% of the total share. Booming shipbuilding industry along with increasing maritime trade in China, Japan and South Korea is driving the market in the region. North America and Europe are also significant markets owing to large fleet size and emphasis on ship maintenance and retrofitting activities. Key players: Key players operating in the marine coatings market are AkzoNobel N.V., Chugoku Marine Paints Ltd., Hempel A/S, Jotun A/S, Kansai Paint Co. Ltd., KCC Corporation, Nippon Paint, PPG Industries Inc, RPM International Inc.,The Sherwin-Williams Company. These players account for over 65% of the total market share and are focusing on new product innovations and expansion in emerging economies.

Marine Coatings Market Expansion Strategies: Key Market Players