The global Marine Coatings Market Growth Accelerated by Sustainable Product Innovations

 Marine Coatings Technology Course - AMPP

Marine coatings are surface coatings used for the protection of marine vessels from corrosion and fouling. Corrosion-resistant and fouling-resistant coatings extend the life and performance of ships and boats. Growing concerns about environmental protection have boosted the demand for eco-friendly marine coating solutions.

The global Marine Coatings Market is estimated to be valued at US$ 6.5 Billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Sustainable product innovations is one of the key trends driving the growth of the marine coatings market. Various coating manufacturers are engaged in developing bio-based, self-polishing, and foul-release coatings to reduce environmental footprint of marine vessel operations. For instance, international paints launched bio-based antifouling coatings – Intersmooth Quantum and Intersleek 1100SR which are made from plant-based ingredients and offer equivalent or better performance compared to conventional antifouling coatings. Several other companies are investing in R&D for bio-based polymers that can replace conventional petroleum-derived polymers in marine coatings. Growing environmental regulations regarding usage of toxic biocides and emphasis on reducing hydrodynamic resistance is accelerating the demand for eco-friendly marine coatings.

Segment Analysis

The global marine coatings market is segmented by type into anti-fouling coatings, anti-corrosive coatings, and others. The anti-fouling coatings segment is currently dominating the market owing to its widespread applications for preventing slime and algae from accumulating on the underwater hull portion of ships and boats. These coatings prevent biofouling and help reduce drag, thereby improving fuel efficiency.

Key Takeaways

The global marine coatings market is expected to witness high growth during 2023-2030 driven by growing maritime trade activities worldwide and rising seaborne transportation. The global Marine Coatings Market is estimated to be valued at US$ 6.5 Billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030.

Regional analysis: Asia Pacific region currently dominates the global market and is expected to maintain its leading position during the forecast period. Countries like China, Japan, and South Korea have witnessed fastest growth supported by huge shipbuilding industry and rapid expansion of marine transportation infrastructure in these countries.

Key players: Key players operating in the marine coatings market are PPG Industries, AkzoNobel N.V., Jotun, Chugoku Marine Paints Ltd., Hempel A/S, RPM International. Sherwin-Williams and Nippon Paint. PPG Industries holds the leading position in global marine coatings market owing to its strong existing product portfolio and wide geographical presence across major markets. AkzoNobel and Jotun are other major players focusing on new product developments catering to emerging applications and regulatory standards.

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