The marine coatings market is projected to grow from USD 3.31 billion in 2017 to USD 3.93 billion by 2022, at a CAGR of 3.50% during the forecast period from 2017 to 2022. The major driver for the growth of the marine coatings market across the globe is the growing demand for marine coatingsfrom the Asia Pacific region, owing to the rapid development of the shipbuilding and offshore engineering industries in the region.
The marine coatings market has been studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of the market in the Asia Pacific region can be attributed to increased demand for marine coatings from various countries such as China, India, and South Korea. Various countries of the Asia Pacific region have expanded their ship manufacturing base, which, in turn, has led to the growth of the Asia Pacific marine coatings market.
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Key players operating in the marine coatings market include PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), Chugoku Marine Paints (Japan), Nippon Paint (Japan), Kansai Paint (Japan), Axalta (US), and BASF Coatings (Germany). These players have adopted various growth strategies such as new product launches, expansions, partnerships, and acquisitions to expand their presence and increase their shares in the marine coatings market.
The growth of the marine coatings market has been largely influenced by new product launches and expansions that have taken place between 2013 and 2017. Companies such as PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), and Jotun (Norway) have adopted strategies of expansions and new product launches to expand their regional presence and enhance their product offerings.
PPG Industries (US) is one of the leading manufacturers of marine coatings, globally. The company has been focusing on new product launches and expansions to maintain its leading position in the market. For instance, in November 2017, the company launched a new water-based primer, namely, PPG AQUACRON 834. This is an economical anti-corrosion primer for steel applications. In February 2016, the company invested USD 7.8 million for expanding its global paints and coatings R&D hub in the US This investment is expected to help the company enhance its overall capabilities as well as expand its presence in the region.
AkzoNobel (Netherlands) is another major player in the marine coatings market. The company has been focusing on expansions as a part of its strategic development activities. In June 2017, the company carried out the expansion of its research & development facility in Texas (US). The company invested USD 3.5 million for this expansion activity. This R&D facility supports the protective coatings and marine coatings businesses of the company.
This report provides a detailed analysis of the marine coatings market and segments the market based on application, product type, resin, and region. Based on application, the market has been segmented into cargo ships, passenger ships, boats, and others. Based on product type, the marine coatings market has been segmented into anti-corrosion coatings, antifouling coatings, and others. Based on resin, the market has been segmented into epoxy, alkyd, polyurethane, and others. Based on region, the marine coatings market has been segmented into Asia Pacific, Europe, North America, South America, and the Middle East & Africa.
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