SELBYVILLE, Del., July 26, 2021 /PRNewswire/ -- According to a new report by Global Market Insights Inc., the marine coatings market size was estimated at $4 billion in 2020 and is slated to exceed $6 billion by 2027, registering a CAGR of 5.6% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations, as well as the size and competitive scenarios.
Growing transportation and logistics activities across the globe have created a greater demand for large vessels. These vessels, however, require proper maintenance as they are continuously exposed to saltwater, moisture, and oxidation. This has significantly impelled the demand for marine coatings that offer protection against adverse environmental conditions.
Various manufacturers are making hefty investments in the development of eco-friendly coatings that allow operators to meet stringent regulations pertaining to marine transport. Companies producing marine paints and coatings are developing products with lower friction and VOC levels to adhere to regulatory requirements. To illustrate, the government authorities in China have established stringent environmental regulations like additional taxation on paints and coating with VOCs above a certain level.
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The increased product usage is expected to provide a major impetus to the global marine coatings market over the forthcoming years. Some of the key trends impacting market value are as follows:
Rising application of anti-corrosion coatings:
Anti-corrosion marine coatings, which help in shielding the metal parts of the vessel from oxidation, salt spray and moisture, are gaining a wide-scale prominence in the industry. Reportedly, the anti-corrosion segment holds around a 40% revenue share of the overall marine coatings market. The elevating product demand is encouraging the industry players to develop more innovative offerings to effectively meet the rising demand and attract a larger customer base. For instance, in 2021, Nippon Paint Marine introduced a new antifouling technology for enhancing the antifouling performance to a high level and consistency. According to the company, it also improves the film thickness and time required for application.
Strategic initiatives by key market players:
The expansion of the marine coatings market share is largely being expedited by the strategic initiatives made by the key market players. These business conglomerates are collaborating with major transport firms that require large freight and passenger ships for logistics. Citing an instance, in 2020, Hempel A/S announced a partnership with the DFDS for delivering marine coatings and identifying opportunities for demonstrating the performance of Hempaguard X7 hull coating. Apparently, this initiative helped the company gain a competitive advantage in the industry.
Growing demand for offshore vessels:
Offshore oil and gas productions have enormously increased over the past few years, which has spurred the demand for offshore vessels. These vessels play a key role in the transportation of goods, equipment, tools and provide logistic support for the offshore oil platforms as well as other offshore structures. With increasing product demand, the offshore vessels segment is expected to record a robust CAGR of over 6% through 2027.
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The strong presence of boat manufacturers in Europe:
The presence of eminent boat manufacturers, as well as large freight and passenger ships fleets that offer logistics solutions for numerous businesses in the region, is the major factor augmenting the outlook of European marine coatings market. During the last five years, import tonnage has increased by 5% in the region, which in turn is supporting the business expansion. For the records, in 2020, the market had captured a sizeable share of more than 10%.
The ongoing COVID-19 crisis has induced a negative impact on the business outlook with a considerable decline in the demand for marine coatings on account of the restrictions imposed on sea-based trade. However, the industry is restoring operations and making a steady growth with increasing demand from vessels in dry dock for scheduled maintenance.
Key industry participants in the marine coatings industry are Akzo Nobel N.V., Jotun A/S, Hempel A/S, Chugoku Marine Paints, Ltd, Kansai Paint Co., Ltd., NipponPaint Co., Sherwin-Williams Company, PPG Industries, RPM International, and KCC Corporation. Industry players are focused on product development, merger & acquisition, strategic partnership & joint venture, and R&D investment strategies over the long run.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Marine Coatings Market Statistics - 2027
SOURCE Global Market Insights Inc.