China Marine Coatings Market Size (2024 - 2029)

China Marine Coatings Market Size Summary

The China marine coatings market is poised for growth, driven by the expansion of the marine transportation sector and the Chinese navy. Despite the challenges posed by the COVID-19 pandemic, which has acted as a restraint, the market is expected to see a steady increase. Anti-fouling coatings, particularly those used for hull applications, dominate the market due to their essential role in protecting the underwater parts of ships and yachts from bio-fouling organisms. These coatings are crucial for enhancing durability and providing benefits such as self-cleaning and graffiti resistance. The demand for anti-fouling coatings is bolstered by the rising production of offshore ships and drilling activities, making them a significant component of the marine coatings market.

The marine vessel construction industry in China has faced a slowdown, influenced by factors like a weakening multilateral trading system and protectionism, with a brief recovery noted in late 2019, particularly in the naval cruise market. However, the COVID-19 pandemic further impacted the industry, leading to a decrease in new construction orders and affecting the growth of marine OEM coatings in the short term. Despite this, the aftermarket segment is anticipated to grow more robustly due to increased construction and repair activities, although the OEM segment is expected to maintain the largest market share. The market is consolidated, with key players such as Akzo Nobel N.V., Jotun, PPG Industries, Hempel A/S, and NIPSEA GROUP playing significant roles.