| Study Period | 2019 - 2030 |
| Market Size (2025) | USD 3.94 Billion |
| Market Size (2030) | USD 4.91 Billion |
| CAGR (2025 - 2030) | 4.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Marine Coatings Market Analysis
The Marine Coatings Market size is estimated at USD 3.94 billion in 2025, and is expected to reach USD 4.91 billion by 2030, at a CAGR of greater than 4.5% during the forecast period (2025-2030).
The COVID-19 pandemic negatively impacted the market due to nationwide lockdowns, strict social distancing measures, and disruption in supply chains, which negatively affected marine new build and marine OEM applications, thereby affecting the market for marine coatings. However, the market recovered well after the restrictions were lifted. The market recovered significantly, owing to the rise in the consumption of marine coatings in marine OEM and marine new build applications.
- The increase in the production of leisure boats and cruise ships and the growing ship repairs and maintenance activities are expected to drive the market for marine coatings.
- The stringent government regulations and the sluggish growth in shipbuilding activities in a few countries are expected to hinder the market's growth.
- The innovations to increase the fuel efficiency of ships and reduce emissions are expected to create opportunities for the market during the forecast period.
- The Asia-Pacific region is expected to dominate the market. It is also expected to register the highest CAGR during the forecast period due to rising demand for marine coatings in ship OEM and new build applications.
Marine Coatings Market Trends
Marine OEM Application Segment to Dominate The Market
- Shipbuilding activities are increasing significantly across the globe, which in turn is expected to boost market growth during the forecast period.
- In North America, the demand for marine coatings is increasing with rising shipbuilding activities. The United States is progressively working toward improving the ship fleet in the country.
- Additionally, the United States is looking to shift its focus to sustainability, and thus, the country aims to build new marine vessels that run on alternative fuels. For instance, in 2022, Washington State Ferries, an automobile and passenger ferry service provider, ordered the shipbuilder Vigor to build and supply five hybrid-electric vessels in the series of Olympic-class ferries, which are slated to be delivered during the coming years.
- Furthermore, in 2022, shipping companies such as American Cruise Lines, the United States River, and the coastal cruise shipping company signed an agreement to procure 12 identical sister ships built by Chesapeake Shipbuilding in Salisbury, Maryland, in the United States. Thus, the increasing number of shipbuilding applications is expected to drive the demand for marine coatings.
- Similarly, in Europe, shipbuilding activities are increasing. In the Central and Eastern European region in 2022, Wartsila, a Finland-based manufacturer, worked alongside Remontowa, a Poland-based shipyard, for the manufacturing of LNG-driven RoPax ships. These ships are to be run entirely on bio-LNG by 2025, making them zero-emission ships during the forecast period.
- The shipbuilding industry is increasing in the Middle East and Africa region. For instance, in 2022, International Maritime Industries (IMI), a shipyard in the Mena region, and Columbia Ship Management (CSM) signed a memorandum of agreement (MOA) for shipbuilding and ship repair activities.
- Furthermore, the demand for merchant ships increased across the globe, thereby driving the demand for new ship buildings. According to the United Nations Conference on Trade and Development (UNCTAD), the number of container ships used in Mercnet is 5589 in the year 2022, compared to 5442 percent of ships used in the previous year. The increase in the demand for merchant ships is expected to drive the demand for marine coatings.
- Thus, owing to the factors mentioned above, the marine new build application segment is expected to dominate the market during the forecast period.
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Asia- Pacific region to Dominate the Market
- Asia-Pacific is the largest ship-producing region in the world, catering to the demand for various types of vessels, ranging from ferries, small boats, fishing vessels, towboats, and tugboats to vessels for the oil industry, cargo ships, passenger ships, bulk carriers, and container ships.
- In the Asia-Pacific region, countries such as China, Japan, and South Korea are the leading producers of vessels. At the same time, large shipyards also exist in various other nations of the region. China accounts for the largest market for marine coatings, owing to both growing shipbuilding and repair activities.
- The shipbuilders in Asia are now witnessing a significant surge in orders. This is due to the fact that these ship manufacturers are offering cost-effective services and manufacturing complex-low emission ships. In China and Korea, the shipbuilding industries registered a significant growth rate.
- In 2022, China received more than half of all shipbuilding orders, establishing it as a global shipbuilding powerhouse. Southeast Asia is similarly concentrated in ship destruction, with Bangladesh, India, and Pakistan accounting for nearly 90% of global ship scrapping activities.
- Additionally, many companies in countries like China and Korea are almost entirely booked till 2025. For instance, in 2022, Korea Shipbuilding & Offshore Engineering (KSOE) had its order book filled for nearly two and half years, which left no room for further orders, indicating high growth for marine coatings, especially anti-corrosion coatings, during the forecast period.
- Singapore is witnessing a surge in shipbuilding orders and manufacturing capacity in the country. This is due to private companies focusing on improving marine vessel manufacturing in the region. For instance, in 2022, Strategic Marine (S) Pte Ltd, a private shipbuilder, acquired and increased the shipbuilding capacity of a JTC Corporation shipyard with a capacity of 5,000 DWT Dry Dock and a 6,000 DWT slipway. The larger facility is to boost the shipbuilding capabilities and expand the product offering to deliver larger vessels and execute vessel repair and maintenance services in the region.
- Owing to the above-mentioned factors, the market for marine coatings in the Asia-Pacific region is projected to grow significantly during the forecast period.
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Marine Coatings Industry Overview
The marine coatings market is consolidated in nature. Some of the major players in the market (not in any particular order) include Jotun, AkzoNobel N.V., Chugoku Marine Paints, Ltd., PPG Industries, Inc., and The Sherwin-Williams Company, among others.
Marine Coatings Market Leaders
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Jotun
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AkzoNobel N.V.
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Chugoku Marine Paints, Ltd.
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PPG Industries, Inc.
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The Sherwin-Williams Company
- *Disclaimer: Major Players sorted in no particular order
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Marine Coatings Market News
- March 2023: PPG launched the PPG SIGMAGLIDE 2390 marine coating to help shipowners lower power consumption and carbon emissions and meet demands for higher performance without adversely impacting the marine environment.
- March 2023: Hempel joined the International Maritime Organization's (IMO) Global Industry Alliance (GIA) for Marine Biosafety to collaborate with the industry to reduce shipping emissions and mitigate the spread of invasive species.
Marine Coatings Industry Segmentation
Marine coatings are a type of protective coating used in the marine environment to shield ships, vessels, tankers, and other objects from saltwater or freshwater. The marine protective coatings provide barriers between the water and the substrate to shield it from harm. They are typically used on ships, tankers, and other watercraft, but they are also used on structures on offshore oil rigs, such as propellers and buoys.
The marine coatings market is segmented by type, resin, technology, application, and geography. By type, the market is segmented into anti-corrosion, antifouling, and other types (foul release, moisture cure, etc.). By resin type, the market is segmented into epoxy, polyurethane, acrylic, alkyd, and other resins (polyester, fluoropolymer, etc.). By technology, the market is segmented into water-borne, solvent-borne, UV-cured, and powder coatings. By application, the market is segmented into marine OEM and marine aftermarket. The report also covers the market size and forecasts in 17 countries across major regions.
For each segment, market sizing and forecasts have been done on the basis of revenue (USD).
| Type | Anti-corrosion | ||
| Antifouling | |||
| Other Types (Foul Release, Moisture Cure, etc.) | |||
| Resin | Epoxy | ||
| Polyurethane | |||
| Acrylic | |||
| Alkyd | |||
| Other Resins (Polyester, Fluoropolymer, etc.) | |||
| Technology | Water-borne | ||
| Solvent-borne | |||
| UV-cured | |||
| Powder Coatings | |||
| Application | Marine OEM | ||
| Marine Aftermarket | |||
| Geography | Asia-Pacific | China | |
| India | |||
| Japan | |||
| South Korea | |||
| Malaysia | |||
| Vietnam | |||
| Rest of Asia-Pacific | |||
| North America | United States | ||
| Canada | |||
| Mexico | |||
| Europe | Germany | ||
| United Kingdom | |||
| Italy | |||
| France | |||
| Rest of Europe | |||
| South America | Brazil | ||
| Argentina | |||
| Rest of South America | |||
| Middle East and Africa | Saudi Arabia | ||
| South Africa | |||
| Rest of Middle East and Africa | |||
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Marine Coatings Market Research FAQs
How big is the Marine Coatings Market?
The Marine Coatings Market size is expected to reach USD 3.94 billion in 2025 and grow at a CAGR of greater than 4.5% to reach USD 4.91 billion by 2030.
What is the current Marine Coatings Market size?
In 2025, the Marine Coatings Market size is expected to reach USD 3.94 billion.
Who are the key players in Marine Coatings Market?
Jotun, AkzoNobel N.V., Chugoku Marine Paints, Ltd., PPG Industries, Inc. and The Sherwin-Williams Company are the major companies operating in the Marine Coatings Market.
Which is the fastest growing region in Marine Coatings Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Marine Coatings Market?
In 2025, the Asia-Pacific accounts for the largest market share in Marine Coatings Market.
What years does this Marine Coatings Market cover, and what was the market size in 2024?
In 2024, the Marine Coatings Market size was estimated at USD 3.76 billion. The report covers the Marine Coatings Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Marine Coatings Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Statistics for the 2025 Marine Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Marine Coatings analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
