Market Size of Marine Coatings Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.77 Billion |
| Market Size (2029) | USD 4.80 Billion |
| CAGR (2024 - 2029) | > 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 3.77 billion in 2024, and is expected to reach USD 4.80 billion by 2029, growing at a CAGR of greater than 4.5% during the forecast period (2024-2029).
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 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 | |||||||||
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Marine Coatings Market Size Summary
The marine coatings market is poised for significant growth, driven by the increasing production of leisure boats, cruise ships, and the rising activities in ship repairs and maintenance. Despite the initial setbacks caused by the COVID-19 pandemic, which disrupted supply chains and affected marine new build and OEM applications, the market has shown resilience and is expected to expand steadily. The Asia-Pacific region is anticipated to lead the market, benefiting from its status as the largest ship-producing area globally, with countries like China, Japan, and South Korea at the forefront. The demand for marine coatings is further bolstered by innovations aimed at enhancing fuel efficiency and reducing emissions, presenting new opportunities for market players.
The market landscape is characterized by a consolidated structure, with key players such as Jotun, AkzoNobel N.V., Chugoku Marine Paints, Ltd., PPG Industries, Inc., and The Sherwin-Williams Company playing pivotal roles. These companies are actively engaging in product innovations and collaborations to address environmental concerns and meet the evolving demands of the shipping industry. For instance, PPG's launch of the SIGMAGLIDE 2390 marine coating aims to reduce power consumption and carbon emissions, aligning with global sustainability goals. The ongoing shipbuilding activities in regions like North America, Europe, and the Middle East and Africa further contribute to the market's growth trajectory, with the marine new build application segment expected to dominate the market during the forecast period.
Marine Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increase in Production of Leisure Boats and Cruise Ships
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1.1.2 Growing Ship Repairs and Maintenance Activities
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1.2 Restraints
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1.2.1 Stringent Government Regulations
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1.2.2 Sluggish Growth in Shipbuilding Activities in Few Countries
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Type
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2.1.1 Anti-corrosion
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2.1.2 Antifouling
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2.1.3 Other Types (Foul Release, Moisture Cure, etc.)
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2.2 Resin
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2.2.1 Epoxy
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2.2.2 Polyurethane
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2.2.3 Acrylic
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2.2.4 Alkyd
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2.2.5 Other Resins (Polyester, Fluoropolymer, etc.)
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2.3 Technology
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2.3.1 Water-borne
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2.3.2 Solvent-borne
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2.3.3 UV-cured
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2.3.4 Powder Coatings
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2.4 Application
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2.4.1 Marine OEM
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2.4.2 Marine Aftermarket
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2.5 Geography
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2.5.1 Asia-Pacific
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2.5.1.1 China
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2.5.1.2 India
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2.5.1.3 Japan
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2.5.1.4 South Korea
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2.5.1.5 Malaysia
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2.5.1.6 Vietnam
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2.5.1.7 Rest of Asia-Pacific
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2.5.2 North America
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2.5.2.1 United States
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2.5.2.2 Canada
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2.5.2.3 Mexico
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2.5.3 Europe
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2.5.3.1 Germany
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2.5.3.2 United Kingdom
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2.5.3.3 Italy
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2.5.3.4 France
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2.5.3.5 Rest of Europe
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2.5.4 South America
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2.5.4.1 Brazil
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2.5.4.2 Argentina
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2.5.4.3 Rest of South America
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2.5.5 Middle East and Africa
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2.5.5.1 Saudi Arabia
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2.5.5.2 South Africa
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2.5.5.3 Rest of Middle East and Africa
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Marine Coatings Market Size FAQs
How big is the Marine Coatings Market?
The Marine Coatings Market size is expected to reach USD 3.77 billion in 2024 and grow at a CAGR of greater than 4.5% to reach USD 4.80 billion by 2029.
What is the current Marine Coatings Market size?
In 2024, the Marine Coatings Market size is expected to reach USD 3.77 billion.
