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NEW YORK , April 11, 2023 /PRNewswire/ -- The marine coatings market size is set to grow by USD 4,472.98 million between 2022 and 2027, progressing at a CAGR of 6.5% during the forecast period, according to Technavio Research. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. For more insights on CAGR and YOY growth rate, Download a Sample Report Enamel Automotive Paint
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. The growth of the shipbuilding industry, increase in marine trading and logistics activities, and increase in naval expenditures will offer immense growth opportunities. However, variations in the prices of raw materials of marine coatings are likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this marine coatings market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
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Marine Coatings Market 2023-2027: Segmentation
The market growth in the coastal segment will be significant during the forecast period. Coastal environments require high-performance materials, as metal protection is paramount in corrosive marine environments to prevent valuable assets from being used in oil and gas, marine, and coastal industrial applications. Marine paints use various additives to protect equipment from the marine environment, and the paints are often applied in relatively thick films. Fumed silica is applied as an effective anti-sagging agent between coating layers to form thick films. Hydrophobic fumed silica products are particularly relevant to this feature in epoxy and polyurethane resin systems, which are very commonly used in marine applications.
The demand for epoxy-based marine coatings is high among end-users. Epoxy-based marine coatings are used to protect both metal and concrete surfaces owing to their excellent weather resistance properties. In addition, the increasing number of product launches by vendors will drive the growth of the segment. For instance, in March 2022 , PPG announced the launch of PPG AMERLOCK 600 multipurpose epoxy coating. It is a high-build, polyamide-cured coating that is combined with a broad application thickness with fast dry times. Hence, such product launches can increase the demand for epoxy-based variants during the forecast period.
APAC will account for 78% of the market growth during the forecast period. The building, expanding, and improving logistics infrastructure in APAC is expected to propel the growth of the shipping industry. This will increase the demand for transportation and logistics services. Moreover, increasing manufacturing and trading activities are expected to boost the demand for maritime trade, which will drive the marine coating market in the region.
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Marine Coatings Market 2023-2027: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The marine coatings market report covers the following areas:
Marine Coatings Market 2023-2027: Vendor Analysis
The global marine coatings market is fragmented, with the presence of many vendors. Market vendors have a wide product portfolio, depending on the necessity. The major vendors in this market invest in the R&D of new products to sustain and hold their market shares. Continuous product development and product innovation will drive competition among vendors during the forecast period. Some of the key vendors covered in the report include:
Marine Coatings Market 2023-2027: Driver
The market is driven by the growth of the shipbuilding industry. The shipbuilding industry has witnessed steady growth over the last decade, with the increase in FDI flows, seaborne trade, and expanding multinational companies. For instance, Brazil's Portonave Terminal recorded a 29% growth in 2021 and achieved the highest cargo volume in past years. Countries such as the US are also developing their shipping industry. These factors have led to the expansion of the shipping industry, which has added new ships to the shipping network. This has increased the demand for the repair and maintenance of ships, which will fuel the growth of the market in focus during the forecast period.
Marine Coatings Market 2023-2027: Challenge
The variations in the prices of raw materials will challenge the growth of the market. Benzene, toluene, ethylene, and naphthalene are some of the raw materials used in the manufacture of marine coatings. These are extracted from crude oil, and their prices are directly dependent on the prices of natural gas and oil. The increasing demand-supply gap and the unpredictable political situation in the Middle East have created instabilities in the prices of crude oil. These factors directly impact the cost of marine coatings and, in turn, negatively impact market growth.
Marine Coatings Market 2023-2027: Key Highlights
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Accelerate at a CAGR of 6.5%
APAC, Europe, North America, Middle East and Africa, and South America
US, China, South Korea, Japan, and Belgium
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Akzo Nobel NV, Axalta Coating Systems Ltd., Baril Coatings BV, BASF SE, Berger Paints , Boero Bartolomeo S.p.A., Chugoku Marine Paints Ltd., Endura Manufacturing Co. Ltd., Hempel AS, Jotun AS, Kansai Paint Co. Ltd., KCC Co. Ltd., MCU Coatings International, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., Protexion LLP, RPM International Inc., Seal for Life Group, The Sherwin Williams Co., and Wacker Chemie AG
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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