Increasing International Seaborne Trade Activities Will Drive The Growth Of The Global Marine Coating Market: Cognitive Market Research

Marine Coating Market Overview 

Product Overview and Scope of Marine Coating 

Marine coating helps to protect the metal from corrosion and prevents the growth of bacterial slime, algae, barnacles, seaweed, and other marine organisms. Marine coating agents are majorly used for coastal, containers, leisure boats, offshore vessels, and others. This coating plays an important role to inhibit the development and growth of biofouling on substrates in contact with seawater and constitutes a real protective coating. Leisure boats engaged in adventure sports and other water activities that face the sharp impact of water. These impacts leave behind abrasions and scratches on the boat’s surface which take away the shine and aesthetic sense of the boat. Thus, marine coatings restore the glossy appearance of the boat's surface and give it a new shine. Moreover, as compared to ordinary paints or waxes, marine coatings do not fade away for a long period, thereby helping to retain the better visual appearance of boats, cargo, and others. Companies operating in the marine coating agent market have invested heavily in the R&D of these coatings. As a result, highly advanced versions of these coatings have been introduced in the market which are dirt- and debris-resistant and don’t allow dust to get stuck on the boat’s surface.

As environmental concerns have grown in recent decades, there have been concerns raised regarding the sustainability of marine coatings. In some cases, it has been seen that in order to refrain marine organisms from getting stuck on the boat’s surface, certain chemicals were used in coatings that were highly polluting in nature. Environmental activists and governmental authorities in various countries have issued advisories that restrict the use of certain chemicals such as marine paints and coatings. In addition, the cost of these coatings is also very high which makes it unaffordable for a majority of the small fishermen and other boat owners. However, several new entrants have launched eco-friendly marine coating products with low costs which address environmental concerns effectively. Thus, because of these new players, the market is going to surge in the coming years.

Market Drivers

• An increase in international seaborne trade activities is driving the growth of the global marine coating market

Shipping is the lifeblood of the global economy. Without shipping, intercontinental trade, the bulk transport of raw materials, and the import/export of affordable food and manufactured goods would simply not be possible. Maritime transport is crucial for the export and import activities of almost all economic and industrial sectors worldwide, as it enables long-term sustainability. The International Chamber of Shipping (ICS) has emphasized that the maritime transportation industry is accountable for carrying around 90% of the goods produced from global trade. Out of this percentage, 80% of the goods are for export and import purposes. This indicates that sea transportation plays a crucial role in driving economic activities related to trading.
According to the United Nations Conference on Trade and Development, maritime trade experienced a surge in demand for containerized cargo, resulting in a growth of 3.2% in shipments, which reached a total of 11 billion tons in 2021. This is a significant improvement of 7 percentage points compared to the 3.8% decline in 2020. Developing regions also showed growth, with Africa experiencing a 5.6% increase, Latin America and the Caribbean growing by 3%, and Asia remains the world's leading maritime cargo center with a 42% share of goods loaded and 64% of those unloaded in 2021. 
As international trade activities increase, the demand for ships and other marine vessels rises. New vessels are constructed, and existing ones are refurbished or maintained because ships are exposed to harsh conditions, they require regular maintenance and repairs. This is driving the need for marine coatings to protect these vessels from fouling, and various other environmental factors. Additionally, marine coatings are essential for protecting the metal surfaces of ships from corrosion, especially in saltwater environments. With more vessels navigating the seas for longer distances, the need for effective corrosion protection becomes increasingly critical, thus driving the demand for marine coatings.

• Expansion of oil and gas explorations activities globally is accelerating the growth of the marine coating market

Global Marine Coating Revenue by Regions (2018-2023)

Global Marine Coating Revenue and Market Share (%) by regions (2018-2023)

Global Marine Coating market was valued at USD 4.28 billion, in 2022 and is expected to grow at a CAGR of 4.1% over the forecast period, from 2023 to 2030.
 
Global Marine Coating Market Segmentation Analysis

Global Marine Coating Market Segmentation

Resin

•    Epoxy
•    Alkyd
•    Polyurethane 
•    Others

Product Type

•    Anti-fouling Coating
•    Anti-corrosion coating
•    Foul Release Coating
•    Others

Application

•    Cargo Ships
•    Passenger Ships
•    Boats 
•    Others

Related Reports

•    Industrial Coatings Market
•    Anti-Corrosion Coating Market 
•    Acrylic Polymer Market 
•    Acrylic Smoothing Agent Market 
•    Global Polyurethane Market 
•    Coastal Surveillance Market
•    Cruise Ship Market 
•    Protective Coatings Market
•    Anti-Corrosion Coating Market 
•    Superhydrophobic Coatings Market

Global Marine Coatings Market, by Application

On the basis of application, the marine coating market is segmented into cargo ships, passenger ships, boats, and others. In 2022, the cargo segment accounted for the largest market share and is expected to retain its leading position throughout the forecast period. Cargo ships are container or merchant ships that are used to transport goods from one port to another. As per the International Chamber of Shipping, over 50,000 merchant ships are trading internationally every year, transporting all types of cargo. Therefore, the rising usage of these ships is fueling demand for marine coating agent during the forecast period.

Global Marine Coating Market Share, by Application (2022)

Source: Cognitive Market Research

On the other hand, the boat segment is expected to grow with a significant CAGR during the forecast period. A boat is smaller than a ship and is distinguished by its size, shape, and cargo or passenger capacity. Small boats are usually found in protected coastal areas or inland waterways such as rivers and lakes. Some boats, such as the whaleboat, are designed for use in an offshore environment.

Global Marine Coatings Market Players

•    Advanced Polymer Coatings
•    AkzoNobel N.V.
•    Axalta Coating Syatem LLC
•    Belzona Inc
•    Berger Paints
•    PPG Industries, Inc.
•    The Sherwin-Williams Company
•    Hempel AS
•    KCC Corporation
•    Lanxess AG
•    Others

Global Marine Coating Manufacturers Profiles/Analysis

Lanxess AG

Lanxess AG Basic Information, Manufacturing Base, Sales Area, and Competitors

Business Segment/ Overview:

Lanxess AG is a German-based company engaged in the manufacturing of chemical additives and semi-finished products, plastics, and synthetic rubber The company operates its business in different units including advanced industrial intermediates, flavors & fragrances, inorganic pigments, liquid purification technologies, lubricant additives, material protection products, polymer additives, rhein chemie, and others. The company sells and distribute its product under several brands such as Additin, Bayferrox, Hybase, Lobase, Mesamoll, Nagardo, Naugalaube, Oxone, Reolube, and others.

Marine Coatings Product Types Specification

Business Strategy

Lanxess AG is engaged in strategic inorganic development through acquisition, partnership, and joint ventures to expand its product portfolio. For instance, in August 2021, the company acquired Emerald Kalama Chemical from U.S. private equity firm American Securities LLC. In addition, LANXESS acquired the French Theseo Group, a leading manufacturer of disinfection and hygiene solutions in Europe and Latin America. Moreover, the company strives to expand its business to strengthen its position in the global business. For instance, the company expanded its product portfolio in the Specialty Additives segment specialty chemicals for industrial applications, such as for the plastics and adhesives industries. In addition, the company focuses on customers’ requirements in order to drive progress and reliably provide innovative products, materials, and service solutions.

S.W.O.T Analysis

Strength

• Diversified product portfolio
• Robust geographical presence
• Significant focus on product innovation

Weakness

• Relative high price of the product

Opportunity

• Significant inorganic development through acquisition
• Expansion into new market
• Technological development

Threats

• Intense Competition