The marine coatings market worldwide is at the forefront of prolific growth, mainly driven by the influx of various effective corrosion control strategies to protect marine vessels among other carriers above and below the waterline. The rising exposure of ferries, boats and ships to moisture occurring from rain, saltwater, freshwater, or brackish water has steered the higher focus on waterproof marine paints or coatings to offer a protective layer.
Marine coatings are primarily a form of protective coating utilized in marine environments to guard ships, tankers, yachts, vessels, and other structures from the salty water of the sea. When applied on surfaces, they provide specific functional properties, to deliver a greater level of protection. The growing instances of bacterial and opposing corrosion as well as marine decomposition have also made way for several negative impacts on the sea vessels and their durability. This has, in turn, prompted the higher spending capacities on protecting these vessels from marine corrosion.
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Akzo Nobel N.V., Jotun A/S, Hempel A/S, Chugoku Marine Paints, Ltd, Kansai Paint Co., Ltd., NipponPaint Co., Sherwin-Williams Company, PPG Industries, RPM International, and KCC Corporation are some other players operating in this business space across the globe.
Based on these factors, a recent research report by Global Market Insights Inc., states that the global marine coatings market size will surpass a valuation of over USD 6 billion by 2027.
Demand for foul releasing coatings to gain significant ground
Foul-releasing coatings are witnessing higher preference in recent times, as they not only reduce the operating costs but also improve the ship owners’ profit margins. This can be accredited to their robust abilities to exhibit slippery, non-sticky and low frictional properties on the surface of vessels while not leaching biocides into the sea.
While antifouling paints make use of a biocide, foul-release coatings utilize physical means to limit the chances of fouling by creating a surface that is challenging for marine organisms to adhere to.
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North America to emerge as a profitable avenue for marine coatings
The expansion of ports, mainly driven by the growing necessity of logistics across the globe is providing lucrative growth opportunities for the marine coatings market in North America. The ongoing government initiatives are also expected to aid the product penetration in the region.
Citing an instance, in 2021, the U.S. government announced the allotment of over USD 241 million as part of a discretionary grant funding for 25 projects for enhancing the port facilities across 19 states. This move also aimed at strengthening the country’s supply chains to meet the rising demand arising from the rapid economic recovery over the past year while helping to address the inflationary pressures.
The use of marine coatings has largely transformed in recent times, as they not only mitigate the need for more power while making the ship's hull smooth but also reduce friction to ensure that the vessels glide effortlessly through the water with limited fuel use. The rising focus on research activities for improving the corrosion resistance and antifouling performance of organic coatings in marine environments, and the emergence of new coating techniques will also contribute to the market growth.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.