Global Marine Paints Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Resin (Epoxy, Alkyd, Polyurethane), By Product Type (Anticorrosion Coatings, Antifouling Coatings), By Application (Cargo Ships, Passenger Ships, Boats), And By Geography - Forecasts From 2020 To 2025
Published:  May 2021 Report Code: KSI061614030 Pages: 120

The global marine paints market is evaluated at US$2,529.662 million for the year 2020 and is projected to grow at a CAGR of 4.15% during the forecast period. Marine paints are the types of paints that are applied on ferries, boats, ships, other water vehicles, and structures that are exposed to water frequently. These types of paints provide a protective layer against moisture, brackish water, or saltwater. The offshore oil rigs are painted with marine paints to prevent the iron from rusting and corrosion. The market of marine paints is majorly driven by its widespread presence in the shipping industry which uses the product extensively owing to the convenience it provides in the operation of the water vehicle. The paints protect the marine vessel against corrosive environments. Furthermore, a significant advantage of marine paints in the shipping industry is the fact that they make the ship’s hull smoother, cutting down the friction provided by the waters which consequently results in a lower demand for fuel to run the ship. A key advantage of the marine paints being used on the offshore structures is that they provide the structure with maximum retention of color and gloss. Moreover, the application of marine paints acts as weather-resistant to the structure, preventing it from yellowing, chalking, etc.

global marine paints market

The increase in the shipbuilding and repairing industry is expected to fuel the growth of the market during the forecast period. The growth of the shipbuilding industry is due to the increasing amount of investments made in the sector. For instance, according to an article published in Defense News of the United States, the Chinese Communist Party has invested more than US$ 130 billion in the shipping industry and other shipping subsidiaries over the period of 2010-2018. Furthermore, according to a blog by the Eno Center for Transportation, several countries are now developing their shipbuilding industry with South Korea building up to 37% of the global ship construction, Japan making 27%, and China making up to 21%.

The advent of COVID-19 had an adverse impact on the global marine paints market since the pandemic brought the activities in various industries to a standstill which restricted major industrial activities wherein the focus of the manufacturing and other industries shifted to keep the processes going even at less than half the actual capacity. The huge dip in the industrial processes owing to the pandemic in several countries slowed the growth of the marine paints market to a significant level in the year 2020. With the industries getting back on track and recovering after suffering losses due to the pandemic, the processes will resume that we're unable to continue due to lockdown protocols earlier. The growth of the marine paints market is expected to show a gradual increase initially but is expected to witness rapid growth after the industries resume activities at full capacity during the forecast period owing to the increasing demand for the services across the world.

The segmentation of the global marine paints market has been done into resin, product type, applications, and geography. By resin, the classification of the market has been done into epoxy, alkyd, polyurethane. By product type, the classification of the market has been done into anti-corrosion coatings, antifouling coatings. Furthermore, on the basis of geography, the global market has been distributed as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Increasing investments in the shipbuilding sector will drive the market during the forecast period

The growth of the marine paints market is fuelled by the increasing investments in the shipbuilding industry. The investment in the sector is due to the increasing demand for commercial ships in several countries, The United States which was once a leader in the shipbuilding business with investments coming in from all over the world, for instance, the Chinese Communist party invested about US$ 130 Billion in the shipbuilding and other related subsidiaries of America during the period 2010-2018. Furthermore, the developments in the European shipbuilding sector will be a tailwind to the market of marine paints during the forecast period. The shipyards in Europe count up to 150 out of which 40are active for global transportation. According to a report by the European Commission, about 120,000 people are employed by the sector and growing. Moreover, the market share of the shipbuilding business in terms of tonnage is 6% which makes it a major player in the shipbuilding business with a turnover of about EUR 60 billion as per the report.

Increasing concern regarding the prevention of the marine vessels and structures from corrosion will drive the market

The market is expected to witness a significant increase during the forecast period owing to the increasing concerns regarding the prevention of the marine vessels and the structures from corrosion, Corrosion degrades the ability of operation of the offshore equipment and also inhibits the smooth movement of the marine vessels in the water. The market of marine paints is expected to be driven by the increasing awareness about the prevention of the same from corrosion and other environmental adversities caused by salty and brackish water.

global marine paints market

Competitive Insights

The players in the global marine paints market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.

Global Marine Paints Market Scope:

Report Metric Details
 Market size value in 2020  US$2,529.662 million
 Growth Rate  CAGR of 4.15% during the forecast period
 Base year  2020
 Forecast period  2020–2025
 Forecast Unit (Value)  USD million
 Segments covered  Resin, Product Type, Application, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered  PPG Industries, Inc, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd, Hempel   A/S, Chugoku Marine Paints, BASF Coatings GmbH, Jotun A/S, KCC Corporation,   AkzoNobel N.V., DuPont Coatings & Color Technologies, Axalta Coating Systems
 Customization scope  Free report customization with purchase

 

Segmentation

  • By Resin
    • Epoxy
    • Alkyd
    • Polyurethane
  • By Product Type
    • Anticorrosion coatings
    • Antifouling coatings
  • By Application
    • Cargo ships
    • Passenger ships
    • Boats
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • UK
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Others

Frequently Asked Questions (FAQs)

Q1. What is the size of global marine paints market?
A1. Marine Paints market was valued at US$2,529.662 million in 2020.


Q2. Who are the major players in the marine paints market?
A2. Major industry players profiled as part of the marine paints market report are PPG Industries, Inc, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd, Hempel A/S, Chugoku Marine Paints among others.


Q3. What are the growth prospects for the marine paints market?
A3. The global marine paints market is projected to grow at a CAGR of 4.15% during the forecast period.


Q4. How is the global marine paints market segmented?
A4. The global marine paints market has been segmented by resin, product type, application, and geography.


Q5. What factors are anticipated to drive the marine paints market growth?
A5. The marine paints market is majorly driven by its widespread presence in the shipping industry which uses the product extensively owing to the convenience it provides in the operation of the water vehicle.

1. Introduction
1.1. Market Definition
1.2. Market Segmentation
 
2. Research Methodology
2.1. Research Data
2.2. Assumptions
 
3. Executive Summary
3.1. Research Highlights
 
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
 
5. Marine paints Market Analysis, by Resin
5.1. Introduction
5.2. Epoxy
5.3. Alkyd
5.4. Polyurethane
 
6. Marine paints Market Analysis, by Product type
6.1. Introduction
6.2. Anticorrosion coatings
6.3. Antifouling coatings
 
7. Marine paints Market Analysis, by Application
7.1. Introduction
7.2. Cargo ships
7.3. Passenger ships
7.4. Boats
 
8. Marine paints Market Analysis, by Geography
8.1. Introduction
8.2. North America
8.2.1. North America Marine paints Market, By Product type, 2020 to 2026
8.2.2. North America Marine paints Market, By Application, 2020 to 2026
8.2.3. By Country
8.2.3.1. USA
8.2.3.2. Canada
8.2.3.3. Mexico
8.3. South America
8.3.1. South America Marine paints Market, By Product type, 2020 to 2026
8.3.2. South America Marine paints Market, By Application, 2020 to 2026
8.3.3. By Country
8.3.3.1. Brazil
8.3.3.2. Argentina
8.3.3.3. Others
8.4. Europe
8.4.1. Europe Marine paints Market, By Product type, 2020 to 2026
8.4.2. Europe Marine paints Market, By Application, 2020 to 2026
8.4.3. By Country
8.4.3.1.1. Germany
8.4.3.1.2. France
8.4.3.1.3. UK
8.4.3.1.4. Others
8.5. Middle East and Africa
8.5.1. Middle East and Africa Marine paints Market, By Product type, 2020 to 2026
8.5.2. Middle East and Africa Marine paints Market, By Application, 2020 to 2026
8.5.3. By Country
8.5.3.1. Saudi Arabia
8.5.3.2. UAE
8.5.3.3. Others
8.6. Asia Pacific
8.6.1. Asia Pacific Marine paints Market, By Product type, 2020 to 2026
8.6.2. Asia Pacific Marine paints Market, By Application, 2020 to 2026
8.6.3. By Country
8.6.3.1. China
8.6.3.2. India
8.6.3.3. Japan
8.6.3.4. South Korea
8.6.3.5. Others
 
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
 
10. Company Profiles 
10.1. PPG Industries, Inc
10.2. Kansai Paint Co., Ltd.
10.3. Nippon Paint Holdings Co., Ltd
10.4. Hempel A/S
10.5. Chugoku Marine Paints
10.6. BASF Coatings GmbH
10.7. Jotun A/S, KCC Corporation
10.8. AkzoNobel N.V.
10.9. DuPont Coatings & Color Technologies
10.10. Axalta Coating Systems

PPG Industries, Inc

Kansai Paint Co., Ltd.

Nippon Paint Holdings Co., Ltd

Hempel A/S       

Chugoku Marine Paints

BASF Coatings GmbH

Jotun A/S, KCC Corporation

AkzoNobel N.V.

DuPont Coatings & Color Technologies

Axalta Coating Systems

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