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Global marine coatings market estimated to be over 1.3 billion tonnes

By 15th May 2019 No Comments

The global market for Marine Coatings is estimated to be 1.3 billion tonnes (848 million litre) with a market value more than €3.4 billion in 2017. It is expected to grow at 3.5% CAGR over the period from 2017 to 2023.

More than 95% of global demand for Marine coatings used on commercial fleet comes mainly from the markets in Asia Pacific, mainly China, South Korea, Japan and Singapore. The overall market has decreased due to a decline in demand for coatings used in the new build segment, which exhibited negative growth of -6.5% CAGR over the period from 2011 to 2017. The world marine coatings demand is mirroring the performance of the shipbuilding industry that has been influenced by various factors since 2010, including a fall in commodity trade, decrease in bulk shipping, availability of finance, freight rates and seaborne trade. The shipping industry is oversupplied and the global shipbuilding sector continues to remain restrained as ship operators are hesitant about placing new orders.

The coatings used within the marine industry have been developed and refined over many years and the main drivers for change within this industry are environmental and cost savings.

Epoxy technologies still retain the highest share of demand for marine coatings due to their excellent anticorrosion, chemical and oil resistance properties. These are followed by Acrylics, Polyurethanes, Alkyds and a range of other technologies. Solventborne coatings, high or medium solids types, are preferred due to their ability to dry and cure under a wide range of ambient temperature and climatic conditions. Waterborne coatings are mainly used for routine maintenance or for coating interior areas; their share is projected to grow supported by the introduction of new VOC regulations in container manufacturing by the Chinese government. The regulation came into force in April 2017 and is aimed at replacing solventborne coatings used on new ISO containers with waterborne technologies. Around 95% of global container manufacturing is located in China. Anti-fouling coatings are a continuing major area of development by the coatings industry. The Irfab Marine Coatings Market module provides detailed breakdown by technology, resin chemistry, new build/MRO segment and region/sub-region.

This report contains the following:

  • Date Range: 2012 – 2023
  • Overview: Definition of segment, what is included as well as exclusions
  • Market Drivers: Economic trends, industry activity, investment, etc
  • Market Trends: Factors that will affect coatings and raw materials in the different market segments
  • Technologies: Current technologies, new developments and trends, market shares by technology
  • Market Size: By segment and sub-segment, and by region and sub-region
  • Forecast and Outlook
  • Unlimited user licences within purchasing organisation

The report is available online via a web-based format that will allow users to access it at any time on any internet enabled device; and to keep local personal copies.

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