The global marine coatings market is anticipated to grow significantly over the forecast period. There has been an increased focus on the consequences of corrosion and increased demand for better performance from the coatings used for corrosion controls. However, there are few parameters affecting coating applications, such as film thickness, method of application, environmental controls among others. Coating defects during applications (sags, cissing, runs, orange peel, cracking or mud cracking, over thickness, under thickness, grit inclusions, over sprays, human errors), in-service coating failures (shop primer failure, through film breakdowns, weld corrosion, calcareous deposit included coating failures, reverse impact damage, poor surface preparation, stress-related coating failures) are some of the restraints affecting the marine coatings market. The ability of new technology protective coatings to reduce corrosion over extended periods is an important contributor in safeguarding the capital investment in the structure of a vessel. These new technology coatings are the first line of defense against the corrosive marine environment. An increase in customer preference for eco-friendly products is an important driver witnessed in the global marine market. The changing customer preference for sustainable products due to an increase in environmental regulation and restrictions is urging the manufacturers to use eco-friendly products. This in turn is expected to drive growth during the forecast period. Most of the major participants now offer fluororesin or silicone-based foul-release products. The foul-release technology results in sustainable fuel saving in large cargo ships which consume a lot of fuel. The need to lower fuel consumption is a strong market driver. Hence the companies are investing in developing such eco-friendly products. The consolidation of shipping management companies and drift off in new shipbuilding in short term are predicted to increase the bargaining power in the industry and eventually drive coating prices down. Strategic alliance, customer services, and strong marketing are required by the key participants such as China.
The market can be segmented by product into anti-foul coatings, anti-corrosive coatings, and foul release coatings. On the basis of chemistry, the marine coatings market can be segmented into polyurethanes, ethyl silicates, and epoxies. Regional markets include North America, Asia Pacific, Europe, and RoW. Key leading countries are Japan, China, and South Korea. Some of the key participants in the industry are Jotun A/S, PPG Industries Inc., Akzo Nobel NV, and Chugoku Marine Paints Ltd. Some other vendors include Advanced Marine Coating AS, Nippon paint marines Co. Ltd., Hempel A/S, KCC Corp., Kansai paint Co. Ltd, Engineered marine coatings LLC among others.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.