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Marine Coatings Market by Resin (Epoxy, Alkyd, Polyurethane), Product Type (Anti-Corrosion Coatings, Antifouling Coatings), Application (Cargo Ships, Passenger Ships, Boats), Region - Global Forecast to 2022

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Date: 14-Feb-2020
No. of pages: 142
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“Increasing shipbuilding activities in emerging economies such as China, South Korea, and India are driving the growth of the marine coatings market across the globe.”

The marine coatings market is estimated to be USD 3.31 billion in 2017 and is projected to reach USD 3.93 billion by 2022, at a CAGR of 3.50% from 2017 to 2022. The growth of the marine coatings market can be attributed to the continuous growth of the shipbuilding and offshore engineering industries in emerging economies. However, fluctuating prices of raw materials used for manufacturing marine coatings and increasing environmental regulations are the challenges for the growth of the marine coatings market.

“Among product types, the anti-corrosion coatings segment is expected to lead the marine coatings market between 2017 and 2022, in terms of value.”

Anti-corrosion coatings are the most widely used type of marine coatings as they enhance the life as well as quality of structures or surfaces, wherein they are applied. Anti-corrosion coatings are passive corrosion-resistant products. These coatings isolate surfaces from aggressive corrosive agents such as moisture, salts, and acids.

“Among resins, the epoxy segment is expected to lead the marine coatings market during the forecast period, in terms of value.”

Epoxy marine coatings are widely used in the shipbuilding industry due to their anti-corrosion properties. These coatings prevent corrosion in those parts of ships that are continuously exposed to seawater and ultraviolet (UV) rays. This results in an increased demand for epoxy marine coatings from the shipping industry, thereby leading to the growth of the epoxy segment of the marine coatings market.

“The Asia Pacific region is expected to account for the largest share of the marine coatings market in 2016 and the marine coatings market in the region is also projected to grow at the highest CAGR between 2017 and 2022, in terms of both, value as well as volume.”

The marine coatings market has been studied in North America, Europe, Asia Pacific, South America, and the Middle East &Africa. The Asia Pacific region is expected to lead the marine coatings market during the forecast period, owing to the increased consumption of marine coatings in emerging economies such as China, India, and South Korea.

The Asia Pacific marine coatings market is also projected togrow at the highest CAGR between 2017 and 2022, in terms of value. The demand for oil & gas is increasing in tandem with the ongoing urbanization and industrialization in the region. This, in turn, has fueled the demand for large cargo vessels from the region, thereby increasing the demand for marine coatings in the Asia Pacific region.

Breakdown of Primaries:

Primary interviews have been conducted with a number of industry experts to collect information related to the marine coatings market. The breakdown of primary interviews has been depicted below:


  • By Company: Tier 1 - 30%, Tier 2 - 43%, and Tier 3 - 27%

  • By Designation: C-Level Executives- 21%, Directors- 23%, and Others - 56%

  • By Region: North America – 30%, Europe - 18%, Asia Pacific - 41%, and RoW- 11%


Key companies supplying marine coatings are:


  • PPG Industries (US)

  • AkzoNobel (Netherlands)

  • Hempel (Denmark)

  • Sherwin-Williams (US)

  • Jotun (Norway)

  • Chugoku Marine Paints (Japan)

  • Nippon Paint (Japan)

  • Kansai Paint (Japan)

  • Axalta (US)

  • BASF Coatings (Germany)


Research Coverage

This report segments the marine coatings market based on resin, product type, application, and region. It provides estimations for the overall value of the marine coatings market and its sub segments across various regions. A detailed analysis of the key players operating in the marine coatings market has been conducted to provide insights into their businesses, products & services offered by them, key growth strategies adopted by them, and recent developments such as expansions, new product launches, acquisitions, and partnerships undertaken by them.

Reasons to Buy the Report:

This report is expected to help leaders/new entrants in the marine coatings market in the following ways:


  • Have an improved understanding of the marine coatings market

  • Provide information on drivers, challenges, and opportunities influencing the growth of the marine coatings market

  • Gain insights regarding competitors and their positions in the marine coatings market

Marine Coatings Market by Resin (Epoxy, Alkyd, Polyurethane), Product Type (Anti-Corrosion Coatings, Antifouling Coatings), Application (Cargo Ships, Passenger Ships, Boats), Region - Global Forecast to 2022

Table of Contents

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Years Considered for the Study
1.4 Currency
1.5 Unit Considered
1.6 Limitations
1.7 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Assumptions

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Marine Coatings Market
4.2 APAC Marine Coatings Market, By Resin and Country
4.3 Marine Coatings Market, By Application
4.4 Marine Coatings Market, By Product Type

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Shipbuilding Activities in APAC
5.2.1.2 Upcoming Shipbuilding Projects and Plans
5.2.1.3 Reduction in Fuel Consumption
5.2.2 Opportunities
5.2.2.1 Increasing Demand From the Oil & Gas Industry
5.2.2.2 Advancements in Marine Coating Technologies
5.2.3 Challenges
5.2.3.1 Fluctuating Raw Material Prices
5.2.3.2 Environmental Regulations
5.3 Porter’s Five Forces Analysis
5.3.1 Threat of Substitutes
5.3.2 Threat of New Entrants
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Macroeconomic Indicators
5.4.1 GDP Forecast of Major Economies
5.4.2 Trends and Forecast of Oil & Gas Industry and Its Impact on the Marine Coatings Market
5.4.3 Trends and Forecast of Shipping Industry and Its Impact on the Marine Coatings Market

6 Marine Coatings Market, By Resin
6.1 Introduction
6.2 Epoxy
6.3 Alkyd
6.4 Polyurethane
6.5 Others

7 Marine Coatings Market, By Product Type
7.1 Introduction
7.2 Anti-Corrosion Marine Coatings
7.3 Antifouling Coatings
7.4 Others

8 Marine Coatings Market, By Application
8.1 Introduction
8.2 Cargo Ships
8.3 Passenger Ships
8.4 Boats
8.5 Others

9 Marine Coatings Market, By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 Turkey
9.3.3 Netherlands
9.3.4 Romania
9.3.5 Italy
9.3.6 Spain
9.3.7 Norway
9.3.8 UK
9.3.9 Russia
9.3.10 France
9.4 APAC
9.4.1 China
9.4.2 South Korea
9.4.3 Japan
9.4.4 Singapore
9.4.5 Indonesia
9.4.6 Malaysia
9.4.7 India
9.5 Middle East & Africa
9.5.1 UAE
9.5.2 South Africa
9.6 South America
9.6.1 Brazil

10 Competitive Landscape
10.1 Introduction
10.2 Market Ranking
10.3 Competitive Scenario
10.3.1 New Product Launches
10.3.2 Expansions
10.3.3 Mergers & Acquisitions
10.3.4 Partnerships

11 Company Profiles
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
11.1 PPG Industries
11.2 AkzoNobel
11.3 Sherwin-Williams
11.4 Hempel
11.5 Jotun
11.6 Chugoku Marine Paints
11.7 Nippon Paint
11.8 Axalta
11.9 BASF Coatings
11.10 Kansai Paint
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not be Captured in Case of Unlisted Companies.
11.11 Other Key Market Players
11.11.1 Rpm International
11.11.2 Asian Paints
11.11.3 Berger Paints
11.11.4 Shalimar Paints
11.11.5 Dupont
11.11.6 Tohpe
11.11.7 Cloverdale Paint
11.11.8 Tiger Coatings
11.11.9 Brunel Marine Coating Systems
11.11.10 Epifanes

12 Appendix
12.1 Insights From Industry Experts
12.2 Discussion Guide
12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
12.4 Introducing RT: Real-Time Market Intelligence
12.5 Available Customizations
12.6 Related Reports
12.7 Author Details

List of Tables

Table 1 Trends and Forecast of Real Gdp, 2017—2022 (USD Billion)
Table 2 Global Oil Production Vs. Consumption (MBPD), 2012—2016
Table 3 Global Crude Oil Production, 2015—2018 (MBPD)
Table 4 Merchandise Trade By Group of Economies, 2016
Table 5 Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 6 Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 7 Epoxy-Based Marine Coatings Market Size, By Region, 2015—2022 (USD Million)
Table 8 Epoxy-Based Marine Coatings Market Size, By Region, 2015—2022 (Million Liter)
Table 9 Alkyd-Based Marine Coatings Market Size, By Region, 2015—2022 (USD Million)
Table 10 Alkyd-Based Marine Coatings Market Size, By Region, 2015—2022 (Million Liter)
Table 11 Polyurethane-Based Marine Coatings Market Size, By Region, 2015—2022 (USD Million)
Table 12 Polyurethane-Based Marine Coatings Market Size, By Region, 2015—2022 (Million Liter)
Table 13 Other Resins-Based Marine Coatings Market Size, By Region, 2015—2022 (USD Million)
Table 14 Other Resins-Based Marine Coatings Market Size, By Region, 2015—2022 (Million Liter)
Table 15 Marine Coatings Market Size, By Product Type, 2015—2022 (USD Million)
Table 16 Marine Coatings Market Size, By Product Type, 2015—2022 (Million Liter)
Table 17 Anti-Corrosion Marine Coatings Market Size, By Region, 2015—2022 (USD Million)
Table 18 Anti-Corrosion Coatings Market Size, By Region, 2015—2022 (Million Liter)
Table 19 Antifouling Coatings Market Size, By Region, 2015—2022 (USD Million)
Table 20 Antifouling Coatings Market Size, By Region, 2015—2022 (Million Liter)
Table 21 Other Marine Coatings Market Size, By Region, 2015—2022 (USD Million)
Table 22 Other Marine Coatings Market Size, By Region, 2015—2022 (Million Liter)
Table 23 Marine Coatings Market Size, By Application, 2015—2022 (USD Million)
Table 24 Marine Coatings Market Size, By Application, 2015—2022 (Million Liter)
Table 25 Marine Coatings Market Size in Cargo Ships, By Region, 2015—2022 (USD Million)
Table 26 Marine Coatings Market Size in Cargo Ships, By Region, 2015—2022 (Million Liter)
Table 27 Marine Coatings Market Size in Passenger Ships, By Region, 2015—2022 (USD Million)
Table 28 Marine Coatings Market Size in Passenger Ships, By Region, 2015—2022 (Million Liter)
Table 29 Marine Coatings Market Size in Boats, By Region, 2015—2022 (USD Million)
Table 30 Marine Coatings Market Size in Boats, By Region, 2015—2022 (Million Liter)
Table 31 Marine Coatings Market Size in Other Applications, By Region, 2015—2022 (USD Million)
Table 32 Marine Coatings Market Size in Other Applications, By Region, 2015—2022 (Million Liter)
Table 33 Marine Coatings Market Size, By Region, 2015—2022 (USD Million)
Table 34 Marine Coatings Market Size, By Region, 2015—2022 (Million Liter)
Table 35 North America: Marine Coatings Market Size, By Country, 2015—2022 (USD Million)
Table 36 North America: Marine Coatings Market Size, By Country, 2015—2022 (Million Liter)
Table 37 North America: Marine Coatings Market Size, By Product Type, 2015—2022 (USD Million)
Table 38 North America: Marine Coatings Market Size, By Product Type, 2015—2022 (Million Liter)
Table 39 North America: Marine Coatings Market Size, By Application, 2015—2022 (USD Million)
Table 40 North America: Marine Coatings Market Size, By Application, 2015—2022 (Million Liter)
Table 41 North America: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 42 North America: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 43 US: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 44 US: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 45 Canada: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 46 Canada: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 47 Mexico: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 48 Mexico: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 49 Europe: Marine Coatings Market Size, By Country, 2015—2022 (USD Million)
Table 50 Europe: Marine Coatings Market Size, By Country, 2015—2022 (Million Liter)
Table 51 Europe: Marine Coatings Market Size, By Product Type, 2015—2022 (USD Million)
Table 52 Europe: Marine Coatings Market Size, By Product Type, 2015—2022 (Million Liter)
Table 53 Europe: Marine Coatings Market Size, By Application, 2015—2022 (USD Million)
Table 54 Europe: Marine Coatings Market Size, By Application, 2015—2022 (Million Liter)
Table 55 Europe: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 56 Europe: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 57 Germany: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 58 Germany: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 59 Turkey: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 60 Turkey: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 61 Netherlands: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 62 Netherlands: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 63 Romania: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 64 Romania: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 65 Italy: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 66 Italy: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 67 Spain: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 68 Spain: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 69 Norway: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 70 Norway: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 71 UK: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 72 UK: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 73 Russia: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 74 Russia: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 75 France: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 76 France: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 77 APAC: Marine Coatings Market Size, By Country, 2015—2022 (USD Million)
Table 78 APAC: Marine Coatings Market Size, By Country, 2015—2022 (Million Liter)
Table 79 APAC: Marine Coatings Market Size, By Product Type, 2015—2022 (USD Million)
Table 80 APAC: Marine Coatings Market Size, By Product Type, 2015—2022 (Million Liter)
Table 81 APAC: Marine Coatings Market Size, By Application, 2015—2022 (USD Million)
Table 82 APAC: Marine Coatings Market Size, By Application, 2015—2022 (Million Liter)
Table 83 APAC: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 84 APAC: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 85 China: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 86 China: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 87 South Korea: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 88 South Korea: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 89 Japan: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 90 Japan: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 91 Singapore: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 92 Singapore: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 93 Indonesia: Marine Coatings Market Size, By Resin,  2015—2022 (USD Million)
Table 94 Indonesia: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 95 Malaysia: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 96 Malaysia: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 97 India: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 98 India: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 99 Middle East & Africa: Marine Coatings Market Size, By Country, 2015—2022 (USD Million)
Table 100 Middle East & Africa: Marine Coatings Market Size, By Country, 2015—2022 (Million Liter)
Table 101 Middle East & Africa: Marine Coatings Market Size, By Product Type, 2015—2022 (USD Million)
Table 102 Middle East & Africa: Marine Coatings Market Size, By Product Type, 2015—2022 (Million Liter)
Table 103 Middle East & Africa: Marine Coatings Market Size, By Application, 2015—2022 (USD Million)
Table 104 Middle East & Africa: Marine Coatings Market Size, By Application, 2015—2022 (Million Liter)
Table 105 Middle East & Africa: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 106 Middle East & Africa: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 107 UAE: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 108 UAE: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 109 South Africa: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 110 South Africa: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 111 South America: Marine Coatings Market Size, By Country, 2015—2022 (USD Million)
Table 112 South America: Marine Coatings Market Size, By Country, 2015—2022 (Million Liter)
Table 113 South America: Marine Coatings Market Size, By Product Type, 2015—2022 (USD Million)
Table 114 South America: Marine Coatings Market Size, By Product Type, 2015—2022 (Million Liter)
Table 115 South America: Marine Coatings Market Size, By Application, 2015—2022 (USD Million)
Table 116 South America: Marine Coatings Market Size, By Application, 2015—2022 (Million Liter)
Table 117 South America: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 118 South America: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 119 Brazil: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 120 Brazil: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 121 Market Ranking of Key Players, 2016
Table 122 New Product Launches, 2013—2017
Table 123 Expansions, 2013—2017
Table 124 Mergers & Acquisitions, 2013–2017
Table 125 Partnerships, 2013—2017

List of Figures

Figure 1 Marine Coatings Market: Research Design
Figure 2 Marine Coatings Market: Data Triangulation
Figure 3 Epoxy to be the Leading Resin Segment of Marine Coatings
Figure 4 Cargo Ships to be the Dominant Application of Marine Coatings
Figure 5 Antifouling to be the Fastest-Growing Product Type of Marine Coatings
Figure 6 India to be the Fastest-Growing Marine Coatings Market
Figure 7 APAC Dominated the Marine Coatings Market in 2016
Figure 8 Growth Opportunities in Marine Coatings Market
Figure 9 China Led the Market in APAC
Figure 10 Cargo Ships Was the Largest Application of Marine Coatings in 2016
Figure 11 Anti-Corrosion to be the Largest Product Type of Marine Coatings
Figure 12 Factors Governing the Marine Coatings Market
Figure 13 Marine Coatings Market: Porter’s Five Forces Analysis
Figure 14 Polyurethane-Based Marine Coatings to Register the Highest CAGR
Figure 15 Antifouling Coatings to Register the Highest CAGR
Figure 16 Passenger Ships to be the Fastest-Growing Application of Marine Coatings
Figure 17 APAC to be the Fastest-Growing Marine Coatings Market
Figure 18 Companies Adopted New Product Launches as the Key Growth Strategy Between 2013 and 2017
Figure 19 PPG Industries Corporation: Company Snapshot
Figure 20 AkzoNobel.: Company Snapshot
Figure 21 Sherwin-Williams: Company Snapshot
Figure 22 Hempel: Company Snapshot
Figure 23 Jotun: Company Snapshot
Figure 24 Chugoku Marine Paints: Company Snapshot
Figure 25 Nippon Paint: Company Snapshot
Figure 26 Axalta: Company Snapshot
Figure 27 BASF Coatings: Company Snapshot
Figure 28 Kansai Paint: Company Snapshot

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