Protective & Marine Coatings Market Size, Share, Growth, and Industry Analysis By Type (Epoxy, Polyurethane, Acrylic, Alkyd, Polyester, and Others) By Application (Marine, Oil & Gas, Industrial, Construction, Energy & Power, Transportation, and Others) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Protective & Marine Coatings Market Report Overview

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The global protective & marine coatings market size was USD 19290 million in 2022 and is expected to reach USD 28367.68 million in 2031, at a CAGR of 4.4% during the forecast period.

Marine coatings are primarily applied as protective coatings to surfaces such as those of ships, cruise ships, yachts, oilrigs, and bridges, among other things. These coatings are used to prolong the useful lives of maritime vessels and offshore constructions by preventing corrosion and fouling. Marine coatings shield the surfaces against corrosion and fouling below the waterline as well as harm brought on by UV radiation above the waterline.

Anti-corrosion marine coatings are becoming increasingly well known in the sector since they aid in protecting the metal components of the vessel from oxidation, salt spray, and moisture. According to reports, the anti-corrosion market segment accounts for about 40% of total marine coatings sales. In order to efficiently fulfill the growing need and draw in a broader consumer base, industry participants are being encouraged by the expanding product demand to create more novel offers. For instance, Nippon Paint Marine unveiled a new antifouling technology in 2021 to raise the consistency and level of antifouling performance. The business claims that it also reduces the amount of time needed for application and increases film thickness.

COVID-19 Impact: COVID-19 Deteriorates The Market Size

The global COVID-19 pandemic has been unprecedented and staggering, with Protective & Marine Coatings Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The protective coatings market will continue to be adversely affected by COVID-19, which will have a cascading effect. The production of the raw ingredients utilised in the creation of these coatings has been put on hold due to COVID-19. India, China, Japan, Singapore, and Thailand are just a few of the Asia Pacific countries with significant raw material suppliers as well as coating production hubs. The supply of these fundamental elements has been hampered by the coronavirus outbreak in Asia and the Pacific. Large-scale construction and development projects all across the world have been halted or delayed as a result of COVID-19. The market is being significantly impacted by phenomena including customer closures, historically low consumer spending, and a lack of capital investments. These factors impacted the market forecast during COVID-19.   

Latest Trends

"Growing Demand in Various Marine Applications to Promote Growth"

Marine industry production activities are growing. On yachts and other recreational boats, coatings are utilized for both interior and external functions. The coatings used on boats account for a sizeable portion of demand. Yacht coatings come in a variety of varieties, including high-build surfaces, premium topcoats, finishing primers, and antifouling paints. Additionally, yachts and other boats employ interior topcoats and wood treatments. According to the Cruise Lines International Association, the number of cruise passengers worldwide is forecast to be approximately 25.8 million and is expected to increase to 27.2 million, outpacing the general leisure travel market (CLIA). It is anticipated that this growth will continue, which will lead to a rise in demand for coatings used for maintenance and repair. During the projected period, all of the aforementioned factors are anticipated to propel the global market.

Protective & Marine Coatings Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Epoxy, Polyurethane, Acrylic, Alkyd, Polyester, Others. Epoxy will be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Marine, Oil & Gas, Industrial, Construction, Energy & Power, Transportation, Others. Marine will be the dominating segment.

Driving Factors

"Anti-Fouling Coatings Are Becoming More Popular, Which Is Anticipated To Increase Sales"

By 2031, the protective & marine coatings market will be worth over USD 28367.68 million. These are used on marine vessels to reduce the growth of aquatic organisms, resulting in a smoother hull and increased fuel efficiency. Manufacturers are spending money on R&D to create anti-fouling coatings that are more effective. Chugoku Marine Paints, Ltd., for instance, introduced a fuel-efficient anti-fouling product for oceangoing vessels in June 2021. Over the predicted period, expanding product availability will boost category penetration.

"Increased Demand For Concrete Corrosion Prevention Will Fuel Market Expansion"

Concrete is frequently used in civil engineering structures since it is a durable and robust material. The architect's and owner's goal for the aesthetic appeal of the building must also be realized. Protective coating options can lengthen concrete's lifespan by reducing water infiltration, sealing, and tolerating surface cracks. They can also enhance the concrete's appearance and add new colors. Concrete structures are subjected to a variety of environmental factors, including normal atmospheric carbonation, aggressive influences from polluted urban and industrial environments, marine atmosphere, and liquid or gaseous chemicals that, depending on their location and use, can harm or attack the concrete and embedded steel reinforcement. The most frequent culprits behind concrete deterioration and reinforcing corrosion are carbonation and chloride.

Restraining Factors

"Strict Laws Surrounding Volatile Organic Compounds Would Hamper the Market"

The protection of the environment is just as important to the market as the protection of buildings and other tangible things. This comprises developing goods that reduce emissions of volatile organic compounds (VOCs) and dangerous air pollutants as well as ecologically friendly and non-polluting production processes (HAP). These coatings are made of liquid materials that, through a chemical reaction, evaporate when they are exposed to oxygen. The solvents in the coatings evaporate, producing VOC emissions, ground-level ozone production, and air pollution. It is the most detrimental effect solvent-borne coatings have on the environment. Due to stringent environmental rules, businesses are now required to reduce the amount of VOCs they produce. More countries will pass legislation outlawing the use of solvent-borne solutions as a result of these VOC emissions.

Protective & Marine Coatings Market Regional Insights

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"Asia Pacific will dominate the market size. "

More than half of global marine coatings sales come from Asia Pacific, which is mostly due to China, Japan, and South Korea's substantial new shipbuilding industries. Shipbuilding businesses have opened factories all across the region thanks to the accessibility of cheap and skilled labor. Due to the region's growing exports and imports, as well as its sophisticated maritime and oil and gas industries, North America currently holds a monopoly on the global market for marine coatings. Due to the region's expanding oil and gas industry and expanding international trade, Europe is predicted to have the highest growth rate.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• 3M (U.S.)
• AkzoNobel (Netherlands)
• BASF (Germany)
• Hempel (Denmark)
• Kansai Paints (Japan)
• Nippon Paints (Japan)
• PPG Industries (U.S.)
• The Sherwin-Williams (U.S.)
• The Dow Chemical (U.S.)
• Wacker Chemie (Germany)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.