Global Marine Coatings Market, 2024-2031

Increasingly Stringent Regulations in the End-Industry Drive Innovation Growth

Ships and boats, as well as their related components and products, both in operation or manufacture, require specific and durable coatings for various applications on different above- and below-waterline components. Such products are collectively referred to as marine coatings in this study.

The marine coatings industry is analyzed for end users such as new shipbuilders and maintenance. The major vessel types include large vessels (cargo and passenger and naval), leisure boats (yachts, small ferries, and other pleasure crafts), and fishing vessels and boats. Coatings are selected for application based on various requirements, including corrosion resistance, resistance to fuels and other chemicals, stability under various temperature ranges and pressure conditions, resistance to humidity, and resistance to biofouling. The requirements vary depending on the end application. Coating formulations must be UV-resistant with durable color retention for above-the-waterline exterior applications; they must also be significantly corrosion- and chemical-resistant for structural applications.

The marine coatings industry is greatly impacted by megatrends such as trade wars, nearshoring, and stringent environmental regulations. However, growth may increase due to the rising use of coating formulations priced higher than conventional coatings. Manufacturers engage in continuous product development activities based on changing market needs and the regulatory environment. By establishing long-term relationships with customers, manufacturers try to ensure they are both proactive and reactive to the industry's various requirements.