PUBLISHER: The Business Research Company | PRODUCT CODE: 1717037
PUBLISHER: The Business Research Company | PRODUCT CODE: 1717037
Hull coatings are protective layers applied to the outer surface of ships' hulls to mitigate corrosion, fouling, and wear resulting from exposure to water and marine organisms. These coatings enhance a vessel's fuel efficiency by reducing drag from accumulated marine organisms such as algae and barnacles.
The main types of hull coatings include self-polishing coatings, biocide-free fouling release coatings, and others. Self-polishing coatings are designed to wear off gradually, exposing fresh layers of coating over time. Hull coatings are used across various applications, including vessels, liquefied natural gas carriers, bulk carriers, crude oil tankers, cruise ships, rigs, and more. They serve a range of end-use industries, such as shipping, oil and gas, defense, and fishing.
The hull coating market research report is one of a series of new reports from The Business Research Company that provides hull coating market statistics, including hull coating industry global market size, regional shares, competitors with a hull coating market share, detailed hull coating market segments, market trends and opportunities, and any further data you may need to thrive in the hull coating industry. This hull coating market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hull coatings market size has grown strongly in recent years. It will grow from $7.42 billion in 2024 to $7.93 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increasing maritime trade activities, increasing production of leisure boats and cruise ships, increased demand for commercial vessels, increasing awareness of marine fouling and anti-fouling solutions, stringent environmental regulations, and fuel efficiency requirements.
The hull coatings market size is expected to see strong growth in the next few years. It will grow to $10.27 billion in 2029 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to rising operational costs, increasing research and development investments, rising focus on safety and reliability, increasing global economic recovery, and growing awareness of biofouling. Major trends in the forecast period include technological improvements, smart coating technologies, self-polishing coatings (SPCS), graphene-based coatings, and regulatory compliance.
The growth in maritime trade is anticipated to drive the expansion of the hull coatings market. Maritime trade involves the increasing volume and value of goods transported by sea, spurred by rising global demand, economic growth, and advancements in shipping technology. This trend is fueled by growing international demand, economic development in emerging markets, and improvements in shipping technology. Hull coatings contribute to maritime trade by enhancing fuel efficiency, reducing costs, and cutting emissions through decreased friction, as well as providing protection against corrosion and biofouling. For example, the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization, reported in November 2022 that global maritime trade saw a 3.2% increase in 2021, reaching 11 billion tons in shipments. The growth rate is projected to moderate to 1.4% in 2023, with an average annual expansion of 2.1% expected from 2023 to 2027. Thus, the rise in maritime trade is fueling the growth of the hull coatings market.
Leading companies in the hull coatings market are focusing on developing self-polishing copolymer (SPC) antifouling technologies to improve vessel efficiency, reduce fuel consumption, and lessen environmental impact by preventing marine organism growth on hull surfaces. Self-polishing copolymer antifouling technology is a marine coating that gradually erodes, helping to maintain clean hulls by preventing biofouling. For instance, in September 2023, Nippon Paint Marine, a Japan-based chemical manufacturer, launched Aquaterras, a biocide-free, low-friction self-polishing copolymer antifouling paint. Aquaterras utilizes a novel hydrolysis polymer reaction derived from medical technology, allowing it to continuously self-polish and expose active micro-domain structures to seawater.
In June 2024, PPG Industries, a US-based company specializing in hull coatings, formed a partnership with RightShip as part of the Zero Harm Innovation Partners Program. This collaboration aims to enhance sustainability in the maritime industry by using advanced coating solutions such as SIGMAGLIDE 2390. These innovative hull coatings are designed to reduce the environmental impact of shipping operations while improving vessel performance and efficiency. RightShip, based in Australia, is known for its focus on environmental, social, and governance (ESG) practices in the global maritime sector.
Major companies operating in the hull coatings market are The Sherwin-Williams Company, PPG Industries Inc., AkzoNobel N.V., KCC Corporation, Kansai Paint Co. Ltd., Jotun Group, Henkel AG, Teknos Ltd, Chugoku Marine Paints Ltd., Carboline Company, Tnemec Company Inc., Boero Bartolomeo SpA, Kop-Coat Marine Group, Sea Hawk Paints, Subsea Industries NV, Chemco International Ltd., Nippon Paint Marine GmbH, Seacoat SCT LLC, Alocit Systems Ltd, Tianjin Jinhai Special Coatings & Decoration Co. Ltd.
Asia-Pacific was the largest region in the hull coatings market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hull coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the hull coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hull coatings market consists of sales of anti-corrosion coatings, anti-fouling paints, self-polishing copolymers, and foul-release coatings. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hull Coatings Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hull coatings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hull coatings ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hull coatings market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.