Marine Coatings Market Size, Share, Growth & Industry Analysis, By Product Type (Anti-corrosion Coatings, Anti-fouling Coatings, Others), By Application (Cargo Ships, Passenger Ships, Offshore Vessels, Others), and Regional Analysis, 2024-2031

Marine Coatings Market Size

The global marine coatings market size was valued at USD 4,100.0 million in 2023 and is projected to grow from USD 4,259.6 million in 2024 to USD 5,739.2 million by 2031, exhibiting a CAGR of 4.35% during the forecast period.

Marine vessels and offshore structures are highly susceptible to corrosion and biofouling, which can reduce their operational efficiency and lifespan. As a result, the demand for anti-corrosion and anti-fouling coatings that provide long-lasting protection is growing.

In the scope of work, the report includes products offered by companies such as PPG Industries, Inc., Akzo Nobel N.V., Axalta Coating Systems, LLC, Kansai Paint Co.,Ltd., The Sherwin-Williams Company, Jotun, Hempel A/S, BASF, Nippon Paint Holdings Co., Ltd., and Cabot Corporation.

The marine coatings market is being driven by the growth of emerging economies. Countries in Asia Pacific, Latin America, and Africa continue to industrialize and expand their maritime operations, which is boosting the demand for marine coatings. Rising investments in commercial and recreational fleets, as well as infrastructure development such as ports and shipyards, are pushing the need for effective coatings.

Marine coatings are specialized protective coatings applied to ships, boats, and other marine structures to safeguard them against harsh environmental conditions such as saltwater, UV radiation, and extreme weather.

These coatings help prevent corrosion, fouling, and degradation of surfaces, extending the lifespan of vessels and infrastructure. Marine coatings include anti-fouling paints, anti-corrosion coatings, and weather-resistant finishes, which are designed to enhance the performance, durability, and esthetic appeal of marine vessels.

These coatings are critical in ensuring the safety and efficiency of vessels by reducing maintenance costs and improving fuel efficiency through smoother hull surfaces.

Analyst’s Review

The maritime industry is increasingly prioritizing strategies to address the environmental challenges posed by traditional antifouling coatings. The harmful effects of traditional antifouling coatings on marine ecosystems have been widely highlighted by various organizations, emphasizing the urgency for change.

The European Union (EU) highlights that paint is the leading contributor to microplastics in the seas and oceans. According to the 2023 EU document "Action Against Microplastics," paint is estimated to account for half of the microplastics present in marine environments.

Companies are increasingly adopting strategies such as collaborating with other industry players to develop sustainable and effective biofouling management coating solutions. These partnerships enable the sharing of expertise and resources, accelerating the creation of innovative, eco-friendly coatings that meet both performance and environmental standards.

• In April 2024, Brazil-based WEG Coatings and Canada-based GIT Coatings entered into a strategic agreement to enhance their marine coating product offerings in international markets. This partnership is set to accelerate the adoption of green solutions in the marine sector, including GIT’s graphene-based coatings. The collaboration aims to expand both companies' portfolios, focusing on providing some of the world’s most sustainable and effective biofouling management coatings.

By working together, companies can leverage advanced technologies and research to drive the development of next-generation coatings that reduce environmental impact and prevent biofouling.

Significant investments in research and development (R&D) are driving the creation of eco-friendly alternatives, including biocide-free and silicone-based fouling-release coatings. These advanced solutions minimize the release of harmful substances into marine environments while ensuring that performance standards are upheld, reflecting the industry's growing commitment to sustainable practices.

Marine Coatings Market Growth Factors

The global increase in trade and transportation through sea routes has significantly contributed to the expansion of the marine coatings market.

• The 2023 report by the UN Conference on Trade and Development (UNCTAD) highlights a 2.4% growth in global maritime trade, reaching 12.3 billion tons, marking a recovery from the contraction observed in 2022. The sector  is forecasted to expand by 2% in 2024, with an average annual growth rate of 2.4% projected through 2029.

With the rising volume of cargo being transported, the need for vessels that withstand harsh environmental conditions and maintain operational efficiency is growing. The growth of the market is directly linked to this need, as shipping companies rely on advanced coatings to protect their fleets from corrosion, wear, and damage.

The growth in global trade has also led to an increase in the need for ship repair and maintenance, further driving the marine coatings market. As vessels age, they require regular maintenance to ensure that they remain functional and safe. Anti-corrosion and anti-fouling coatings are essential components in maintaining the integrity of ships and offshore platforms.

The demand for these coatings is rising, as shipping companies and operators focus on minimizing downtime and extending the operational lifespan of their fleets.

Marine Coatings Industry Trends

The ongoing development and expansion of offshore oil & gas platforms, as well as offshore renewable energy projects such as wind farms, are contributing to the growth of the marine coatings industry.

• In July 2024, the Government of India approved a viability gap funding (VGF) scheme valued at USD 890 million to support offshore wind energy projects. This initiative represents a significant milestone in unlocking India’s vast offshore wind energy potential.

These infrastructures are exposed to harsh marine conditions, requiring advanced coatings to protect them from corrosion, saltwater, and extreme weather. The increasing investments in offshore infrastructure demand durable and high-performance coatings to ensure the longevity and efficiency of these critical assets.

The development of advanced raw materials and new formulation techniques is fueling the marine coatings market. These innovations allow manufacturers to create coatings that offer superior performance, such as enhanced durability, faster drying times, and resistance to extreme marine environments. Additionally, the use of nanotechnology in marine coatings is gaining traction, providing even greater protection and performance.

Segmentation Analysis

The global market has been segmented based on product type, application, and geography.

By Product Type

Based on product type, the market has been segmented into anti-corrosion coatings, anti-fouling coatings, and others. The anti-corrosion coatings segment led the marine coatings market in 2023, reaching the valuation of USD 1,995.1 million.

These coatings provide robust protection against harsh marine environments, including exposure to saltwater, humidity, and extreme temperatures, which can accelerate corrosion and lead to costly repairs or downtime.

The rising emphasis on extending vessel lifespan and reducing maintenance costs drives the demand for high-performance anti-corrosion coatings. Additionally, stringent environmental regulations and industry standards requiring effective corrosion resistance boost their adoption.

By Application

Based on application, the market has been classified into cargo ships, passenger ships, offshore vessels, and others. The offshore vessels segment is poised for significant growth at a robust CAGR of 5.01% through the forecast period.

Offshore vessels are integral to oil & gas exploration, renewable energy projects, and subsea operations, requiring advanced coatings to ensure durability and operational efficiency. The harsh marine conditions faced by these vessels necessitate coatings that enhance structural integrity and reduce maintenance costs.

Increasing investments in offshore energy infrastructure and the rising demand for sustainable solutions further drive the adoption of high-performance coatings in offshore vessels, contributing to the growth of the market.

Marine Coatings Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Asia Pacific accounted for 36.16% share of the global marine coatings market in 2023, with a valuation of USD 1,482.6 million. Asia Pacific, particularly countries like China, South Korea, and Japan, dominates global shipbuilding activities, driving the market.

These nations are leading producers of cargo ships, oil tankers, and naval vessels, requiring high-performance coatings for protection against corrosion, fouling, and wear.

• According to UNCTAD, at the beginning of 2023, 18 of the 35 major ship-owning companies were based in Asia. Hong Kong, China, holds 2.4% share of the global fleet, with a total of 2,537 vessels registered under its flag. Additionally, the Container Port Performance Index (CPPI) reveals that 18 of the world’s top 25 ports are located in Asia, including 11 in Eastern Asia and four in Western Asia.

Increasing investments in advanced shipbuilding technologies and the construction of new shipyards further enhance the demand for marine coatings in the region. This robust shipbuilding sector significantly contributes to the expansion of the market in Asia Pacific.

The rise in offshore oil & gas exploration activities in Asia Pacific has accelerated the demand for marine coatings. Countries like India, China, and Indonesia are focusing on exploiting offshore energy resources, which require protective coatings for platforms, rigs, and pipelines to withstand harsh marine environments. The increased investment in offshore infrastructure supports the growth of the market in the region.

The marine coatings market in North America is poised for significant growth at a robust CAGR of 4.79% over the forecast period. The expansion of the recreational boating sector has emerged as a key contributor to the growth of the market in the region. The growing demand for yachts, speedboats, and personal watercraft fuels the need for esthetic and protective coatings.

• According to the 2023 study by the National Marine Manufacturers Association (NMMA), recreational boating in North America experienced a significant surge, with annual economic activity rising by 36%, from USD 170 billion in 2018 to USD 230 billion in 2023. Additionally, the recreational marine industry saw a 14% increase in employment, with jobs growing from 691,000 in 2018 to 812,000 in 2023.

Moreover, the U.S. is home to one of the largest and most advanced naval fleets globally. These fleets require frequent maintenance and advanced protective coatings to ensure operational readiness. The focus on enhancing naval capabilities and maintaining vessel performance through durable coatings is a significant driver of the market in North America.

Competitive Landscape

The global marine coatings market report will provide valuable insights with an emphasis on the fragmented nature of the market. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Strategic initiatives, including investments in R&D activities, establishment of new manufacturing facilities, and supply chain optimization, could create opportunities for market growth.

List of Key Companies in Marine Coatings Market

• PPG Industries, Inc.
• Akzo Nobel N.V., 
• Axalta Coating Systems, LLC 
• Kansai Paint Co.,Ltd. 
• The Sherwin-Williams Company
• Jotun 
• Hempel A/S 
• BASF
• Nippon Paint Holdings Co., Ltd. 
• Cabot Corporation.

Key Industry Developments

• December 2024 (Partnership): AkzoNobel’s Marine and Protective Coatings division signed a Memorandum of Cooperation with Sinopec to support the Chinese energy and chemical company's global expansion and drive the ongoing transition to green energy. This partnership will enable the use of AkzoNobel’s high-performance coatings in Sinopec's overseas construction projects, benefiting both Sinopec and its affiliated institutions.
• March 2023 (Launch): PPG introduced the PPG SIGMAGLIDE 2390 marine coating, a groundbreaking solution designed to help shipowners reduce power consumption and carbon emissions. This innovative coating meets the growing demand for higher performance while ensuring no negative impact on the marine environment.

The global marine coatings market has been segmented as:

By Product Type

• Anti-corrosion coatings
• Anti-fouling coatings
• Others

By Application

• Cargo Ships
• Passenger Ships
• Offshore Vessels
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America