 |
| Marine Coatings Market |
The global Marine Coatings Market is estimated to be valued at US$ 12,662.7 Mn in 2023 and is expected
to exhibit a CAGR of 6.5% over the
forecast period 2023-2030, as
highlighted in a new report published by Coherent Market Insights.
Market Overview:
Marine coatings are specialized paints and coatings that are applied to the
surface of ships, boats, and other marine vessels to protect them from
corrosion, fouling, and weathering. These coatings provide excellent adhesion,
durability, abrasion resistance, and resistance to chemicals and UV rays. The
need for marine coatings arises from the fact that marine vessels are
constantly exposed to harsh environmental conditions such as saltwater,
humidity, and extreme temperatures, which can cause rapid deterioration of the
vessel's structure. Marine coatings help in extending the lifespan of the
vessel, reducing maintenance costs, and improving fuel efficiency.
Market Key Trends:
One key trend in the Global
Marine Coatings Market is the growing demand for environmentally
friendly and sustainable coatings. With increasing awareness about the environmental
impact of traditional coatings, there has been a shift towards the use of
eco-friendly coatings that have lower VOC (volatile organic compounds) content
and do not release harmful toxins into the marine ecosystem. These eco-friendly
coatings not only provide effective protection but also contribute to the
sustainability goals of the maritime industry. Governments and regulatory
bodies are also implementing stricter regulations regarding the use of toxic
coatings, further driving the demand for environmentally friendly marine
coatings.
Porter’s Analysis
Threat of New Entrants: The marine coatings market poses a moderate threat of
new entrants. While the industry is highly specialized and requires significant
investment in research and development, there is still room for new players to
enter the market. However, established companies have built strong
relationships with customers and have a wide range of products, making it
difficult for new entrants to compete effectively.
Bargaining Power of Buyers: The bargaining power of buyers in the marine
coatings market is relatively high. Buyers have access to a large number of
suppliers offering similar products, giving them the ability to choose the most
cost-effective option. Additionally, buyers in the marine industry often have
long-term contracts, which gives them even more leverage in pricing
negotiations.
Bargaining Power of Suppliers: The bargaining power of suppliers in the marine
coatings market is moderate to high. Suppliers of raw materials used in the
production of marine coatings have limited substitutes, giving them some power
to dictate prices. However, large players in the industry have established
relationships with suppliers, which allows them to negotiate favorable terms
and pricing.
Threat of New Substitutes: The threat of new substitutes in the marine coatings
market is low. Marine coatings are specifically formulated to withstand harsh
marine environments, providing protection against corrosion, fouling, and
weathering. There are limited alternatives that can match the performance of
marine coatings, making it unlikely for substitutes to gain significant market
share.
Competitive Rivalry: Competitive rivalry in the marine coatings market is high.
The market is dominated by a few major players, including AkzoNobel N.V.,
Chugoku Marine Paints Ltd., and Jotun A/S. These companies compete fiercely to
gain market share and differentiate themselves through product innovation,
quality, and customer service.
Key Takeaways
The marine coatings market is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period.
This growth can be attributed to increasing demand for marine coatings in the
shipbuilding and repair industry. The need to protect vessels from corrosion,
fouling, and other environmental factors is driving the demand for advanced
coatings.
In terms of regional analysis, Asia Pacific is the fastest-growing and
dominating region in the marine coatings market. The region is witnessing
significant investments in the shipbuilding industry, particularly in countries
like China, South Korea, and Japan. Additionally, stringent environmental
regulations regarding emissions from vessels are driving the adoption of
eco-friendly coatings in the region.
Key players operating in the marine coatings market include AkzoNobel N.V.,
Chugoku Marine Paints Ltd., Hempel A/S, Jotun A/S, Kansai Paint Co. Ltd., KCC
Corporation, Nippon Paint, PPG Industries Inc, RPM International Inc., and The
Sherwin-Williams Company. These companies have a strong presence in the market
and are focusing on product development, mergers, and acquisitions to
strengthen their market position.
Overall, the marine coatings market is poised for growth due to increasing
demand from the shipbuilding industry and the need for advanced coatings to
protect vessels. The Asia Pacific region is expected to lead the market, driven
by investments in shipbuilding and environmental regulations. Key players in
the market are actively striving to gain a competitive edge through innovation
and strategic partnerships.
Read
More:
https://www.ukwebwire.com/marine-coatings-market-is-estimated-to-witness-high-growth/