According to a report published by Transparency Market Research (TMR), the worldwide market for marine coatings stood at a value of US$7.6 bn in 2013. Analysts expect this market to rise at a CAGR of 6.50% over the period from 2014 to 2020 and attain an estimated value of US$11.8 bn by the end of 2020.
Presence of Huge Shipbuilding Industry Strengthens Asia Pacific Marine Coating Market
Asia Pacific has emerged as the leading market for marine coatings in the global arena. The presence of a large shipbuilding industry spread across China, South Korea, and Japan has been driving the Asia Pacific marine coatings market since the last few years. It accounted for a share of more than 64% in the market in 2013 based on the total demand for marine coatings. Europe has acquired the second position in the overall market. The increasing demand for marine coating in ship repair and maintenance is driving the Europe market for marine coatings significantly.
Over the coming years, the markets in Asia Pacific and Europe are projected to witness a steady growth rate. The Latin America and the Middle East and Africa are also expected to experience a surge in demand for marine coatings, on account of the rapid rise in the maritime industry in Brazil, Saudi Arabia, and South Africa. North America, however, is anticipated to report a moderate demand for these coatings in the nearing future owing to the maturation of the shipbuilding industry in this region.
AkzoNobel Dominates Global Marine Coatings Market
Considering its competitive landscape, the global marine coatings market appears as a consolidated one. The top three market players, namely PPG Industries, AkzoNobel, and Henkel collectively account for the majority share in this market.
AkzoNobel, a Dutch multinational manufacturer of paints and coatings, is the leading player in the global marine coatings market. Recently, the company has launched an anti-corrosive universal primer under the brand name Intershield One-2-One. This addition is seen as an attempt to expand the product portfolio of the company in the international market.
KCC Corp., RPM International Inc., The Sherwin-Williams Co., Jotun, Kansai Paint Co. Ltd., Hempel, Chugoku Marine Paints Ltd., and Nippon Paint are some other prominent producers of marine coatings in the global arena.