Asia-Pacific Marine Coatings Market Size (2024 - 2029)

The Asia-Pacific Marine Coatings Market is experiencing growth driven by increased shipbuilding activities in countries such as China and Japan, alongside rising demand in developing nations like India, Pakistan, and Bangladesh for ship maintenance and repair. The market's expansion is supported by the production of new ships and the development of indigenous manufacturing sites for trade vessels. However, stringent regulations on VOC limits and toxic substances in coatings pose challenges. Opportunities are emerging from innovations in bio-based coatings, enhancements in ship fuel efficiency and emissions reduction, and a growing interest in water transport.

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Market Size of Asia-Pacific Marine Coatings Industry

Asia-Pacific Marine Coatings Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR 6.00 %
Largest Market Asia
Market Concentration High

Major Players

Asia-Pacific Marine Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

Asia-Pacific Marine Coatings Market Analysis

The Asia-Pacific Marine Coatings Market is expected to reach USD 5243.77 Million by the end of this year and is projected to grow at a CAGR greater than 6% during the forecast period.

The Asia-Pacific Marine Coatings has seen an increase in demand in 2021 and its majorly because of increase in the production of new ship building activities in countries like china, Japand and others. The consumption of marine coatings has increase in developing countires like India, Pakistan and Bangladesh where ship maintenance and repair works take place at a largest extent.

  • The driving factors that tend to the market growth include production of new ships by many countries in the Asia pacific region. For instance India is aiming to develop indigenous production sites for the manufacturing of containers in order to start local prodcution of ships used for trade.
  • The stringent regulations regarding the VOC limits and other toxic substances in paints and coatings are creating hindrances in the market.
  • The growing options for bio-based coatings, innovations to increase the fuel efficiency of ships and reduce emissions, and growing interests in water transport are further likely to provide opportunities for the studied market during the forecast period.

Asia-Pacific Marine Coatings Industry Segmentation

Marine coatings are a type of protective coating used mostly in the marine environment to protect ships, vessels, tankers, and other materials from saline water or fresh water. The Asia-Pacific Marine Coatings Market is segmented by Function (Anti-corrosion, Antifouling and Others), by Resin (Epoxy, Polyurethane, Polyester, Acrylic, Alkyd and Others), by Technology (Water-borne, Solvent-borne, UV-Cured and Powder Coatings), by Application (Marine OEM and Marine Aftermarket), and Geography Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand and Rest of Asia-Pacific). The report offers market size and forecasts for Asia-Pacific Marine Coatings Market in revenue (USD million) for all the above segments.

Function
Anti-Corrosion
Antifouling
Others
Resin
Epoxy
Polyurethane
Polyester
Acrylic
Alkyd
Other Resins
Technology
Water-borne
Solvent-borne
UV-cured
Powder Coatings
Application
Marine OEM
Marine Aftermarket
Geography
Asia-Pacifc
China
India
Japan
South Korea
Australia & New Zealand
Rest of Asia-Pacific
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Asia-Pacific Marine Coatings Market Size Summary

The Asia-Pacific Marine Coatings Market is experiencing significant growth, driven by increased shipbuilding activities in countries like China and Japan, and rising demand for ship maintenance in developing nations such as India, Pakistan, and Bangladesh. The market is characterized by a strong focus on container coatings, which hold a substantial share due to a global shortage of containers. Initiatives like India's "Make in India" program aim to boost local production of containers and vessels, addressing both domestic and international demand. The region's shipbuilding sector is also seeing renewed interest post-COVID-19, with countries like the Philippines reviving their shipbuilding and repair industries, supported by government incentives.

The market is influenced by several factors, including the production of new ships and the development of indigenous manufacturing sites. However, stringent regulations on VOC emissions and toxic substances in coatings pose challenges. Opportunities are emerging through innovations in bio-based coatings and technologies aimed at enhancing fuel efficiency and reducing emissions, aligning with international goals set by the International Maritime Organization. Polyurethane coatings, particularly water-based variants, are gaining traction due to their low VOC emissions and durability, expected to see increased demand alongside new vessel production. The market is consolidated, with key players like Akzo Nobel N.V., The Sherwin-Williams Company, and Jotun, and recent acquisitions, such as Hempel A/S's purchase of Wattyl, are expected to strengthen market presence in the region.

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Asia-Pacific Marine Coatings Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increase In the Construction of New Ships to Drive The Marine Coatings Market

      2. 1.1.2 Growing Ship Repairs & Maintenance Activities

    2. 1.2 Restraints

      1. 1.2.1 Stringent Regulations by Government and International Bodies

      2. 1.2.2 Sluggish Growth in Shipbuilding Activities in Few Countries

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Function

      1. 2.1.1 Anti-Corrosion

      2. 2.1.2 Antifouling

      3. 2.1.3 Others

    2. 2.2 Resin

      1. 2.2.1 Epoxy

      2. 2.2.2 Polyurethane

      3. 2.2.3 Polyester

      4. 2.2.4 Acrylic

      5. 2.2.5 Alkyd

      6. 2.2.6 Other Resins

    3. 2.3 Technology

      1. 2.3.1 Water-borne

      2. 2.3.2 Solvent-borne

      3. 2.3.3 UV-cured

      4. 2.3.4 Powder Coatings

    4. 2.4 Application

      1. 2.4.1 Marine OEM

      2. 2.4.2 Marine Aftermarket

    5. 2.5 Geography

      1. 2.5.1 Asia-Pacifc

        1. 2.5.1.1 China

        2. 2.5.1.2 India

        3. 2.5.1.3 Japan

        4. 2.5.1.4 South Korea

        5. 2.5.1.5 Australia & New Zealand

        6. 2.5.1.6 Rest of Asia-Pacific

Asia-Pacific Marine Coatings Market Size FAQs

The Asia-Pacific Marine Coatings Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

AkzoNobel N.V., The Sherwin Williams Company, Chukogu Marine Paints Ltd, Jotun and PPG Industries are the major companies operating in the Asia-Pacific Marine Coatings Market.

Asia-Pacific Marine Coatings Market Report Snapshots

Asia-Pacific Marine Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)