China Marine Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Marine Coatings Market Analysis
The China marine coatings market is expected to grow at a CAGR of more than 2% during the forecast period. One of the key factors driving is the high growth in the marine transportation sector along with the expansion of the Chinese navy. However, the impact of COVID-19 is expected to act as a restraint to the market.
China Marine Coatings Market Trends
This section covers the major market trends shaping the China Marine Coatings Market according to our research experts:
Anti-fouling coatings are expected to dominate the market
- Anti-fouling coatings are mainly used for hull and tank applications of which marine hull coatings hold a share of more than 75% in the marine antifouling coatings market.
- Anti-fouling hull coating applications dominate the market studied, due to the increasing production of offshore ships, including passenger and cargo, along with offshore drilling activities.
- These coatings are primarily applied to the under-water parts of a ship or yacht, to reduce the growth of the organisms and microbes in the parts attached to the hull. The coatings provide enhancement and durability, along with providing benefits, such as self-cleaning and graffiti resistance.
- Their self-polishing resins and biocides, such as cuprous oxide, along with booster biocides, help prevent bio-fouling organisms. Overall Anti-fouling coatings are expected to dominate the marine coatings market Owing to the high volume requirement of foul resistance coatings for seafaring vessels.
Slow Down in OEM Coatings Segment
The marine vessel construction industry in China has experienced a slowdown in recent years as maritime trade lost momentum in 2018 owing to many reasons including a weakening multilateral trading system and growing protectionism. Chinese marine industry has started showing a recovery in late 2019, especially in the naval cruise market. However, COVID-19 has further affected the industry negatively in 2020. This resulted in the slowdown of new construction orders which has slowed down marine OEM coatings growth considerably in the short term. The aftermarket segment is expected to grow higher than the OEM segment owing to the increase in construction and repair activities. However, the OEM segment is expected to still retain the largest market share.
China Marine Coatings Industry Overview
The market studied is consolidated in nature. Some of the key players in the market include Akzo Nobel N.V., Jotun, PPG Industries, Hempel A/S, NIPSEA GROUP, among others.
China Marine Coatings Market Leaders
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Akzo Nobel N.V.
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Jotun
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PPG Industries
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Hempel A/S
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NIPSEA GROUP
*Disclaimer: Major Players sorted in no particular order
China Marine Coatings Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 High Growth of Marine Transportation Sector
- 4.1.2 Growth of Chinese Navy
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4.2 Restraints
- 4.2.1 Impact of COVID-19 Outbreak
- 4.2.2 Other Restraints
- 4.3 Industry Value-Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION
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5.1 By Function
- 5.1.1 Anti-corrosion
- 5.1.2 Antifouling
- 5.1.3 Others
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5.2 By Resin
- 5.2.1 Epoxy
- 5.2.2 Polyurethane
- 5.2.3 Acrylic
- 5.2.4 Alkyd
- 5.2.5 Others
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5.3 By Technology
- 5.3.1 Water-borne
- 5.3.2 Solvent-borne
- 5.3.3 Others
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5.4 By Application
- 5.4.1 Marine OEM
- 5.4.2 Marine Aftermarket
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share/Ranking Analysis**
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Akzo Nobel N.V.
- 6.4.2 Axalta Coating Systems
- 6.4.3 Chugoku Marine Paints, Ltd
- 6.4.4 Hempel A/S
- 6.4.5 Jotun
- 6.4.6 Kansai Paint Marine Co.,Ltd.
- 6.4.7 KCC CORPORATION.
- 6.4.8 NIPSEA GROUP
- 6.4.9 PPG Industries
- 6.4.10 RPM International, Inc.
- 6.4.11 The Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityChina Marine Coatings Industry Segmentation
The China Marine Coatings Market Report Includes:
| By Function | Anti-corrosion |
| Antifouling | |
| Others | |
| By Resin | Epoxy |
| Polyurethane | |
| Acrylic | |
| Alkyd | |
| Others | |
| By Technology | Water-borne |
| Solvent-borne | |
| Others | |
| By Application | Marine OEM |
| Marine Aftermarket |
China Marine Coatings Market Research FAQs
What is the current China Marine Coatings Market size?
The China Marine Coatings Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in China Marine Coatings Market?
Akzo Nobel N.V., Jotun, PPG Industries, Hempel A/S and NIPSEA GROUP are the major companies operating in the China Marine Coatings Market.
What years does this China Marine Coatings Market cover?
The report covers the China Marine Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the China Marine Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
China Marine Coatings Industry Report
Statistics for the 2024 China Marine Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China Marine Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
