Hull Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hull Coatings Market Analysis
The hull coatings marketis expected to register a CAGR of around 5%, during the forecast period. One of the major factors driving the growth of the market studied is the increasing demand from the shipbuilding industry. On the flip side, stringent government regulations serveas one of the major stumbling blocks in the growth of the market studied.
- The vessels segment dominated the market and is likely to grow during the forecast period, with the growing shipbuilding industry in the Asia-Pacific region, along with the increasing production rates of leisure boats and cruise ships around the world.
- Innovation anddevelopment of eco-friendly hull coatings arelikely to provide opportunities for the market studied, during the forecast period.
- Asia-Pacific dominated the market across the world, as the growth is majorly driven by the surging demand from the ship-building industry.
Hull Coatings Market Trends
This section covers the major market trends shaping the Hull Coatings Market according to our research experts:
Vessels Segment to Dominate the Market Demand
- Hull coatings, also referred to as “anti-fouling”, are essential for marine ships. They exhibit anti-corrosive and anti-fouling properties, which can increase theworking life cycle of ships. High-performance anti-fouling provides lifelong benefits, including extended dry-dock intervals and reduced time in dry-dock, lower future maintenance costs, and reduced greenhouse gas emissions through lower fuel consumption.
- These coatings play a key role in reducing the overall operational and commercial costs of a vessel. Fuel can represent as much as 50% of a ship’s total operating costs. If ships do not use anti-fouling coatings, fuel consumption, cost, and carbon dioxide emissions could increase by as much as 40%.
- Marine vessels are the largest users of hull coatings and occupy the major share of the market.
- The Asia-Pacific market looks perspective, owing to the enormous growth of the shipbuilding industry in emerging countries, such as India, Vietnam, and the Philippines. Furthermore, the Middle East & African region is observing major growth, due to the growth in oil trade through vessels
- Such trends across the world have been leading to the growth of production in the ship building industry, which is expected to drive the demand for hull coatings for application in vessels.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. Asia-Pacific is the largest ship producing region in the world, cateringto the demand for various types of vessels, ranging from ferries, small boats, fishing vessels, tow andtugboats, to theoil industry vessels, cargo ships, passenger ships, bulk carriers, and container ships.
- In Asia-Pacific, countries, such as China, Japan, and South Korea, are the leading producers of vessels, while large shipyards also exist in various other nations of the region.
- Ships are mainly built after procuring projects, and according to the customer requirements. It takes a minimum of 2 years to complete the production of a ship. Currently, such countries have been receiving bulk orders for vessels.
- For instance, recently, three South Korean yards, namely, Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries, and Samsung Heavy Industries, won more than 50 orders for new large-scale LNG tankers, which are expected to be delivered in the next three years. Furthermore, China holds a contract to build 24 vessels, while Japan and Singapore hold contracts to build 15vessels and 1 vessel, respectively.
- The oversupply of ships in China has disturbed the entire shipbuilding industry in the country. The government has been trying to cut on the subsidizing over-capacity. This has had an impact on marine OEM for building new ships.
- Hence, such factors are projected to show an impact on the demand for hull coatings from the shipbuilding industry, in the region, during the forecast period.
Hull Coatings Industry Overview
The hull coatings market is consolidated, with few players accounting for significant share of the market demand. Some of the major players in the market include Akzo Nobel N.V., PPG Industries, Inc., Jotun, Hempel A/S, and BASF SE, among others.
Hull Coatings Market Leaders
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Akzo Nobel N.V.
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PPG Industries, Inc.
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Jotun
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Hempel A/S
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BASF SE
*Disclaimer: Major Players sorted in no particular order
Hull 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 Increasing Demand from the Shipbuilding Industry
- 4.1.2 Increase in Ship Repairs and Maintenance Activities
- 4.1.3 Other Drivers
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4.2 Restraints
- 4.2.1 Strict Government Regulations
- 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 Type
- 5.1.1 Self-polishing Coatings (SPCs)
- 5.1.2 Fouling Release Coatings (FRC)
- 5.1.3 Other Types
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5.2 Application
- 5.2.1 Vessels
- 5.2.2 Rigs
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 France
- 5.3.3.4 Italy
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Axalta Coatings Systems
- 6.4.2 Akzo Nobel N.V.
- 6.4.3 Jotun
- 6.4.4 The Sherwin-Williams Company
- 6.4.5 BASF SE
- 6.4.6 NIPSEA GROUP
- 6.4.7 Dow
- 6.4.8 Hempel A/S
- 6.4.9 Chukogu Marine Paints, Ltd.
- 6.4.10 Valspar
- 6.4.11 PPG Industries, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityHull Coatings Industry Segmentation
The scope of the hull coatings market report includes:
| Type | Self-polishing Coatings (SPCs) | |
| Fouling Release Coatings (FRC) | ||
| Other Types | ||
| Application | Vessels | |
| Rigs | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Hull Coatings Market Research FAQs
What is the current Hull Coatings Market size?
The Hull Coatings Market is projected to register a CAGR of less than 5% during the forecast period (2024-2029)
Who are the key players in Hull Coatings Market?
Akzo Nobel N.V., PPG Industries, Inc., Jotun, Hempel A/S and BASF SE are the major companies operating in the Hull Coatings Market.
Which is the fastest growing region in Hull Coatings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Hull Coatings Market?
In 2024, the Asia Pacific accounts for the largest market share in Hull Coatings Market.
What years does this Hull Coatings Market cover?
The report covers the Hull Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hull Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hull Coatings Industry Report
Statistics for the 2024 Hull Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hull 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.
