South Korea Marine Coatings Market Size (2024 - 2029)

The South Korea Marine Coatings Market is experiencing a resurgence, having recovered from the impacts of COVID-19 and returning to pre-pandemic levels. The market's expansion is supported by government initiatives aimed at enhancing the marine shipbuilding and repair sectors, alongside the availability of cost-effective services and low-emission technologies. Despite challenges posed by stringent regulations on VOC limits and toxic substances, the market is poised for growth, driven by opportunities in bio-based coatings, innovations for improved fuel efficiency, and increased interest in water transport.

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Market Size of South Korea Marine Coatings Industry

South Korea Marine Coatings Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 3.00 %
Market Concentration Medium

Major Players

South Korea Marine Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

South Korea Marine Coatings Market Analysis

South Korea Marine Coatings Market was valued at USD 1000 million by the end of this year, and the market is projected to register a CAGR of over 5.5% during the forecast period.

COVID-19 negatively impacted the market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is forecasted to grow steadily in the future.

  • The driving factors that tend to the market growth include initiatives and policies from the government for developing the marine shipbuilding and repairing industry, cost-effective services, and manufacturing complex-low emission technologies being offered in the region for shipping companies.
  • The stringent regulations regarding the VOC limits and other toxic substances in paints and coatings create 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.

South Korea Marine Coatings Industry Segmentation

Marine coatings are protective coatings that are applied on surfaces of vessels, ships, yachts, cruises, and other offshore structures, exposed to seawater and corrosive conditions. Marine coatings protect against corrosion, slimes, and fouling, thereby increasing the durability and life of marine vessels and offshore structures. The market is segmented based on resin, technology, function, and application. By resin type, the market is segmented into Epoxy, Acrylic, Alkyd, Polyurethane, and Other Resin Types. By Technology, the market is segmented into Water borne Coatings, Solvent Borne Coatings, and Other Coatings. By Function, the market is segmented into Anti-corrosion, Anti-fouling, and Others. By Application, the market is segmented into Marine OEM and Marine Aftermarket. The report also covers the market size and forecasts for the South Korean Marine Coatings market. The report offers market size and forecasts for revenue (USD million) for all the above segments.

Resin Type
Epoxy
Acrylic
Alkyd
Polyurethane
Other Resin Type
Technology
Water Borne Coatings
Solvent Borne Coatings
Other Coatings
Function
Anti-Corrosion
Anti-fouling
Others
Application
Marine OEM
Marine Aftermarket
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South Korea Marine Coatings Market Size Summary

The South Korea Marine Coatings Market is experiencing a resurgence, having rebounded to pre-pandemic levels and poised for steady growth. This growth is driven by government initiatives aimed at bolstering the marine shipbuilding and repair industry, alongside the adoption of cost-effective services and low-emission technologies. The market benefits from South Korea's position as a leading global ship manufacturer, with major companies like Hyundai Heavy Industries, Samsung HI, and Daewoo Shipbuilding and Marine Engineering at the forefront. The increasing demand for marine coatings is fueled by a rise in ship orders and significant investments from private companies in expanding shipping capacities. However, the market faces challenges due to stringent regulations on VOCs and other toxic substances in coatings, which could hinder growth.

The South Korean government is actively promoting the development of eco-friendly ships and technologies, with substantial investments in research for clean fuels such as ammonia and hydrogen. Initiatives like the national shipping alliance and the development of LNG-powered technology are part of a broader strategy to enhance the country's shipbuilding capabilities and reduce reliance on foreign entities. These efforts are expected to drive demand for marine coatings, particularly in the shipbuilding sector. The market is partially consolidated, with key players including AkzoNobel, Jotun, The Sherwin-Williams Company, Hempel A/S, and PPG Industries, who are contributing to innovations in marine coatings, such as the application of advanced antifouling paints.

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South Korea Marine Coatings Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Government Involvement Boosting Market Growth

      2. 1.2.2 Growing Shipbuilding Industry in the Region

    3. 1.3 Market Restraints

      1. 1.3.1 Stringent Government Regulations for Coating Manufacturers

      2. 1.3.2 Other Restraints

    4. 1.4 Industry Value Chain Analysis

    5. 1.5 Porter's Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Resin Type

      1. 2.1.1 Epoxy

      2. 2.1.2 Acrylic

      3. 2.1.3 Alkyd

      4. 2.1.4 Polyurethane

      5. 2.1.5 Other Resin Type

    2. 2.2 Technology

      1. 2.2.1 Water Borne Coatings

      2. 2.2.2 Solvent Borne Coatings

      3. 2.2.3 Other Coatings

    3. 2.3 Function

      1. 2.3.1 Anti-Corrosion

      2. 2.3.2 Anti-fouling

      3. 2.3.3 Others

    4. 2.4 Application

      1. 2.4.1 Marine OEM

      2. 2.4.2 Marine Aftermarket

South Korea Marine Coatings Market Size FAQs

The South Korea Marine Coatings Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

AkzoNobel N.V., Jotun, The Sherwin-Williams Company, Hempel A/S and PPG Industries, Inc. are the major companies operating in the South Korea Marine Coatings Market.

South Korea Marine Coatings Report Snapshots

South Korea Marine Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)