Painting & Coating Industry (PCI) logo Powder coating summit logo
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • PRODUCTS
  • MATERIALS
  • TECHNOLOGIES
  • RESOURCES
  • EVENTS
  • DIRECTORIES
  • EMAGAZINE
  • CONTACT
  • SIGN UP!
cart
facebook twitter linkedin youtube
  • NEWS
  • Latest News
  • Market Trends & Reports
  • Price Alerts
  • Subscribe to eNewsletters
  • Global Top 10/ PCI 25
  • Weekly Featured Article
  • COATLE Word Game
  • PRODUCTS
  • Product News
  • Must See Products and Services
  • MATERIALS
  • Additives
  • Resins/Polymers
  • Pigments
  • Equipment
  • Distributors
  • TECHNOLOGIES
  • Adhesives
  • Architectural Coatings
  • FINISHING
  • Industrial Coatings
  • Nanotechnology
  • Powder Coatings
  • Solventborne
  • Special Purpose Coatings
  • Sustainability
  • UV Coatings
  • Waterborne
  • FINISHING
  • Finishing News
  • Finishing Technologies
  • Finishing Equipment
  • Finishing Today
  • RESOURCES
  • Columns
  • Blogs
  • Coatings Supplier Handbook
  • Podcasts and Videos
  • PCI Store
  • Classifieds
  • eBooks
  • Sponsor Insights
  • White Papers
  • COATLE Word Game
  • Columns
  • Ask Joe Powder
  • Did you know?
  • Distribution Dive
  • Focus on Canada
  • Formulating With Mike
  • Innovation Insights
  • Moody's Coatings Conundrums
  • Powder Coating Perspectives
  • Target the Market
  • TiO2 Insider
  • Blogs
  • Editor's Viewpoint
  • Industry Insights
  • Podcasts and Videos
  • COAT-IT! Podcast
  • Videos/PCI TV
  • EVENTS
  • Coatings Trends & Technologies Summit
  • Paint and Coatings Academy
  • Webinars
  • Calendar of Events
  • Lifetime Achievement Award
  • DIRECTORIES
  • Buyer's Guide
  • Equipment Directory
  • Materials Directory
  • EMAGAZINE
  • Current Issue
  • eMagazine Archive
  • China Issue Archive
  • Editorial Advisory Board
  • CONTACT
  • Contact Us
  • Advertise
  • Subscribe to eMagazine
  • Subscribe to eNewsletters
Painting & Coating Industry (PCI) logo Powder coating summit logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Painting & Coating Industry (PCI) logo Powder coating summit logo
  • NEWS
    • Latest News
    • Market Trends & Reports
    • Price Alerts
    • Subscribe to eNewsletters
    • Global Top 10/ PCI 25
    • Weekly Featured Article
    • COATLE Word Game
  • PRODUCTS
    • Product News
    • Must See Products and Services
  • MATERIALS
    • Additives
    • Resins/Polymers
    • Pigments
    • Equipment
    • Distributors
  • TECHNOLOGIES
    • Adhesives
    • Architectural Coatings
    • FINISHING
      • Finishing News
      • Finishing Technologies
      • Finishing Equipment
      • Finishing Today
    • Industrial Coatings
    • Nanotechnology
    • Powder Coatings
    • Solventborne
    • Special Purpose Coatings
    • Sustainability
    • UV Coatings
    • Waterborne
  • RESOURCES
    • Columns
      • Ask Joe Powder
      • Did you know?
      • Distribution Dive
      • Focus on Canada
      • Formulating With Mike
      • Innovation Insights
      • Moody's Coatings Conundrums
      • Powder Coating Perspectives
      • Target the Market
      • TiO2 Insider
    • Blogs
      • Editor's Viewpoint
      • Industry Insights
    • Coatings Supplier Handbook
    • Podcasts and Videos
      • COAT-IT! Podcast
      • Videos/PCI TV
    • PCI Store
    • Classifieds
    • eBooks
    • Sponsor Insights
    • White Papers
    • COATLE Word Game
  • EVENTS
    • Coatings Trends & Technologies Summit
    • Paint and Coatings Academy
    • Webinars
    • Calendar of Events
    • Lifetime Achievement Award
  • DIRECTORIES
    • Buyer's Guide
    • Equipment Directory
    • Materials Directory
  • EMAGAZINE
    • Current Issue
    • eMagazine Archive
    • China Issue Archive
    • Editorial Advisory Board
  • CONTACT
    • Contact Us
    • Advertise
    • Subscribe to eMagazine
    • Subscribe to eNewsletters
  • SIGN UP!
Paint and Coating Market Reports

Slow Growth of Shipbuilding Industry Hampering the Demand for Marine Coatings

By Vikash Kumar, Program Lead, Polymers and Materials, ChemBizR, Annirban Bhattacharya
pci0419-Marine-685188696-900.jpg
April 4, 2019

Marine coatings are protective waterproof layers applied to surfaces unprotected from, exposed to, or immersed in fresh, brackish and/or salt water. They are mainly used for coating ferries, boats, ships and other watercrafts, as well as applied to marine structures such as offshore oil rigs, drill ships, and oil and gas structures. Marine coatings include base, top and clear coats; paints, primers, varnishes and stains; and inks, marking materials, and sealers or surface sealants. Similar to other types of protective coatings, marine coatings differ, in terms of performance, properties and chemistries. Marine paints include anti-corrosion and anti-fouling coatings, in which anti-corrosion coatings account for the major share.

The market size of marine coatings was around USD 3 billion in 2018 and is expected to grow at a CAGR of around 3% in the next five years. The market is consolidated, with top 10 players such as AkzoNobel, Chugoku Marine Paints, Jotun, PPG, Hempel, KCC, Kansai, Nippon Paint, Sherwin-Williams and RPM (Carboline) accounting for around 95% of the overall market share (Figure 1).

Marine coatings market share, 2018
FIGURE 1 » Marine coatings market share, 2018.

Globally, most of the marine coating companies have witnessed tough market conditions in the marine industry, where the combination of decelerating demand and increasing competition contributed to negative organic growth in the last few years. Significant negative impacts were observed in the marine new build markets in China and South Korea. The marine coatings market remained challenging in 2018, and has contracted further as a result of low demand in the new shipbuilding market. Despite these challenges, marine coating manufacturers are optimistic about witnessing underlying organic growth across most segments of the market and geographies. For the long term, manufacturers are positive about a recovery in shipbuilding manufacturing, which is likely to drive the demand for marine coatings.

 

Continuing Shift to Asia Pacific

Asia Pacific is the largest and fastest-growing market, and accounts for around 90% of the overall marine coatings demand in 2018. The region is projected to be the fastest growing in the next five years, in terms of both value and volume (Figure 2). China, South Korea and Japan are the key markets due to their large shipbuilding and dry docking industries. These three countries account for a major part of the global shipbuilding industry. In addition, Singapore has one of the busiest ports in the world, which in turn, is likely to increase ship maintenance and repair activities in the country. This would gradually increase the demand for marine coatings. Increasing shipbuilding activities in the emerging economies such as India, Indonesia, Malaysia and the Philippines are likely to positively affect the growth of the marine coatings demand in the region in the next five years.

Marine coatings demand share, by region, by value, 2018
FIGURE 2 » Marine coatings demand share, by region, by value, 2018.

The marine coatings market comprises a number of sub-segments such as oil tankers, bulk carriers, general cargo ships, container ships, gas carriers, chemical tankers, offshore, and ferries and passenger ships (that operate in both ocean and freshwater environments) (Figure 3). Marine coatings can be used for new construction, OEM, maintenance and repair. Marine coating applications include ballast tank linings that protect against corrosion in severe conditions and enhance vessel safety, as well as container tank linings that protect liquid cargo from contamination and pollution.

World fleet by principal vessel type, share of tonnage (dead-weight tons), 2018.
FIGURE 3 » World fleet by principal vessel type, share of tonnage (dead-weight tons), 2018. Note: Others include gas carriers, chemical tankers, offshore, and ferries and passenger ships. Source: UNCTAD

During 2017-2018, the demand for gas carriers and oil tanker vessels grew at a rate of 7.2% and 4.7%, respectively. The growth of the oil and gas industry provides an opportunity for an increase in the demand for liquid cargo vessels; this is expected to boost the marine coatings market during the forecast period.

 

Green Technologies to Conserve the Green Environment

Most regulations are targeted at curtailing VOC emissions from coatings. Regulations such as the REACH and LEED GreenSeal GC-03 2nd Ed., 1997 specify the VOC content in grams per liter (g/L) for coatings. Such regulations have put pressure on marine coatings manufacturers to reduce VOC content while simultaneously trying to improve or maintain both the coating quality and performance. All these have also affected the product prices, due to the changes in the technology used for producing marine coatings. Before these regulations came into force, solventborne coatings with moderate to high solid content were in vogue. However, the new regulations have compelled manufacturers to produce either solventborne coatings with low solid content or waterborne coatings. This change in technology entails high investments, as the production process has to be changed, which affects the product performance. Therefore, regulations are a challenge for market growth.

Solvents Emissions Directive regulates VOC emissions from facilities such as shipyards and docks. This indicates that companies have to produce coatings that have less solvent or are water-based. The companies are also regulated by the Biocidal Products Directive (BPD), where all biocides used in antifouling paints need to be evaluated and approved before they can be legally sold. In the EU, biocides that are not well documented are more or less phased out of the market, as regulated by BPD. All the leading suppliers are following this legislation. In the United States there are a series of regulations governing the substances that the companies can use in their products, together with the rules for VOCs and biocides. Rules pertaining to VOCs are about to be introduced in Hong Kong, Singapore and many other countries. For customers, there are two main areas of coatings legislation that have had a significant beneficial impact. Firstly, the Control of Harmful Antifouling Systems on Ships, in which the International Maritime Organization convention established a ban on the application of tributyltin (TBT) antifouling on ship hulls from January 1, 2003 and an end to the presence of TBT on ship hulls altogether from January 1, 2008. The convention was put into force on September 17, 2007. Secondly, the introduction of SOLAS Performance Standard for Protective Coatings for dedicated seawater ballast tanks in all types of ships and double-side skin spaces of bulk carriers was made mandatory in December 2006. The introduction of this standard has helped to increase the service life of coatings and ultimately provide crew and vessel safety.

 

Customized Solution Can Provide Better Decision Support

Product quality is a vital criterion for marine coatings manufacturers, but shipbuilding owners are increasingly resorting to coating suppliers for solutions to enhance their business. For instance, some customers prefer to outsource the management to any specific marine coating manufacturer, for a fixed cost. By leveraging digital tools, sensor technologies and data analytics, a marine coating manufacturer can quantify results, customize services and provide better decision support. While uncertainty in the new shipbuilding market is likely to continue to impact sales for the short term, experts expect positive growth in the marine industry for the long term, and thereby, the marine coatings market. 

 

For more information, email vikash.kumar@marketsandmarkets.com or annirban.bhattacharya@marketsandmarkets.com.

KEYWORDS: Marine Coatings

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Vikash Kumar, Program Lead, Polymers and Materials, ChemBizR
Annirban Bhattacharya, Senior Research Analyst, MarketsandMarkets Research Private Ltd., Pune, India

Recommended Content

JOIN TODAY
to unlock your recommendations.

Already have an account? Sign In

  • pci1022-Kinaltek-Lead-1170.jpg

    A Novel Pigment Production Technology

    Following an extensive R&D program that demonstrated...
    Paint and Coating Pigments
    By: Jawad Haidar and Nitin Soni
  • pci global top 10

    2025 Global Top 10: Top Paint and Coatings Companies

    The following is PCI’s annual ranking of the top 10...
    Global Top 10 and PCI 25
    By: Courtney Bassett
  • 2025 pci 25

    2025 PCI 25: Top Paint and Coatings Companies

    PCI's annual ranking of the top 25 North American paint...
    Paint and Coating Market Reports
    By: Courtney Bassett
You must login or register in order to post a comment.

Report Abusive Comment

Manage My Account
  • eMagazine
  • eNewsletter
  • Online Registration
  • Subscription Customer Service

CTT Registration Now Open

CTT Registration Now Open

The Coatings Minute: Your Guide to the 2025 Coatings Supplier Handbook

The Coatings Minute: Your Guide to the 2025 Coatings Supplier Handbook

The Coatings Minute: Print Returns with PCI’s New Showcase Issue

The Coatings Minute: Print Returns with PCI’s New Showcase Issue

The Coatings Minute: Your Inside Look at PCInnovations

The Coatings Minute: Your Inside Look at PCInnovations

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the PCI audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of PCI or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • Modern arapartment complex painted in bright colors.
    Sponsored byEPS - Engineered Polymer Solutions

    Architectural Polymers Leading the Way in Coatings Innovation

  • paint sprayer in a workshop
    Sponsored byallnex

    Enabling Performance and Compliance: allnex Introduces a New Line of VOC Exempt Solvent-Borne Resins

Popular Stories

BASF SE Logo

BASF Reportedly Eyes Exit from Coatings

No. 7 BASF Coatings

BASF Comments on Potential Sale of Coatings Business

No. 3 AkzoNobel

AkzoNobel’s $1.4B Divestment Signals Strategy Shift



PCI Buyers Guide

Submit a Request for Proposal (RFP) to suppliers of your choice with details on what you need with a click of a button

Start your RFP

Browse our Buyers Guide for manufacturers and distributors of all types of coatings products and much more!

Find Suppliers

Events

September 3, 2025

Coatings Trends & Technologies Summit

The Coatings Trends & Technologies (CTT) Summit is an annual conference for both liquid and powder coatings formulators and manufacturers to discuss innovations in coatings technology. This event combines high-quality technical presentations, a resource-rich exhibit hall, and dedicated networking opportunities to connect scientific minds, foster innovation, and cultivate game-changing new ideas!

January 1, 2030

Webinar Sponsorship Information

For webinar sponsorship information, visit www.bnpevents.com/webinars or email webinars@bnpmedia.com.

View All Submit An Event

Poll

Longest-running laboratory experiment

What is the longest-running laboratory experiment?
View Results Poll Archive

Products

CTT Summit Short Courses (Live 9/3/25)

Coatings Trends & Technologies Summit is expanding its offerings with four short courses. These short courses will offer an extensive day of interactive learning.

See More Products
pci voices from the top ebook

PCI CASE EBOOK

Related Articles

  • canada

    Canada’s Paint and Coatings Industry to See Slow but Steady Growth

    See More
  • Market Forecasts

    Asia-Pacific Marine Coatings Market Slated for High Growth

    See More
  • pci0219-SmartCoatings-962071696-900.jpg

    The Smart Future of the Coatings Industry

    See More

Related Products

See More Products
  • durability.jpg

    Increasing the Durability of Paint and Varnish Coatings in Building Products and Construction 1st Edition

  • Kevin-Biller-PC-BOOK.jpg

    Powder Coatings - Foundation for the Novice Formulator (ebook)

See More Products

Events

View AllSubmit An Event
  • September 5, 2024

    Panel Discussion: Navigating ‘Materials of Concern’ in the Coatings Industry

    On Demand Join us as industry experts from across the coatings value chain collaborate to discuss the debate surrounding these materials, how the restrictions are affecting their business, what innovative replacement products are under development, and what the future holds for some of these highly irreplaceable chemicals.
View AllSubmit An Event
×

Keep the info flowing with our eNewsletters!

Get the latest industry updates tailored your way.

JOIN TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletters
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey & Sample
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • Youtube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing

Painting & Coating Industry (PCI) logo Powder coating summit logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Painting & Coating Industry (PCI) logo Powder coating summit logo
  • NEWS
    • Latest News
    • Market Trends & Reports
    • Price Alerts
    • Subscribe to eNewsletters
    • Global Top 10/ PCI 25
    • Weekly Featured Article
    • COATLE Word Game
  • PRODUCTS
    • Product News
    • Must See Products and Services
  • MATERIALS
    • Additives
    • Resins/Polymers
    • Pigments
    • Equipment
    • Distributors
  • TECHNOLOGIES
    • Adhesives
    • Architectural Coatings
    • FINISHING
      • Finishing News
      • Finishing Technologies
      • Finishing Equipment
      • Finishing Today
    • Industrial Coatings
    • Nanotechnology
    • Powder Coatings
    • Solventborne
    • Special Purpose Coatings
    • Sustainability
    • UV Coatings
    • Waterborne
  • RESOURCES
    • Columns
      • Ask Joe Powder
      • Did you know?
      • Distribution Dive
      • Focus on Canada
      • Formulating With Mike
      • Innovation Insights
      • Moody's Coatings Conundrums
      • Powder Coating Perspectives
      • Target the Market
      • TiO2 Insider
    • Blogs
      • Editor's Viewpoint
      • Industry Insights
    • Coatings Supplier Handbook
    • Podcasts and Videos
      • COAT-IT! Podcast
      • Videos/PCI TV
    • PCI Store
    • Classifieds
    • eBooks
    • Sponsor Insights
    • White Papers
    • COATLE Word Game
  • EVENTS
    • Coatings Trends & Technologies Summit
    • Paint and Coatings Academy
    • Webinars
    • Calendar of Events
    • Lifetime Achievement Award
  • DIRECTORIES
    • Buyer's Guide
    • Equipment Directory
    • Materials Directory
  • EMAGAZINE
    • Current Issue
    • eMagazine Archive
    • China Issue Archive
    • Editorial Advisory Board
  • CONTACT
    • Contact Us
    • Advertise
    • Subscribe to eMagazine
    • Subscribe to eNewsletters
  • SIGN UP!