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).