Overview of Marine and Protective Coatings Markets Published
August 5, 2008
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LONDON - Information Research (IRL) has published a
new study, “An Overview of the Global Marine and Protective Coatings Markets.”
The publication covers a total of 24 countries across six continents, covering
the world marine sector and the global protective coatings sector.
Total marine paint demand for the 24 countries covered in the report was estimated to be approximately 700,000 tonnes in 2007 and is anticipated to grow to around 1,078,000 tonnes by 2012 at a mean rate of 8.4 percent per annum. Likewise, the global protective coatings market is estimated to be just over 1,850,000 tonnes and growing at just under 11 percent per annum. This should result in a global protective market volume of just over 3,157,000 tonnes by 2012.
The marine paint market is now most concentrated in the Asia-Pacific region, where the shipbuilding and ship-repair industries are most active. This region accounts for 75 percent of all marine paint demand, with Europe accounting for 14 percent, the Americas accounting for 6 percent and the Middle East and Africa accounting for 5 percent.
This highly consolidated sector has become increasingly driven by issues such as solvent emission and restrictions on ballast tank coatings. Also, in light of the new-build and repair markets consolidating and becoming more localized, the industry has developed regional expertise, which consequently drives the demand for specific types of coatings.
European strengths are now leaning towards the low-volume, high-value markets of luxury yachts and cruise ships. India and Saudi Arabia look likely to vie for large stakes in the new-build and repair sectors respectively. India’s marine coatings market is growing at a sector-leading 25 percent per annum and Saudi Arabia’s at 12 percent per annum. The Americas offer a sharp contrast, with both Canada and the United States presenting modest growth of 2 percent per annum, while Argentina and Brazil are posting growth rates closer to 10 percent per annum. This is attributed to investment in offshore oil and the increase in local demand for small- and medium-sized vessels.
The top international shipbuilders in the Far East, reflecting the markets for high-capacity cargo vessels, are posting high levels of growth in the consumption of coatings. Notwithstanding these strengths, companies in South Korea, China and Japan are all looking for more revenue streams, which may bring buyouts or joint ventures with European shipbuilders, who possess the craftsmanship needed to succeed in the high-value and much-prized cruise-ship and super-yacht markets.
The global protective coatings sector is the larger of the two markets, standing at just over 1,850,000 tonnes. Growth is expected across all regions for the medium-term although uniform growth is not anticipated.
The Asia-Pacific region is expected to grow well with the Chinese and Indian markets forecast to grow at 15 percent per annum. This is due to a large investment in infrastructure, because of economic necessity or social pressures. The Chinese market for protective coatings alone is placed at more than 1 million tonnes and thereby accounts for more than half of the global market.
Strong growth is also anticipated throughout the Middle East and Africa, again due to developments in infrastructure. Conversely, European countries have posted varied growth rates with high levels of growth anticipated for Russia, for much the same reasons as its Asian neighbors, and lows in countries such as Denmark, Germany and Spain where the difficult economic climate is impacting investment programs.
For more information or to purchase this report, contact Cathy Galbraith at cathygalbraith@brg.co.uk.
Total marine paint demand for the 24 countries covered in the report was estimated to be approximately 700,000 tonnes in 2007 and is anticipated to grow to around 1,078,000 tonnes by 2012 at a mean rate of 8.4 percent per annum. Likewise, the global protective coatings market is estimated to be just over 1,850,000 tonnes and growing at just under 11 percent per annum. This should result in a global protective market volume of just over 3,157,000 tonnes by 2012.
The marine paint market is now most concentrated in the Asia-Pacific region, where the shipbuilding and ship-repair industries are most active. This region accounts for 75 percent of all marine paint demand, with Europe accounting for 14 percent, the Americas accounting for 6 percent and the Middle East and Africa accounting for 5 percent.
This highly consolidated sector has become increasingly driven by issues such as solvent emission and restrictions on ballast tank coatings. Also, in light of the new-build and repair markets consolidating and becoming more localized, the industry has developed regional expertise, which consequently drives the demand for specific types of coatings.
European strengths are now leaning towards the low-volume, high-value markets of luxury yachts and cruise ships. India and Saudi Arabia look likely to vie for large stakes in the new-build and repair sectors respectively. India’s marine coatings market is growing at a sector-leading 25 percent per annum and Saudi Arabia’s at 12 percent per annum. The Americas offer a sharp contrast, with both Canada and the United States presenting modest growth of 2 percent per annum, while Argentina and Brazil are posting growth rates closer to 10 percent per annum. This is attributed to investment in offshore oil and the increase in local demand for small- and medium-sized vessels.
The top international shipbuilders in the Far East, reflecting the markets for high-capacity cargo vessels, are posting high levels of growth in the consumption of coatings. Notwithstanding these strengths, companies in South Korea, China and Japan are all looking for more revenue streams, which may bring buyouts or joint ventures with European shipbuilders, who possess the craftsmanship needed to succeed in the high-value and much-prized cruise-ship and super-yacht markets.
The global protective coatings sector is the larger of the two markets, standing at just over 1,850,000 tonnes. Growth is expected across all regions for the medium-term although uniform growth is not anticipated.
The Asia-Pacific region is expected to grow well with the Chinese and Indian markets forecast to grow at 15 percent per annum. This is due to a large investment in infrastructure, because of economic necessity or social pressures. The Chinese market for protective coatings alone is placed at more than 1 million tonnes and thereby accounts for more than half of the global market.
Strong growth is also anticipated throughout the Middle East and Africa, again due to developments in infrastructure. Conversely, European countries have posted varied growth rates with high levels of growth anticipated for Russia, for much the same reasons as its Asian neighbors, and lows in countries such as Denmark, Germany and Spain where the difficult economic climate is impacting investment programs.
For more information or to purchase this report, contact Cathy Galbraith at cathygalbraith@brg.co.uk.
