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
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
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 firstname.lastname@example.org.
Overview of Marine and Protective Coatings Markets Published
August 5, 2008