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. Despite these challenges, marine coating manufacturers are optimistic about witnessing underlying organic growth across most segments of the market and geographies.

Anti-corrosion coatings have become a necessity for industries to safeguard the huge investments they make in terms of money, property and safety of workers. These coatings are used extensively in industries such as marine, oil and gas, petrochemical, infrastructure, and power generation, among others. The global high-performance anti-corrosion coating market size was estimated to be USD 10.5 billion in 2018.

Today, end users of smart coatings prefer those products that provide smart functionality, better weather resistance, high performance, improved productivity and increased service life of the component; reduce maintenance costs; along with ease of application and easy cleaning.