China Marine Coatings Market

China Marine Coatings Market Analysis

The China Marine Coatings Market is expected to register a CAGR of greater than 2% during the forecast period.

China Marine Coatings Market Trends

Anti-fouling coatings are expected to dominate the market

• Anti-fouling coatings are mainly used for hull and tank applications of which marine hull coatings hold a share of more than 75% in the marine antifouling coatings market.
• Anti-fouling hull coating applications dominate the market studied, due to the increasing production of offshore ships, including passenger and cargo, along with offshore drilling activities.
• These coatings are primarily applied to the under-water parts of a ship or yacht, to reduce the growth of the organisms and microbes in the parts attached to the hull. The coatings provide enhancement and durability, along with providing benefits, such as self-cleaning and graffiti resistance.
• Their self-polishing resins and biocides, such as cuprous oxide, along with booster biocides, help prevent bio-fouling organisms. Overall Anti-fouling coatings are expected to dominate the marine coatings market Owing to the high volume requirement of foul resistance coatings for seafaring vessels.

Slow Down in OEM Coatings Segment

The marine vessel construction industry in China has experienced a slowdown in recent years as maritime trade lost momentum in 2018 owing to many reasons including a weakening multilateral trading system and growing protectionism. Chinese marine industry has started showing a recovery in late 2019, especially in the naval cruise market. However, COVID-19 has further affected the industry negatively in 2020. This resulted in the slowdown of new construction orders which has slowed down marine OEM coatings growth considerably in the short term. The aftermarket segment is expected to grow higher than the OEM segment owing to the increase in construction and repair activities. However, the OEM segment is expected to still retain the largest market share.

China Marine Coatings Industry Overview

The market studied is consolidated in nature. Some of the key players in the market include Akzo Nobel N.V., Jotun, PPG Industries, Hempel A/S, NIPSEA GROUP, among others.

China Marine Coatings Market Leaders