International. Over the past 15 years, the growing shipbuilding industry in India, Vietnam, and the Philippines has created opportunities for marine liner manufacturers.
Asia accounts for the largest share of the global marine coatings market, driven by shipbuilding in Japan, South Korea, and China.
The marine coatings market, valued at $3.1 billion at the end of 2023, has established itself as a key sub-segment of the global paints industry. Demand is mainly divided into new boats (40-45%), repairs and maintenance (50-52%), and recreational boats (3-4%).
The Far East region is a power center in this market, with significant maritime trade generating substantial demand for coatings. The recovery in demand in China and South Korea has driven an increase in sales of coatings for new ships and repairs, in part due to environmental regulations mandating reductions in CO2 emissions.
Asia's dominance in shipbuilding has developed over decades, starting with Japan in the 1960s, followed by South Korea in the 1980s and China in the 1990s. Currently, shipyards in these countries are leaders in major market segments, including oil tankers and offshore vessels.
The marine coatings market is dominated by players such as Chugoku Marine Paints, Jotun, AkzoNobel, PPG, Hempel, KCC, Kansai, Nippon Paint , and Sherwin-Williams, which together account for more than 90% of the market share. Jotun, for example, reported sales of $1.13 billion in 2023, with a significant share in Asia. AkzoNobel also highlighted its recovery in the market, focusing on sustainable solutions such as Intersleek, which helps reduce fuel consumption.
Countries such as Vietnam, Malaysia, the Philippines, Indonesia, and India are emerging as new shipbuilding and repair hubs. Vietnam has been declared a priority sector by its government and significant growth in the demand for marine coatings is anticipated. Nippon Paint has expanded its presence in the country, targeting approximately 4,000 vessels that require coatings.
Regulatory and environmental factors are anticipated to drive demand and premiumization of marine coatings. The shipping industry, responsible for 3% of global carbon emissions, is under pressure to reduce its environmental footprint. From January 2023, all ships over 5,000 gross tonnes must comply with the IMO's Carbon Intensity Indicator (CII).
Helmet coatings are essential for reducing fuel costs and emissions. A clean hull minimizes drag and helps conserve fuel, accounting for 50-60% of operating expenses. It is estimated that owners could save up to $6.5 million per ship over five years through proactive hull and propeller cleaning.
