International. The global growth of trade and shipping has significantly driven the expansion of the marine coatings market. According to the 2023 report of the United Nations Conference on Trade and Development (UNCTAD), global maritime trade grew by 2.4% to 12.3 billion tonnes, representing a recovery from the contraction seen in 2022. The sector was estimated to expand by 2% in 2024, with an average annual growth rate of 2.4% projected through 2029.
According to the Marine Coatings Market Size and Share Analysis, Growth Trends, and Forecasts (2024-2029) market study, "over the next five years, the Marine Coatings Market is projected to witness a compound annual growth rate of over 2%. Although in 2020 the COVID-19 pandemic negatively affected this sector, it has now recovered to pre-health crisis levels and is expected to maintain steady growth."
Factors such as the increase in the production of pleasure and cruise ships, along with an increase in ship maintenance and repair activities, are driving the growth of the market. However, stricter government regulations and the slow progress of shipbuilding in some regions could limit its expansion. Innovations aimed at improving fuel efficiency and reducing emissions represent an opportunity for the future development of the sector.
In addition, the increasing pressure on industries to decrease greenhouse gas emissions is forcing manufacturers to take action. Consequently, the average amount of carbon dioxide released by new general cargo ships should be reduced by 40% by 2040, which will support the sustainable growth of the market.
The Business Research Company "estimates significant growth in the marine coatings market in the coming years, reaching $7.2 billion by 2029, with a compound annual growth rate (CAGR) of 6.7%. This growth is attributed to factors such as demographic trends, growing concern for the environment, market innovation, supply chain optimization, and evolving consumer values."
Key trends for the forecast period include coatings with enhanced corrosion protection, the rise of silicone-based coatings, antimicrobial coatings for biosafety, the integration of graphene into coatings, and coatings designed to optimize fuel efficiency.
Increase in productive activities
Coatings used on yachts and other pleasure craft have both indoor and outdoor applications. The main demand comes from specialized coatings, such as premium topcoats, protective primers, and antifouling paints.
In 2022, shipping companies such as American Cruise Lines and United States River signed an agreement to acquire 12 sister ships built by Chesapeake Shipbuilding in Maryland, United States, with deliveries scheduled from 2023. According to Marine Flotten Kommando, Ro-Ro and general cargo vessels account for approximately 31% of the world's commercial fleet. As of January 2022, more than 17,800 of the approximately 58,000 internationally active merchant ships belonged to these categories.
