MarineCoatings
The marine coatings market experienced growth in 2010, driven primarily by strong
newbuild activity in the shipping industry. However, raw material prices continue to
challenge manufacturers in 2011.
by Kerry Pianoforte, Associate Editor
The marine coatings market has shown some signs of re- covering from the economic downturn of the last few years. As ship owners and builders begin to regain some confidence in the economy, shipbuilding and the repair and maintenance sectors have begun to slowly return to pre-recession levels.
“The global marine coatings market started recovering from the
economic downturn during 2010 and we can expect continued im-
provement throughout 2011 and 2012,” said Steve Dickey, mar-
ket director, global marine, Sherwin-Williams Protective and
Marine Coatings. “The economic crisis impacted the maintenance
and repair (M&R) sector significantly, but it is beginning to recover
now. Sea stocks are also recovering. Global new builds are expected
to decline from 2011-2013, but should recover by 2014.”
The market has been growing steadily in recent years, driven by
strong activity in the shipping industry. “Shipping went through an
unprecedented boom in 2006-2008, where vessel owners were
making good returns and a record number of ships were ordered,”
said Paul Westcott, commercial director, International Paint Ma-
rine and Protective Coatings. “Since it can take several years for a
ship to be built, coated and delivered from the point when the orig-
inal contract is signed, the newbuilding shipbuilding market con-
tinued to grow, despite the global economic recession.” A reduction
in demand for maintenance and repair coatings however, is a result
of the global recession as vessel owners suffering intense competi-
tion and lower freight rates have attempted to reduce costs.
40 | Coatings World
www.coatingsworld.com
May 2011
