Coatings World - August 2017

Kerry Pianoforte, Editor

The marine coatings market is comprised of a number of sub-segments such as general cargo and passenger ships, tankers, bulk carriers, and container ships and recreational craft operating in both ocean and freshwater environments. Marine coatings can be used for new construction, OEM, maintenance and repair. Applications include ballast tank linings that protect against corrosion in severe conditions and enhance vessel safety, as well as container tank linings that protect liquid cargo from contamination and pollution.

According to the ChemQuest Group’s latest market report,
“Global Market Analysis for the Paint and Coatings Industry
(2015-2020),” for 2015, marine coatings accounted for slightly
less than 3 percent of total global coatings value and approxi-
mately 2 percent of total global volume. Between 2010-2015 the
marine coatings segment grew at an annual rate of 8. 8 percent
in value and 2 percent in volume, concluding with revenues of
$3,836 million on sales of 808 million liters in 2015.
ChemQuest Group reported that growth of marine coatings
is projected to accelerate over the next five years, resulting in
a 2020 forecasted value of $4,514 million on a volume of 912
million liters.
“The ship repair and maintenance market has seen posi-
tive growth, which has been good news for the marine coatings
sector,” said Andreas Glud, Group Segment manager, Marine,
Dry Dock, Hempel A/S. “Industry initiatives such as the Ballast
Water Management Convention, which will come into force on
September 8, 2017, mean that more ships are going into dry dock.

“However, with the continued overcapacity in shipping and the low order book, the newbuilding market has been struggling,” he added. “This has resulted in a slowdown in coating activity in the Asian yards as ship owners have been scaling back shipbuilding plans and ordering fewer vessels.”