Egypt Marine Coatings Market - Forecast(2023 - 2028)

Egypt Marine Coatings Market Overview

The Egypt Marine Coatings market size is forecasted to reach US$250 million by 2027, after growing at a CAGR of around 5.2% from 2022 to 2027. Marine coatings are protective coatings used for marine vehicles, tanks and others and provide chemical and weather resistance. The resins such as acrylic, epoxy, alkyd and others are utilized in the coatings for application in shipping, inland marine and offshore. According to the Ministry of Planning and Economic Development Hala El-Said, Egypt plans to increase the revenues of the Suez Canal by 5.6% in 2021-22, thereby increasing maritime shipping and tank transits. Thus, the flourishing marine transport and seaborne trade activities are creating a drive in the Egypt marine coatings market owing to its growing application in marine vessels, ships, tankers and others for protection from the weather, wear and tear, chemical barrier and durability. Marine activities faced a slowdown during the covid-19 outbreak due to a restricted supply chain, halt in exploration activities and closure of sites. However, with recovery in maritime activities such as shipping, marine transit and offshore marine development, Egypt's marine coatings will grow rapidly and thereby contribute to the growing Egypt marine coatings market size during the forecast period.

Report Coverage

The “Egypt Marine Coatings Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Egypt Marine Coatings industry.

Key Takeaways

• The Egypt Marine Coatings market size will increase due to the rising development of marine shipbuilding increase in seaborne trade activities and flourishing application of protective marine coatings for tankers, vessels, cargo and others during the forecast period.
• The flourishing oil rig development, offshore exploration, shipping activities and growth of marine transportation projects in Egypt offered major growth in the Egypt marine coatings industry.
• The demand for waterborne marine coatings is growing rapidly in Egypt due to superior features such as eco-friendly qualities, low VOC emission and growing application for inland marine, offshore and shipbuilding.

Figure: Egypt Marine Coatings Market Revenue Share By Technology, 2021(%)

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Egypt Marine Coatings Market Segment Analysis – by Type

By type, the anti-fouling segment held the largest Egypt Marine Coatings Market share in 2021, with a share of over 24%. The increasing demand for anti-fouling marine coatings is influenced by its rising application for marine ships, cargo, tanks and other vessels. The rise in shipping activities, offshore drilling and development in the inland marine sector in Egypt is boosting the growth in the market. For instance, ADES International, an oil and gas drilling and production service provider in the Middle East and North Africa has awarded a 2-year contract for the Admarine IV offshore jack-up rig in Egypt in 2019, thereby boosting marine development and offshore activities growth. According to the Energy Information Administration (EIA), the Oil & Gas Journal states that Egypt held around 3.3 billion barrels of oil reserves as of January 2021. The flourishing marine and offshore exploration and production activities are propelling the demand for anti-fouling coatings type in Egypt owing to their usage for extending the vessel life and reducing fuel consumption. The increasing application of anti-fouling coatings in the marine sector is thereby driving the market and will offer major growth in the Egypt marine coatings industry during the forecast period.

Egypt Marine Coatings Market Segment Analysis – by Technology

By technology, the waterborne segment held a significant Egypt Marine Coatings Market share in 2021 and is expected to grow with a CAGR of around 7% during the forecast period. The high demand for waterborne coating technology in the Egypt marine coatings market is influenced by its environment-friendly feature and low volatile organic compounds (VOC) content, thereby having rising application in marine shipbuilding, transportation and others. The resins such as polyurethane, acrylics, fluoropolymers and others are utilized in waterborne coatings for marine transits, shipping and other exploration activities. According to the United Nations Conference on Trade and Development (UNCTAD), the shipbuilding was 2364 GT in Egypt in the year 2020. Moreover, the rising adoption of environment-friendly options in the marine industry is boosting the growth of waterborne marine coatings using resins such as alkyd, acrylic, epoxy, polyester and others in Egypt. For instance, the study conducted by Egypt's National Institute of Oceanography and Fisheries utilized the use of algae and water-soluble polysaccharides for anti-fouling marine paints as on 2021. Thus, with major advancements in eco-friendly coatings options and rising development of fuel-efficient options in marine vessels, the Egypt marine coatings industry will grow rapidly and the Egypt marine coatings market share will be flourished during the forecast period.

Egypt Marine Coatings Market Drivers

Increase in Marine Transportation and Ship Trade Activities:

Egypt Marine Coatings experiences major drive due to flourishing marine shipping and transportation activities. The rise in sea transport and marine trade activities is influencing the growth in the market. According to Egypt's Suez Canal Authority (SCA), the waterway carried over 1 billion tonnes of cargo in Egypt for the year 2020. Furthermore, approximately 19,000 ships utilized the route for transit. Thus, with an increase in shipping and marine transportation activities, the demand for Egypt marine coating is high due to its major application in ships, cargo, tankers, vessels and others for fuel consumption reduction and weather and chemical resistance, thereby offering major demand and growth opportunities for Egypt marine coatings industry.

Growing Demand for Low VOCs Content Marine Coating:

The investment and manufacturing of low VOC marine coatings are increasing in Egypt owing to its superior eco-friendly and low hazardous emissions to the environment. The demand for low VOC marine coatings is high in order to reduce marine contamination and emissions. For instance, PPG Industries, a leading producer of coatings, showcased the low VOC paints and coatings that are eco-friendly and high performance based on 2020. Furthermore, the CMP Chugoku has strived for VOC reduction in the marine sector. The CMP launched the BANNOH 5000; solvent-free epoxy primer combined with IMO PSPC and supplied more than 1.2 million liters for 32 ongoing ships, saving a total of 4,258 tons of VOC in 2021. Thus, with major development for marine coatings with low VOC content across various marine applications, the Egypt marine coatings market is growing rapidly.

Egypt Marine Coatings Market Challenge

Environment Hazards and Raw Material Price Rise:

The toxicity of marine coatings with high VOC content such as solvent-borne coatings creates a major challenge in the market. The threat of seawater contamination by emissions by VOCs creates a hamper on the growth of Egypt's marine coatings market. Moreover, the rise in prices of raw materials including titanium dioxide, copper, oil derivatives and others leads to market restraint. For instance, the prices of titanium dioxide were increased by 12 major producers including Tronox, Venator, Chemours and others. Moreover, Lomon Billions, a Chinese producer of titanium dioxide increased the prices of titanium dioxide by USD 150 per ton in 2020. Thus, with the major challenges coming from raw material price rise and environmental threats by high VOC content marine coatings, the Egypt marine coatings industry faces a major challenge.

Egypt Marine Coatings Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Egypt Marine Coatings Market. The 10 companies in the Egypt Marine Coatings Market are:

1. BASF SE
2. The Sherwin Williams Company
3. PPG Industries Inc.
4. MIDO Coatings
5. Sipes Egypt
6. PACHIN
7. Colorama Coatings Company
8. KAPCI Coatings
9. GLC Paints
10. AkzoNobel

Recent Developments

• In January 2021, PPG Industries Inc., announced the agreement for the acquisition of VersaFlex, a leading producer of epoxy, polyurethane and polyurea-based coatings for marine, wastewater and other industrial applications, thereby boosting the product portfolio and growth in the market.
• In December 2020, AkzoNobel is set to boost its presence in the yacht coatings market after acquiring the New Nautical Coatings, thereby boosting its presence in shipyard maintenance, yacht and other marine sectors.

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