Hull Coatings Market - Forecast(2023 - 2028)

The Hull Coatings Market size is forecast to reach around $10 billion by 2025, after growing at a CAGR of 6.5% during 2020-2025. The use of coating helps to reduce the resistance of the ship hull through water and acting as a barrier against corrosion on metal hulls. Furthermore, the growth of marine transportation and infrastructural activities in developed and developing economies are also driving the growth of the Hull Coatings market size over the forecast period. Whereas, due to outbreak of COVID-19 globally, the global hull coating market industry is expected to witness an exponential decline in its growth rate from 2020-2021 globally, due to slow down across various industry verticals and disruption of supply chain and international trade network worldwide.

The report: “Global Hull Coatings Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Global Hull Coatings Industry. 

By Type: Self-Polishing Coatings (SPCs), Biocide-Free Fouling Release Coatings (FRCs), Others 

By Application: Vessels, Liquefied Natural Gas Carriers, Bulk Carriers, Crude Oil Tankers, Cruise Vessels, Others, Rigs, Others

By Geography: North America, South America, Europe, APAC, RoW

 

The Self-Polishing Coatings (SPCs) segment held the largest share of more than 80% in the global Hull coating market in 2019 due to widely used in the marine ship coating. The use of SPCs provide various benefits such as to control polishing rate, optimal biocide release, and inherent self-smoothing to control the hull roughness and deliver extreme fuel efficiency. These benefits of SPCs make tit suitable for the hull coating applications. Whereas, the stringent environmental regulations across the United States and Europe and the presence of  volatile organic compounds (VOCs) in coating drives the demand for biocidal SPC anti fouling release coating further propels the growth of this segment in the global Hull coatings market during the forecast period.

Among the application types, vessels segment was the largest segment in 2019 contributing more than 45% share in the global market. Marine vessels and rigs are the largest users of hull coatings. Additionally, the growing offshore crude oil production activities in the South America, Western Europe, and North America region further drives the growth of coating, which in turn boosts the growth of global Hull coating industry during the study period.

In 2019, APAC dominated the Hull Coatings market with a share of more than 35%, followed by North America and Europe. The presence of emerging countries with large customer base like Chin and India, availability of low cost labors, flourishing manufacturing sector, and growing Hull construction projects in China, Japan, and India are contributing to the growth of Hull coating market share in APAC region during the study period. The decline in crude oil and natural gas prices has risen the import of crude oil and LNG from China and India is also contributing for the growth of this market in APAC region during the forecast period.

The growing environmental awareness and stringent environment norms from developed and developing regions drive the demand for green solution coatings. Whereas, the regulations are helping to increase the value add associated with higher levels of performance. Governments globally are focusing on green practices for reducing the impacts of chemicals on marine life, human health, and the environment. For instance, in 2018, the US state of Washington ban the use of copper in hull coating. Whereas, the key players operating in the global market are more inclined towards providing coatings that meets industry standards and environment regulations. For instance, in March 2020, Jotun has launched a Hull Skating Solutions (HSS) within the maritime industry with a focus on VOC reduction in the marine industry.

The growing trade war between the two largest economies includes the US and China, along with geopolitical tensions, global trade tensions, and global macroeconomic performance as a whole are the factors responsible for the current unstable economic conditions. The unstable economy is considered as a challenge for the growth of this market. Additionally, in 2020, the ongoing outbreak of COVID-19 affecting lives, businesses, individuals and industries. The rapid spread of this pandemic disease, has had a major impact on global shipping markets due to the lockdown and slum demand of products from developed and developing nations. Furthermore, in 2020, due to the geopolitical issues between the US, Iraq, Iran, and Saudi Arabia, there is a decline in crude oil prices. As most of the coating is produced from crude oil products, so this fluctuation in crude oil prices globally, act as a challenging factor for the growth of this market during the forecast period.

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Hull Coatings market report. In 2019, the market of global Hull Coatings top 10 companies accounting for xx% of the share. Major players in the Hull Coatings industry outlook are Akzo Nobel N.V, BASF SE, Boero Bartolomeo SpA, GLS Coatings Ltd, The Sherwin-Williams Company, Henkel, Hemple A/S, PPG Industries, Inc., The Valspar Corporation, Axalta Coating Systems, LLC, Nippon Paint Holdings Co., Ltd., and Chugoku Marine Paints, Ltd.