India Marine Coatings Market Size, Share & COVID-19 Impact Analysis, By Product Type (Anti-Corrosion Coatings, Anti-fouling Coatings, and Others), By Application (Cargo Ships, Passenger Ships, Boats, Submarines, Service Ships, Offshore Vessels, and Others), and Country Forecast, 2023-2030

The India marine coatings market size was USD 35.6 million in 2022 and is projected to grow from USD 37.1 million in 2023 to USD 50.8 million by 2030 at a CAGR of 4.6% during 2023-2030.

Marine coatings are protective coatings commonly used in marine applications to safeguard ships, tankers, vessels, submarines, and other materials exposed to marine and saline environments. They possess functional properties such as superior durability, surface protection, and resistance to corrosion and abrasion, while also enhancing the aesthetic properties and visual appeal of the substrates.

The growth in sea trade activities has significantly boosted the shipbuilding and repair industries. There's an increasing demand for corrosion and abrasion-resistant marine coatings to shield ships from damage, which is expected to drive the market. Additionally, the need to improve the fuel efficiency of marine vessels and the expansion of oil & gas exploration activities in the seabed are anticipated to further stimulate growth in the Indian market.

COVID-19 IMPACT

Disruptions in the Supply Chain Hampered Market Growth amid COVID-19

The COVID-19 pandemic affected several countries, including India. Lockdowns disrupted product flows and resources, impacting raw material supplies and finished goods distribution. This severely impacted revenue generation for marine coating manufacturers. Furthermore, conducting maintenance work became challenging due to temporary lockdowns in various dry dock locations. To meet the increasing demand from the shipbuilding industry, companies in the marine coating sector escalated their production while implementing recommended preventive measures.

LATEST TRENDS

Sustainable Development in the Marine Coatings Industry is Likely to Create New Market Prospects

In the marine coatings sector, sustainability is gaining significance. Manufacturers of additives, pigments, resins, and final coating formulations are increasingly focusing on greener techniques that consume less energy, generate reduced waste, and emit fewer pollutants.

Several organizations are formally advocating to raise awareness, foster innovation, and support continual growth and improvement in sustainable operations. Green manufacturing yields environmental benefits and showcases significant impact on productivity and profitability.

Moreover, manufacturers are actively enhancing overall resource utilization. For instance, companies within the marine coatings sector are prioritizing the reduction of energy consumption—an essential facet for development—by implementing greener manufacturing techniques. This transition is poised to unlock new opportunities for industry expansion.

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DRIVING FACTORS

Rising Shipbuilding Activities to Boost Market Development

Most goods are transported by sea, given its cost-effectiveness, making it the primary mode of transport for trade. The market is anticipated to grow steadily due to rapid advancements in the country's offshore engineering and shipbuilding industries.

Ship maintenance and repair remain constant needs due to the harsh marine environments. Coatings play a crucial role in protecting ships, yachts, and other recreational boats, with significant demand particularly in the coatings used on yachts.

Various types of yacht coatings are available, including high-build surfaces, premium topcoats, different finishing primers, protective primers, and antifouling coatings. Additionally, wood coatings and interior topcoats find application in yachts and other boats. Marine coatings serve various ship parts such as the hull, deck, ballast tanks, and superstructure. The growth in shipbuilding activities is poised to escalate the demand for various coatings like antifouling, anti-corrosion, and protective coatings.

RESTRAINING FACTORS

Effect of Humidity on Drying Time to Hinder Market Growth

Several factors contribute to the rapid drying of coatings. Apart from the composition, the thickness of the coating is pivotal and influenced by environmental conditions. The issues often stem from environmental factors such as humidity and temperature. Each coating type has specific guidelines provided by the industry, and it's advisable for applicators to review these requirements before application. Conditions must be met for proper application: for oil-based coatings, the air temperature should be above 70°C, while acrylic and latex coatings require temperatures above 10°C. Some formulations dry quickly at 20°C. In humid areas, the drying time of acrylic, latex, and oil paints is significantly affected. Oxidation processes aid in drying oil-based coatings, while water-based paints rely on natural drying, requiring less time than solvent-based paints. The process becomes more complex on wooden surfaces as wood tends to absorb moisture from the air, affecting the substrate's adhesive properties and potentially causing peeling or bubbling. Many coatings manufacturers invest significantly in humidity test chambers to address these challenges.

SEGMENTATION

By Product Type Analysis

Anti-Fouling Coatings Segment Accounts for a Major Share owing to its Superior Functionality

Based on product type, the market is segmented into anti-corrosion coatings, anti-fouling coatings, and others.

The anti-fouling coatings segment holds the largest share in the India marine coatings market. Its growth is propelled by factors such as the increasing maritime trade in India, growth in shipbuilding activities, stringent environmental regulations promoting eco-friendly coatings, and the drive to cut fuel consumption and maintenance costs by enhancing hull performance. These coatings are applied to a ship's hull to prevent marine organisms from adhering to the vessel's surface when in contact with water.

The growth of the anti-corrosion coatings segment is attributable to the need to shield ships and offshore structures from corrosion in challenging marine environments. This trend is further bolstered by advancements in coating technologies and a heightened focus on prolonging the service life of marine assets. Additionally, the escalating demand for offshore oil and gas exploration and the quest to curtail maintenance expenses contribute to the growth of this segment.

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By Application Analysis

Cargo Ships Segment Dominates Owing to Rising International Trade and Government Initiatives

Based on application segmentation, the market is segmented into cargo ships, passenger ships, boats, submarines, service ships, offshore vessels, and others.

The cargo ships segment held the largest India marine coatings market share in 2022 and is set to dominate the market during the forecast period. Increased demand for imports and exports is propelling the need for efficient sea-based cargo transportation. India's strategic location along major maritime trade routes has positioned it as a vital hub for international trade, contributing to the heightened activity of cargo ships. Additionally, government initiatives such as ‘Sagarmala’ aim to promote port-led development, modernize ports, and enhance coastal shipping, further augmenting the cargo ship market and thereby, the demand for marine coatings.

Rising disposable income levels among the Indian population have spurred a growing demand for leisure activities, including cruise vacations. Furthermore, the Indian government's promotion of domestic tourism has fueled interest in exploring the country's coastal and riverine destinations, leading to an increased demand for passenger ship services. In a country characterized by a significant number of islands and coastal communities, passenger ferry services have become essential for transportation, further boosting the passenger ship market.

India's surging energy demand has propelled offshore oil and gas exploration activities, creating a need for various offshore vessels such as supply vessels, anchor handlers, and platform supply vessels. Additionally, the emphasis on renewable energy sources such as offshore wind energy has spurred the development of offshore wind farms along the Indian coastline. This has generated a demand for specialized vessels to install, maintain, and transport materials for these projects.

KEY INDUSTRY PLAYERS

Key Market Players Focus on Strategic Planning to Strengthen their Market Position    

Major firms are engaging in mergers and acquisitions, constructing infrastructure, expanding manufacturing facilities, investing in research and development, and seeking opportunities for vertical integration across the value chain. These companies compete based on the product quality they offer and the technologies they employ in manufacturing processes. The market exhibits fragmentation, with several major competitors and numerous global and regional small-and-medium-sized players operating on a global scale.

LIST OF KEY COMPANIES PROFILED:

• AkzoNobel India Ltd.  (India)


• GoaPaints (India)


• Hempel A/S (Denmark)


• Jotun (Norway)


• Nippon Paint (India) Pvt. Ltd. (India)


• Permagard India (India)


• PPG Asian Paints Pvt. Ltd. (India)


• Sherwin-Williams (U.S.)


• Mathur Corr Tech Private Limited (India)


• Excel India Protective Paints Pvt. Ltd. (India)

KEY INDUSTRY DEVELOPMENTS:

• March 2023: Sherwin-Williams Protective & Marine introduced two innovative indoor marine deck solutions for government and commercial applications, namely the SeaGuard One-Step Decking System and the SeaGuard Decorative Color Flake System. These new solutions are exciting addition to the Sherwin-Williams marine portfolio, as both are qualified to MIL-PRF-32584 for monolithic deck cover materials for marine interior applications. It also met the IMO 2010 FTP Code Part 2 and 5 of Annex 1 for commercial applications.


• January 2023: Sherwin-Williams Protective & Marine unveiled the best ways to mitigate the hazardous state of under-insulation corrosion (CUI) with its new line of Heat-Flex CUI mitigation coatings. The product line included Heat-Flex ACE (Advanced CUI Epoxy), an ultra-high solid epoxy novolac designed with a functional chemical enhancement to mitigate CUI.


• March 2021: AkzoNobel launched the ‘Intersmooth’ antifouling hull coating of its ‘International brand.’ Intersmooth 7200Si SPC was a next-generation self-polishing silyl methacrylate antifouling. The product was based on proven resin technology and a highly potent biocide package optimized for cost-effective, excellent performance results. The product also benefits from a higher solids content than the current industry benchmark, reducing waste and VOC emissions while improving application efficiency.

REPORT COVERAGE

An Infographic Representation of India Marine Coatings Market

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The report is focused on the key insights of the market forecasts. Quantitative data includes market size in value (USD million) and volume (Kiloton) across profiled segments. In addition, the report also includes market share and growth rates of all segments across the country. Qualitative data covers the detailed analysis of key market driving factors, restraining factors, market opportunities, key market trends, and revenue shares. The competitive landscape chapter covers the detailed profiling of leading players, contributing to market growth.

Report Scope & Segmentation