Hull Coatings Market

Hull Coatings Market

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Riddhesh

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Riddhesh Dani

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Harneet Meher

Shruti

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Shruti Bhat

The global hull coatings market size was USD 6.56 Billion in 2022 and is likely to reach USD 12.90 Billion by 2031, expanding at a CAGR of 7.8% during 2023–2031. The growth of the market is attributed to use of coatings and it benefits to reduce the water resistance of the hull and acts as a corrosion barrier for the metal hull.

Hull Coatings Market Outlook

Hull coating is suitable for all types and ages of ships. Ships are usually repainted every five years, and good quality paint work will reduce the strength of the hull. The coating reduces the water resistance and engine power of the hull, thereby reducing fuel consumption. Merchant ships and laboratories have proven that high-quality products can reduce the overall strength of ships by as much as 8%. This applies to silicone coatings and self-cleaning coatings. The savings from applying improved coatings to helmets are difficult to measure, but there is definitely potential for savings from using high-quality products. The cost of the hull coating depends on the size of the ship and the sailing section, and the price varies with the product selected.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing production of leisure boats and cruise ships are expected to boost the market during the forecast period.

  • Rapid growth of the shipbuilding industry is likely to increase demand for hull coatings is major factor driving the market.

  • Growing infrastructure development and marine transportation is projected to fuel the market during forecast period.

  • Implementation of strict government rules for application of hull coatings are expected to restrict the market growth.

  • R&D investment and development of eco-friendly coatings is projected to offer significant opportunities for the market players.

Scope of the Report

The report on the global hull coatings market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Hull Coatings Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Types (Fouling Release Coatings FRC, Self Polishing Coatings SPCs, and Others), Applications (Vessels and Rings)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Akzo Nobel N.V., PPG Industries Inc., BASF SE, Hempel A/S, and Jotun

Market Segment Insights

The self-polishing coatings (SPCs) segment is projected to represent a major market share

Based on types, the hull coatings market is segregated into fouling release coatings FRC, self-polishing coatings SPCs, and others. The self-polishing segment is expected to represent a key share of the market during forecast period due to widespread use of the self-polishing coatings (SPC) in marine. The self-polishing coatings (SPC) sector accounted for the largest share in the global ship hull coatings market in 2019. Organic compounds (VOC) in coatings are driving the demand for antiseptic SPC antifouling coatings and continue to drive the the segment during the forecast period.

Hull Coatings Market Types

The vessels segment is expected to grow at a rapid pace

Based on applications, the hull coatings market is bifurcated into vessels and rings. The vessels segment is expected to represent a key share of the market during the forecast period owing to hull coatings, also known as "anti-fouling paints", are essential for marine applications. They have anti-corrosive properties and antifouling properties, which can extend the life of ships. Efficient antifouling coatings can provide life-long benefits, including extending dry dock distance and dry docking time, reducing future maintenance costs, and greenhouse gas emissions by reducing fuel consumption. If ships are not equipped with anti-fouling coatings, fuel consumption, costs, and carbon dioxide emissions may increase by as much as 40%. Ocean-going vessels are the largest user of hull liners. Due to huge growth of the shipbuilding industry in developing countries such as India, Vietnam and the Philippines, the Asia-Pacific market has a bright future. Due to the growth of ship oil trade, East Africa and the African region are experiencing significant growth. These trends around the world have led to increased production in the shipbuilding industry, which is expected to drive the demand for hull linings for marine applications.

Hull Coatings Market Application

 Asia Pacific is expected to dominate the market

On the basis of regions, the hull coating market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. Asia-Pacific is the world's largest shipbuilding area, which can meet the needs of a variety of ship types from ferries, small ships, fishing boats, tugboats to oil industry ships, cargo ships, passenger ships, bulk carriers, cargo ships and container ships. In Asia-Pacific, countries such as China, Japan, and South Korea are the main shipyards. Ships are mainly built according to procurement projects and customer requirements. These countries are currently receiving a large number of orders, most recently from three Korean shipyards. China has a contract to build 24 ships, and Japan and Singapore have contracts to build 15 ships and 1 ship respectively. The oversupply of Chinese ships has destroyed the country's entire shipbuilding industry.

Hull Coatings Market Region

Segments

Types

  • Fouling Release Coatings FRC
  • Self -polishing Coatings SPCs
  • Others

Applications

  • Vessels
  • Rings

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Akzo Nobel N.V.
  • PPG Industries Inc.
  • BASF SE
  • Hempel A/S
  • Jotun

Competitive Landscape

Key players competing in the hull coatings market include Akzo Nobel N.V., PPG Industries Inc., BASF SE, Hempel A/S, and Jotun

Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. In September, 2019 Hempel A/S has introduced a new coating system called "Hempelguard MaX" with improved antifouling properties. The new coating system helps owners reduce fuel costs by 500 million U.S. dollars and more than 10 million tons of carbon dioxide emissions each year.

In February, 2018 Akzo Nobel developed a new anti-scale technology based on the use of ultraviolet light-emitting diodes (LEDs) for use on underwater surfaces to prevent scale build-up.

Hull Coatings Market Keyplayers

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Hull Coatings Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Hull Coatings Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Hull Coatings Market - Supply Chain
  4.5. Global Hull Coatings Market Forecast
     4.5.1. Hull Coatings Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Hull Coatings Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Hull Coatings Market Absolute $ Opportunity
5. Global Hull Coatings Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Hull Coatings Market Size and Volume Forecast by Types
     5.3.1. Fouling Release Coatings FRC
     5.3.2. Self -polishing Coatings SPCs
     5.3.3. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Hull Coatings Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Hull Coatings Market Size and Volume Forecast by Applications
     6.3.1. Vessels
     6.3.2. Rings
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Hull Coatings Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Hull Coatings Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Hull Coatings Demand Share Forecast, 2019-2026
8. North America Hull Coatings Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Hull Coatings Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Hull Coatings Market Size and Volume Forecast by Types
     8.4.1. Fouling Release Coatings FRC
     8.4.2. Self -polishing Coatings SPCs
     8.4.3. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Hull Coatings Market Size and Volume Forecast by Applications
     8.7.1. Vessels
     8.7.2. Rings
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Hull Coatings Demand Share Forecast, 2019-2026
9. Latin America Hull Coatings Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Hull Coatings Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Hull Coatings Market Size and Volume Forecast by Types
     9.4.1. Fouling Release Coatings FRC
     9.4.2. Self -polishing Coatings SPCs
     9.4.3. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Hull Coatings Market Size and Volume Forecast by Applications
     9.7.1. Vessels
     9.7.2. Rings
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Hull Coatings Demand Share Forecast, 2019-2026
10. Europe Hull Coatings Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Hull Coatings Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Hull Coatings Market Size and Volume Forecast by Types
     10.4.1. Fouling Release Coatings FRC
     10.4.2. Self -polishing Coatings SPCs
     10.4.3. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Hull Coatings Market Size and Volume Forecast by Applications
     10.7.1. Vessels
     10.7.2. Rings
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Hull Coatings Demand Share Forecast, 2019-2026
11. Asia Pacific Hull Coatings Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Hull Coatings Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Hull Coatings Market Size and Volume Forecast by Types
     11.4.1. Fouling Release Coatings FRC
     11.4.2. Self -polishing Coatings SPCs
     11.4.3. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Hull Coatings Market Size and Volume Forecast by Applications
     11.7.1. Vessels
     11.7.2. Rings
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Hull Coatings Demand Share Forecast, 2019-2026
12. Middle East & Africa Hull Coatings Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Hull Coatings Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Hull Coatings Market Size and Volume Forecast by Types
     12.4.1. Fouling Release Coatings FRC
     12.4.2. Self -polishing Coatings SPCs
     12.4.3. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Hull Coatings Market Size and Volume Forecast by Applications
     12.7.1. Vessels
     12.7.2. Rings
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Hull Coatings Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Hull Coatings Market: Market Share Analysis
  13.2. Hull Coatings Distributors and Customers
  13.3. Hull Coatings Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Akzo Nobel N.V.
     13.4.2. PPG Industries Inc.
     13.4.3. BASF SE
     13.4.4. Hempel A/S
     13.4.5. Jotun

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