The global hull coatings market size is expected to expand at a significant CAGR of more than 5% during the forecast period, 2021–2028. 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 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.
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Attributes
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Details
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Report Title
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Hull Coatings Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Fouling Release Coatings FRC, Self Polishing Coatings SPCs, and Others), Applications (Vessels and Rings)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Akzo Nobel N.V., PPG Industries Inc., BASF SE, Hempel A/S, and Jotun
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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.
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.
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.
Segments
Segments Covered in the Report
The global hull coatings market has been segmented on the basis of
Types
- Fouling Release Coatings FRC
- Self -polishing Coatings SPCs
- Others
Applications
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.
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