my country’s marine coatings market has long been occupied by foreign companies, and there is broad room for domestic substitution in the future.

Ship coatings refer to coatings used on the surface of ships for protection and decoration. They mainly have the characteristics of anti-corrosion and wear resistance, and can also extend the service life of ships. At present, common ship coatings mainly include oil tank paint, ship waterline paint series, bottom antifouling paint and other products. According to different raw materials, ship coatings in the market can be divided into four categories: polyurethane paint, chlorinated rubber paint, alkyd paint and epoxy paint.

The development of the ship coatings industry is mainly related to shipbuilding and ship maintenance. In recent years, global shipbuilding and ship repair have gradually moved to Southeast Asia, and China’s shipbuilding and ship repair industry has also developed rapidly. In 2020, new global shipbuilding orders were 60 million deadweight tons, of which China accounted for 49%, followed by South Korea, which accounted for about 42%. The total global shipbuilding completion volume in 2020 is approximately 90 million deadweight tons, of which China accounts for approximately 44%. In the first three quarters of 2021, my country’s new ship orders were approximately 54 million deadweight tons, a year-on-year increase of more than 220%. It can be seen that global ship manufacturing is gradually shifting to my country, and my country’s ship coatings market has greater development opportunities.

According to the “China Ship Coatings Project Investment Feasibility Research Report 2021-2025” released by the Industrial Research Center, the With the increase in the number of orders received, the global marine coatings market demand is showing a growth trend. In 2020, the global marine coatings market reached US$3.7 billion, and will continue to show a growth trend in the next five years. The market size is expected to exceed US$5 billion by 2025. In terms of market structure analysis, with the rise of the ship repair market in recent years, the demand for ship coatings in the ship aftermarket has continued to rise, accounting for more than 50% of the demand in the ship repair field. Due to the global macroeconomic downturn, the demand for new ship orders has increased. Affected by factors such as the slowdown in the shipping industry, the demand for ship coatings in the field of new ships has declined.

In terms of production, although my country’s industrial coatings industry has developed rapidly, the current production capacity is mainly concentrated in the mid- to low-end. Only a small number of companies in the field of ship coatings have achieved production. In 2020, China’s ship coatings output was only about 940,000 tons. The industrial protective coatings sector accounts for only 5%. my country’s marine coatings market is huge, but currently more than 90% of the market share is occupied by foreign companies. Three companies, Jotun, China Tu Chemical and AkzoNobel, divide the Chinese market. In addition, the ship coatings market also includes brands such as Nippon Paint, Hempel, Lipmax, and PPG.

Industrial analysts said that my country has become the world’s major ship manufacturing country, and the ship repair market has gradually taken shape, providing the ship coating industry with Development provides vast space. However, due to the late deployment of domestic enterprises in the field of ship coatings and backward production technology, they do not have competitive advantages in terms of product cost and coating cycle. Therefore, the domestic market has been occupied by foreign enterprises for a long time, and there is broad room for domestic substitution in the future.