Greece Marine Anti-Corrosion Coating Market is Growing at a Significant Rate in the Forecast Period 2019-2026

Drivers: Greece Marine Anti-Corrosion Coating Market


In 2018, Greece topped the list in the World Fleet Value Ranking with an owned fleet worth of 100 billion USD, followed by Japan and China. After the financial crises Greece has shown the tremendous growth in shipbuilding industry. As the Greece has the largest owned fleet there will be a need for more marine coating business and its component such as anti-corrosion coating, anti-fouling coating and others.

 Greece has shown the major fleet development in past ten years despite of the financial crisis and today Greece fleet owners operate a fleet valued at USD 99.8 billion, which is largest in the world. These owners have extended the share of world fleet from 13% to a 17% which means they represent the 218 million gross tons.

Greece has continued their growth in shipbuilding industry after the financial crises. In March 2017, Greece topped the world shipbuilding league with the investment of USD 1.037 billion.

With the highest ranking in the fleet owns and more investment in shipbuilding industry, Greece will continue to show better growth in shipbuilding industry which will also lead to the growth of marine coating’s business and its component such as anti-corrosive coating.

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Shipbuilding industry is related to the production of larger vessels intended for the merchant fleet, the off-shore energy industry or for military purpose. It also includes the building, conversion, and maintenance of these ships. Anti-corrosion marine coating is the essential part of the building and maintenance of a ship.

Shipbuilding industry is a dynamic and competitive industry in Europe. It is the important part of economic and social sector and is linked with other key sectors including security, transport, energy, environment and research.

In 2017, global contracting activity reached on the total of 20.2 million Compensated Gross Tonnage (CGT) which is almost the double of order intake compared to 2016.

As compared to Asia, Europe orderbook is continuously growing since 2012 and reached an estimated 1,117 million CGT (493 units) by the end of December 2017. The European orderbook is the only one which is getting benefit from the extraordinary cruise ordering contracting activity in the Non Cargo Carrying Vessels (ONCCV) segment.

European orderbook by shiptype shows the growth in high-tech complex vessels which is accounted for 90% of the European orderbook. In value terms, Europe accounted for USD 22 billion (i.e. 35% of the total value of global new orders) in 2017. Based on the orderbook value, the European shipbuilding industry was bigger than its direct Asian competitors.

Since 2016, European shipbuilding industry has shown the continued growth as compare to the other region. Greece has also maintained its global status by controlling the world’s largest merchant fleet in terms of dead weight tonne. In 2018, Greece have topped the list for highest own fleet. Therefore, continued growth in shipbuilding industry will boost the usage of anti-corrosion marine coating in Greece as well.

Restraint: Greece Marine Anti-Corrosion Coating Market


Over the past eight years, the numbers of ships in world have grown by 50% in terms of tonnage, which has become the major issue for the shipping industry. Shipbuilding and supply operated in a free market means that the shipowners don’t have a strong regulatory framework in order to operate and enjoy the benefits of lenient framework which is one of the reasons for the oversupply of vessels in the shipping industry.

In 2016 shipbuilding industry had some bad phase which led the fleet owners to manage their order book so as to recover their finances thus leading to the low price of newbuilding ships and due to this the ships were oversupplied and created an economic issue for the shipping industry.

A glut of new vessel deliveries and limited scrapping of the older ships means that shipbuilding market remain oversupplied which will keep freight rate low. Vessel scraping is also essential for the reduction of oversupply. However, only five large crude carrier (VLCC) class tankers were scrapped in the first seven month of the year, while 36 new VLCC were delivered globally in the same period.

Oversupply of vessels has affected the economy of shipping industry which has also made an impact on the marine coating industry. Therefore oversupply of vessels will restrain the marine anti-corrosion market in the region.



Shipping is the most environment friendly mode of transport, but further reductions to emission are required due to the growing concerns of global warming and greenhouse gas effects along with increasing pollution. Global and European regulation made the policies to reduce the emission and also provided technical support for coating manufacturers. Global and European regulation on ballast water, sulphur and nitrogen oxide emission offer the better opportunities for European marine equipment suppliers and shipyards.

Marine environment is a harsh environment in terms of corrosion and biofouling. Manufacturer of marine coatings are cautious to adopt new technology. But strict environment regulations are pushing forward to the new innovation in marine coating.

The foul release technology which is used in large cargo ships can provide a substantial fuel saving. Many companies are investing in research and development to provide the eco-friendly coatings. Low friction coatings and metal-free antifouling coatings are the latest example of environment friendly coating which is recently launched in the market. Silicon or fluororesin based foul release products have been used in anti-fouling coatings.

Hence, some environmental coatings such as low friction coating and metal free antifouling coating can become a better option in future for reducing the pollution which can provide better opportunity for the marine anti-corrosion coating market in future.



Shipbuilding industry of Europe is witnessing decent growth from past two to three years. It is also facing a fierce international competition from countries such as China and South Korea. China has emerged the major player in shipbuilding industry which is driving the marine coating market in the region.

Shipbuilding production in terms of CGT (Compensated Gross Tonnage) is dominated by three Asian countries China, Korea, and Japan which in 2017 represented 86% of all CGT delivered.

Asia-Pacific region is strongest in the shipbuilding industry which can create a fierce challenge for the Europe shipbuilding industry to sustain in the market. This challenge will also affect the anti-corrosion marine coating market of Greece.

Major Players: Greece Marine Anti-Corrosion Coating Market

Some of the major players operating in this market are PPG INDUSTRIES, Inc., Akzo Nobel N.V, Hempel A S. Inc, The Sherwin-Williams Company, Axalta Coating Systems Ltd, Jotun, Nycote Laboratories, Inc., E.I. Du Pont, De Nemours And Company, 3m Co., Koninklijke Dsm N.V. THE SHERWIN-WILLIAMS COMPANY, WACKER CHEMIE AG , BLUECHEM GROUP , TECHNAVA, CORINTH PIPEWORKS. BASF SE.