by The marine chemicals market comprise of a wide range of chemicals that are used in marine and water applications such as antifouling agents, biocides, corrosion inhibitors, lubricants, anti-freezing agents, and others. These chemicals help maintain and prolong the lifespan of ships, boats, marine infrastructure and equipment. They are extensively used to prevent biofouling and corrosion in commercial vessels, naval ships, offshore rigs, ballast water treatment systems and others. The global marine industry has witnessed substantial growth in the production and trade of seafood and commodities owing to increased maritime trade activities. This has augmented the demand for marine vessels and equipment which in turn is driving the need for\ effective marine chemicals.
The Global Marine Chemicals Market is estimated to be valued at US$ 4.32 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Marine Chemicals are Total Group, Aqua Marine Chemicals, CHEMO Marine Chemicals, Unitech Chemicals, Gard, Wilhelmsen Ships Service, Marichem Marigases Worldwide Services, Unikem Industries, Chemtura Corporation, Clariant, BASF, Evonik Industries, Ecolab, Kemira, Lonza, Buckman, Solenis, Nalco Champion, Dorf Ketal, and Innospec. The key players are focusing on expanding their production capacities and global footprint through mergers & acquisitions to meet the growing demand.
Some of the key opportunities in the Marine Chemicals Market Size include development of bio-based and environment-friendly products to comply with stringent regulatory guidelines on marine pollution. Emerging economies in Asia Pacific and Middle East are expected to lucrative growth avenues due to rising maritime trade and industrial activities in these regions.
Advancements in shipbuilding technologies, retrofitting of ballast water treatment systems, and development of multi-functional additives are the major technological trends within the marine chemicals industry. Dual-fuel infrastructure and LNG-powered ships also offer new opportunities for marine biocides and lubricant manufacturers.
Market Drivers
The major driver propelling the marine chemicals market growth is the strong resurgence of global seaborne trade volumes post pandemic. Expanding international trade of goods and materials through sea routes has significantly increased maritime traffic. This has augmented the demand for marine vessels and their maintenancerequirement, thereby fueling consumption of various marine chemicals. Stringent government regulations regarding Emission Control Areas (ECA), ballast water management, and aquatic bioinvasion are also driving ship-owners and operators to increasingly adopt advanced marine chemicals. The increasing offshore exploration & production (E&P) activities, marine construction projects further strengthen the market demand.
Challenges in the Marine Chemicals Market
The marine chemicals market faces various challenges related to stringent marine environmental regulations and shifting focus towards green chemicals. IMO regulations like ballast water management system standards and sulfur cap have compelled shipowners to adopt alternative technologies and cleaner fuels. This increases compliance costs for manufacturers. Additionally, the outburst of COVID-19 pandemic has severely impacted ship building and disrupted supply chains, affecting demand temporarily.
SWOT Analysis
Strengths: Growing sea trade and scaling down of sulfur emissions create opportunities.
Weaknesses: High compliance costs of environmental norms and vulnerability to economic cycles.
Opportunities: Shift to environment-friendly chemicals and solutions for ballast water treatment and exhaust gas cleaning presents scope.
Threats: Stiff competition and potential supply chain disruptions impact profitability.
Geographical Regions
Europe dominates the global marine chemicals market in terms of value share currently. This is attributed to the presence of leading manufacturers, expanding shipbuilding industry and strict environmental mandates in the region. Asia Pacific is expected to witness the fastest growth during the forecast period supported by increasing ship operations and port activities in China, Japan and South Korea.
Fastest Growing Region
Asia Pacific region is projected to be the fastest growing market for marine chemicals between 2024-2031. This can be ascribed to the rapid developments in maritime infrastructure, recovery of shipbuilding industry from COVID-19 setback and stringent regulatory framework in major Asian economies. Several new initiatives are underway in countries like India and China to bolster domestic shipping and make the regional ports more competitive on global stage.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
