Accounting for only 10% of the market share, when can domestic Marine coatings enterprises break through the dilemma?

Looking at the history of paint development, it is not difficult to find that the major coatings have their own development trajectory in their respective fields. Someone has been lurking for a long time, and he flies into the sky; Some people play it steady, only want to trickle; There are people out there, hoping for overnight success. Of course, there are also people who hate that iron does not become steel, and have sought development for a long time, but still do not succeed.

Marine paint industry, is such a legendary color in a paint industry, for many years, how many corporate brands prostrate under its skirt.

Marine paint is an important raw material for the Marine industry, and its cost accounts for the proportion of the cost of the whole ship is generally 5%-20%. The performance and coating quality of Marine coatings directly affect the ship's anti-corrosion protection, sailing state and fuel cost.

Ship paint is composed of ship primer, ship bottom anti-rust paint, ship bottom anti-fouling paint, ship waterline paint series, ship hull and superstructure paint, all kinds of ship cabin paint - ballast water tank paint, oil tank paint, drinking water tank paint, dry cargo tank paint and a series of paints.

At present, the maintenance coatings used by ships on the market are mainly the following four kinds: chlorinated rubber paint, epoxy paint, alkyd paint, polyurethane paint.

The development of Marine coatings market is closely related to the development of the Marine industry. At present, China, South Korea and other Asian regions are the world's major shipbuilding markets, and the demand for Marine coatings is large. Since 2002, the Marine coatings market in Asia has grown steadily with an average annual growth rate of 6% to 8%. At present, Asia accounts for nearly 60% of the global Marine coatings market, and the corresponding terminals are also highly concentrated in Asia, and ship maintenance requires a large amount of coatings. In 2007, the size of the Asian Marine coatings market was about $2.69 billion.

According to the statistics of Clarkson Research Company, in 2020, the global shipbuilding new order volume is 59.33 million DWT, of which China's shipbuilding new order volume is 2893 DWT, accounting for 48.8% of the global total new order volume, and South Korea's shipbuilding new order volume accounts for 41.4%;

In terms of shipbuilding completions, in 2020, the global shipbuilding completions totaled 89.44 million deadweight tons, of which China's shipbuilding completions were 3853 deadweight tons, accounting for 43.1% of the global total completions, South Korea accounted for 27.3%, and Japan accounted for 25.2%.

From the perspective of regional market demand, the demand for Marine coatings in the Asia-Pacific region accounts for 65% of the global market share, and the newly built ships in China, South Korea and Japan play a major role in promoting the Marine coatings market.

In 2020, China received about 44% of the global order volume, ranking first in the world after four years.

Rough calculation, the domestic annual shipbuilding completion volume of 43 million deadweight tons, the market share of Marine coatings required by major shipyards is about 7 billion yuan (excluding fishing boats, offshore boats), and ship maintenance coatings are nearly 2 billion yuan.

The demand for China's Marine market has also further stimulated the strategy and strength of Marine coating giants to invest in the Chinese market, and in these years, quickly occupied the domestic market and firmly grasped the market share. Compared with the accelerated expansion of foreign giants, domestic Marine coatings companies only account for 10% of the market share in the entire Marine coatings.

According to the data, the global Marine coatings market is about $4 billion in 2020, with a compound annual growth rate of about 5.6% in the next few years. From the perspective of Marine coatings varieties, the anti-fouling coatings market accounts for a relatively large proportion, and its scale is expected to reach 2.5 billion US dollars by 2027.

The entire Marine coatings market share has been occupied by several large foreign brands for a long time. It is understood that in 2021, Jotun ranked first with $642 million in sales revenue, Zhongtu Chemical ranked second with $622.5 million in sales revenue, and Akzonobel ranked third with $530 million in sales revenue, and the cumulative sales revenue of these three brands was $1,774.5 billion, accounting for 44.86% of the global Marine coatings market share.

In addition, Hempel, PPG, Diamond Chemical, Nippon Coatings, Sherandwick, Kansai Coatings, and Lipama ranked 4-10, respectively, with sales revenue of $508 million, $480 million, $300 million, $280 million, $120 million, $110 million, and $100 billion, respectively.

Why can't domestic Marine coatings develop?

Start late, the overall hard strength is not enough

China's ship coating is accompanied by the rise of China's shipbuilding industry, but there is still a big gap between the ship coating technology and foreign countries, which is mainly reflected in the long painting cycle, low efficiency and high cost.