Marine Chemicals Market will grow at highest pace owing to rising water transportation

The marine chemicals market consists of various products that help prevent marine growth, corrosion, and biofouling on ship hulls, offshore oil platforms, and other marine structures. Some common marine chemicals include anti-corrosion compounds, marine propeller paints, algaecides, defouling coatings, cleaning additives, and odorless compounds. These chemicals play a vital role in protecting ships and other assets from marine organisms, slime, algae, corrosion, and other harmful elements present in seawater. With the growing maritime trade and offshore oil & gas exploration activities, the demand for effective marine chemicals has increased substantially over the years.

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 growing marine trade along with an increasing offshore oil & gas exploration activities has augmented the demand for various marine chemicals globally. Various technological advancements like the development of bio-based chemicals and self-polishing antifouling coatings are further propelling the marine chemicals market.

Market Trends
Two major trends prevailing in the Marine Chemicals Market Size are growing adoption of bio-based chemicals and development of advanced coatings. Rising environmental concerns have increased the demand for eco-friendly bio-based marine chemicals that are derived from renewable plant or animal sources. These green chemicals pose minimal risks to the aquatic life. Meanwhile, manufacturers are focusing on developing advanced foul-release and self-polishing coatings that can maintain ship performance for over 5 years with minimum maintenance. Such longer lasting coatings help reduce operational costs for ship-owners.

Market Opportunities
One major opportunity for marine chemicals manufacturers is the increasing demand from the offshore oil & gas industry. As oil exploration activities move to deeper waters, the need for specialized chemicals to protect offshore rigs and platforms is growing. Secondly, with stricter environmental regulations, bio-based drop-in replacements for existing petrochemical-derived marine products provide a lucrative avenue for market players.

Impact of COVID-19 on Marine Chemicals Market
The COVID-19 pandemic has significantly impacted the marine chemicals market. During the initial months of the pandemic when lockdowns were imposed worldwide, the marine transportation activities declined sharply. This led to reduced demand for various marine chemicals used for cleaning, maintenance and operations of vessels. However, as commercial shipping activities are essential for transportation of food and other essential goods, efforts were made to enhance safety measures and resume operations.

With restrictions now easing in many parts of the world, the marine transportation sector is witnessing gradual recovery. However, the demand has not reached pre-pandemic levels yet. Ship operators and owners are more focused on cost optimization given the financial constraints faced during the pandemic period. This has led to decreased sales of various specialty marine chemicals.

On the other hand, the demand for certain marine chemicals such as disinfectants and sanitizers increased significantly due to heightened focus on hygiene and cleaning onboard vessels. Overall, the pandemic has highlighted the importance of supply chain resilience which is boosting investments in this sector. Marine chemicals manufacturers are developing new product formulations suited for the post-COVID environment. They are also ramping up online sales and supply chain capabilities. It is expected that with worldwide vaccination drives progressing, the marine transportation activities will pick up pace in 2022, driving increased demand for marine chemicals.

Europe has been one of the leading regions for Marine Chemicals Market Size And Trends in terms of value. This is attributed to presence of major ship-owning nations like Germany and Greece along with large ports and shipbuilding facilities. In Europe, countries like Greece, Netherlands and Germany accounted for major demand prior to the pandemic. However, during 2020 countriesworst affected by COVID-19 such as Italy, Spain and France witnessed adip in demand. Meanwhile, countries like Norway, Denmark and Poland comparatively lesser impact of pandemic on industries, continued to present opportunities.

Asia Pacific is envisioned to be the fastest growing regional market for marine chemicals. Pre-pandemic, countries like China, Japan and South Korea were major contributors to the marine chemicals demand in the region. While initial months saw decreased activities, the recovery has been strong led by resumption of manufacturing and international trade. Going forward, nations such as India, Indonesia, and Vietnam are anticipated to drive the market in the region supported by increasing seaborne trade.

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Ravina Pandya, 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, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)