Marine Chemicals Market Dynamics: Size, Share, and Growth Insights with a CAGR of 5.2% by 2024-2031

The 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- 2031, as highlighted in a new report published by Coherent Market Insights.

Key Market Dynamics:

The growth of the marine chemicals market is majorly driven by the increasing seafood processing industry across the globe. Seafood processing requires various chemicals such as corrosion inhibitors, biocides, and pH control agents throughout the processing steps. These chemicals help in maintaining hygiene, preventing microbial growth and deterioration of processed seafood products. According to the UN Food and Agriculture Organization (FAO), the global fish production reached 204 million metric ton in 2022, out of which around 50% was used for direct human consumption after processing and packaging. The growing seafood trade has substantially boosted the demand for marine chemicals in processing facilities.

Another factor fueling the market growth is rising offshore oil & gas exploration activities. Marine chemicals are extensively utilized in drilling muds, enhanced oil recovery, well stimulation and cementing activities in offshore oilfields. With accelerating energy demand worldwide, oil and gas companies are increasingly tapping reserves located offshore, which in turn is driving the adoption of marine chemicals.

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Key Market Trends:

Bio-based Marine Chemicals

Growing environmental concerns regarding the toxicity of conventional petroleum-based marine chemicals have led to a rising trend of bio-based and eco-friendly products. Companies are focusing on developing sustainable marine chemicals derived from renewable feedstock such as plant oils and animal fats.

For instance, bio-lubricants produced from vegetable or biological sources are gaining traction as an alternative to mineral oil-based lubricants. Similarly, stringent regulations on biocide usage are propelling product innovation towards bio-based corrosion inhibitors, slimicides and bio-dispersants.

Advancements in Offshore Extraction Technologies

Continuous technological advancements in offshore oil & gas extraction activities are creating high demand for specialized marine chemicals. Developments such as deepwater and ultra-deepwater drilling are challenging existing chemical solutions. Companies are investing in R&D to introduce chemical additives compatible with dynamic offshore conditions and capable of withstanding high pressures and temperatures. Products such as fluid loss additives, shale inhibitors and high

Market Opportunities

By Type: Product Type Insights

The product type segment of the marine chemicals market includes rust removers and converters, cleaning and maintenance chemicals, marine paints, lubricants and greases, booming agents, antifouling agents, and others. The rust removers and converters segment held the largest market share in 2019 owing to their widespread use for ship maintenance to remove rust and corrosion. These chemicals help prevent excessive rust build up and corrosion damage to ship hulls and engine parts.

By Application Insights

Application-wise, the marine chemicals market is segmented into military ships, cargo ships, passenger ships, others. The cargo ships segment held the largest share in 2019 due to the growth of international seaborne trade. Marine chemicals such as rust removers, paints, and antifouling coatings see high demand for application on cargo ship hulls and decks to reduce friction and protect from corrosion. This ensures longer operational life of cargo ships.

Key Market Takeaways

The marine chemicals market will witness a CAGR of 5.2% during the forecast period 2024-2031 due to the growth of international maritime trade increasing sea tourism and the passenger cruise industry.

Depends on product type the anti-corrosion transformer segment tends to occupy a prominent position which accounts for more than 30% of the market share. Due to the importance of corrosion prevention for the structural integrity of ships and the performance of application is expected to dominate the global cargo ship segment with more than 45% share due to the transportation of bulk cargo by sea especially oil and gas.

Regional level North America will hold a dominant position during the forecast period. This represents approximately 25% of the global market. This is due to the presence of large ports and shipyards. Along with the recovery of post-pandemic offshore maritime shipping activities in the region.

Competitor Insights:

Total Group

Gard, BASF

Ecolab

Proserv

MECS

Sioen Industries

Chemson Group

MacDermid Marin

Recent Developments in Marine Chemicals Market

Stringent Environmental Regulations

Environmental regulations regarding sulfur emissions from ships have also become stricter worldwide in recent years. The International Maritime Organization (IMO) has placed limits on the sulfur content in fuel oil used onboard ships sailing outside designated emission control areas. To meet these new norms, ship operators are increasingly relying on emissions scrubbers and exhaust gas cleaning systems (EGCS) that require marine chemicals like alkalis and neutralizing agents. The market for cleaning chemicals is thus expected to register strong growth through 2024 to aide regulatory compliance.

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Growing Offshore Exploration and Extraction

The marine chemicals industry is also gaining traction from increasing offshore oil and gas exploration and production activities. More oil and gas fields are moving into deeper waters posing unique technical challenges that require specialized maintenance chemicals. In 2023-2024, the offshore sector growth is projected to drive demand for biocides, corrosion inhibitors, drilling chemicals and others that ensure smooth operations in corrosive marine environments. The offshore extraction of wind energy through offshore wind farms is another area offering opportunities for marine coatings and antifouling products manufacturers.

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.