Marine chemicals include products for cleaning and maintenance, water treatment, cosmetics, rust and corrosion inhibitors, and microbiocides. Cleaning chemicals remove dirt, stains, and buildup from surfaces to maintain hygiene on the vessels. Rust and corrosion inhibitors protect the ships from deterioration when exposed to water and salty air. Other marine chemicals include antifouling agents that prevent marine growth on ship hulls, improving fuel efficiency. The global marine chemicals market plays a vital role in ensuring smooth operations in marine transportation and offshore extraction of oil and gas.
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 market 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. Total Group and Aqua Marine Chemicals collectively account for over 20% of the global market share due to their diversified product portfolio and global presence.
The growing demand for bio-based and eco-friendly marine chemicals from shipping fleets and cruise liners is expected to drive the market during the forecast period. Stringent environmental regulations pertaining to sulfur emissions and wastewater discharge from ships have increased the adoption of sustainable marine chemicals.
The Asia Pacific region dominates the global marine chemicals market due to the strong growth of seaborne trade and offshore oil and gas activities in countries like China, India, and Vietnam. Many leading market players are expanding their production facilities and distribution networks across developing nations to leverage the high market potential.
Market Drivers
One of the key drivers for the Marine Chemicals Market Size is the significant growth of international seaborne trade volumes over the past decade. About 80-90% of global trade by volume is transported internationally via ships, driving the demand for various marine chemicals from shipping fleets globally. According to the United Nations Conference on Trade and Development (UNCTAD), seaborne trade volumes expanded from 8.04 billion tons in 2010 to 11.08 billion tons in 2020 despite disruptions caused by the pandemic. As global trade recovers further, the need for efficient marine transportation and associated chemicals is expected to rise substantially. Stringent environmental regulations regarding sulfur emissions and wastewater discharge from ships worldwide also favor the growing adoption of eco-friendly marine chemicals.
Impact of geopolitical situation on Marine Chemicals market growth and geographical regions
The current geopolitical instability and tensions between major economies are negatively impacting the growth of the global marine chemicals market. Restrictions on trade flows due to political conflicts have disrupted supply chains and made it difficult for manufacturers and shipping companies to operate efficiently across borders. Rising fuel prices and uncertainty over trade policies have escalated operational costs for the shipping industry. This has diminished demand from the sectors that rely heavily on marine transport like mining, offshore oil & gas drilling, and international freight.
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