Editorial - December 2024 - January 2025

India currently ranks 20th in the global shipbuilding industry with its 0.06% share in the global
shipbuilding market. The story of India’s government setting a goal to become a top 10 shipbuilder by
2030 and a top five one by 2047 has been doing the rounds for some time now. Government support
and initiatives like the Scheme for Financial Assistance to Shipyards in India (SFAS) are helping the
industry grow. India’s coastline and proximity to major shipping routes reduce transportation costs and
turnaround times. India’s labor costs are lower than other shipbuilding nations, which attracts
international clients. Indian shipyards are specializing in niche segments like offshore support vessels,
dredgers, and ferries. The Government of India is in the process of approving a 25,000 crore Maritime Development Fund (MDF) shortly, aimed at advancing India's maritime sector, aligning with the nation's Make-in-India initiative to establish the country as a global manufacturing hub. Mazagon Dock Shipbuilders Limited (MDL), India's leading warship and submarine builder, has announced a massive expansion project aimed at doubling its shipbuilding capacity over the next 4 – 5 years. The new infrastructure will enable MDL to enhance its production rate, modernize operations, and meet the rising demand for advanced naval vessels in India and abroad. Cochin Shipyard invested close to3,000 crore recently to complete work on a new dry dock, and
another international ship repair facility at Kochi. This is expected to raise ship repair facility from just
below 100 ships per year now to over 160 ships, allowing it to take up ships repair work in a big way for
the global market. The Adani Group is also planning a major shipbuilding initiative at Mundra Port in
Gujarat, with a target of reaching a US$ 62 billion market by 2047.
In this issue, we try and evaluate how all this, would mean a boost for the marine coatings industry. At
the same time, stringent environment regulations regarding the use of toxic paint see marine coatings
manufacturers introducing low VOC, non-toxic coatings addressing both corrosion protection and
pollution prevention and seeing higher acceptance.
Wishing each one of you, our readers, advertisers and well-wishers, a great New Year ahead!!!