Antifouling Coatings Market, 2016–2024: Industry Size, Share and Forecast
Zion Market Research, the market research group announced the analysis report titled ‘Antifouling Coatings Market: Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021’
Antifouling coatings can be defined as a particular paint applied on the outer part of the ship including the bottom, side part, and deck. Protecting marine structures is absolutely essential and antifouling coatings safeguard ships and ocean-going vessels from growing organisms and corrosion on the surface submerged in the water. The antifouling coatings also protect other oceanic industrial structure such as water treatment and purification plant or sea energy plants. An additional environmental advantage of antifouling coatings is that it preserves numerous species of ecosystems in aquatic habitation by reducing the presence of omnipresent species.
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Based on end-user application, the global market antifouling coatings market is segmented as vessels, rigs, and various types of boats. Of which, the vessel segment dominates the antifouling coatings market globally. Based on the material type, the global market is segmented into copper-based, self-polishing copolymer, hybrid, and others. The copper-based coating is widely used for the purpose of coating owing to its high quality and reliable results; however, it helps in reducing the greenhouse emission resulting in saving fuel consumption and operational cost of the vessels.
High utilization of oil and gas owing to increasing urbanization and population are the factors for growth of the global antifouling coatings market. Numerous companies investing in R&D resulting in the technological advancements globally is one of the trends boosting the antifouling coatings market. The antifouling coating reduces the drag and friction, which helps to boost the performance of the vessel; hence, this reduces the overall maintenance cost of the transportation. This is key factor augmenting the antifouling coatings market rapidly. Development of the latest manufacturing facilities due to the growth of application sectors is anticipated to boost the demand in the near future. High demand for ship-based logistics services, demand for merchant fleets and navy ships, and rising popularity for cruising ships around the world is boosting the growth rate of the antifouling coatings market globally. However, factors such as severe environmental regulations and consumer focusing on eco-friendly products may hinder the antifouling coatings market globally.
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Geographically, Asia Pacific dominates the antifouling coatings market owing to a high number of shipping industries. North America is anticipated to witness growth in antifouling coatings market due to growing production of oil and gas.
Some of the key players dominating the global antifouling coatings market are BASF SE, PPG Industries, Inc., AkzoNobel N.V., Archer Daniels Midland Company, Hempel, Nippon Paint Holdings Co. Ltd., Sherwin-Williams Company, Jotun, Chugoku Marine Paints Ltd. Other major players influencing the global market are Kansai Paint, Valspar, Comex, Dupont, Beckers, and Advance Marine Coatings AS.
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Antifouling Coatings Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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