Global Antifouling Paints And Coatings Market Research, 2031
The global global antifouling paints and coatings market was valued at $5.91 billion in 2021, and is projected to reach $13.18 billion by 2031, growing at a CAGR of 8.48% from 2022 to 2031.
Antifoul is also known as bottom paint or antifouling bottom paint. Antifouling paint is a specialized coating, normally containing a formulation of water-soluble bioactive ingredients and organotin compounds, which is then applied to the hull of the yacht which slows the growth of barnacles, algae and marine organisms that attach to the hull. They serve the dual purpose of protecting the structure from deterioration and maintain the look of the ships.
The world merchant fleet is comprised of bulk carriers, tankers, container ships, cargo ships, and passenger & cruise ships. Coatings have specific functional properties that provide superior corrosion protection to the surfaces on which they are applied. The coatings protect submerged materials such as vessels, ships, or yachts from sea water. Coatings also protect materials from corrosion and abrasion. The application of such coatings improves the durability and overall performance of the vessel. Furthermore, it helps the hull maintain its speed.
The over growth of bacteria and algae can slow down a vessel and impede its performance. The usage of antifouling is important for people who prefer their ride to be faster and smoother. This paint allows for better maneuverability. Since the roughness of the hull directly impacts the speed of the vessel, it is important that it stays smooth and free from slime. Thus, high demand for antifouling paints and coatings owing to its characteristics such as prevention of corrosion, reduction of algae growth, improvement of durability, and others. This is anticipated to drive the growth of the antifouling paints and coatings market during the forecast period. But the presence of substitutes to the antifouling paints and coating is projected to hamper the growth of the market during the forecast period.
The antifouling paints and coatings market is segmented on the basis of type, application, and region. On the basis of type, the market is divided into copper-based, self-polishing copolymer, hybrid, and others. On the basis of application, the market is classified into shipping vessels, drilling rigs & production platforms, fishing boats yachts & other boats, inland waterways transport, and mooring lines. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the industry include Akzo Nobel N.V., BASF S.E., Boero Yacht coatings, Chugoku Marine Paints Ltd., Hempel A/S, Jotun, Kop-Coat Marine Group, Nippon Paint Marine Coatings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
By material type, the self-polishing copolymer has emerged as the biggest type segment on the global market for antifouling paints and coating market and is expected to be the leading segment during the forecast period. Copper based type is expected to be fastest growing segment as these types are environment-friendly and its use is on a rapid increase in hulls and underwater surfaces of shipping vessels.
By the application, the shipping vessels segment held the largest share of the revenue. The use of antifouling paints and coating is on a rapid increase as it protects the vessels from the growth of the fouling organisms.
By region, Asia-Pacific is a significant contributor toward the growth of the antifouling paints and coatings market. Asia-Pacific held the largest share of more than 44.9% in the antifouling paints and coatings market in 2021. Shipbuilding activities are strong in various Asia-Pacific countries such as China, Japan, Taiwan, and other countries due to which Asia-Pacific is expected to continue its dominance during the forecast period.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an in-depth analysis of the antifouling paints and coatings market forecast along with the current and future market trends.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global antifouling paints and coatings industry for strategy building.
- A comprehensive antifouling paints and coatings market analysis covers factors that drive and restrain market growth.
- The qualitative data in this report aims on market dynamics, trends, and developments.
COVID-19 Impact on Market
- COVID-19 pandemic caused a ban on imports and export, thereby disrupting the supply chain and hampering the antifouling paints and coatings market growth.
- There was a huge supply and demand gap created due to the COVID-19 pandemic.
- Fluctuation in prices of antifouling paints and coatings during COVID-19 was a major hindrance to the market.
- During COVID-19, the demand for antifouling paints and coatings decreased in the marine industry. Shipbuilding, and boat building companies were shut owing to the lockdown, which had a moderate impact on the demand for antifouling paints and coatings in 2020.
Global Antifouling Paints and Coatings Market Report Highlights
Key Market Players
NIPPON PAINT MARINE COATINGS CO., LTD., Kansai Paint Co.Ltd., HEMPEL A/S, Jotun, PPG INDUSTRIES INC., The Sherwin-Williams Company, BASF SE, BOERO YACHTCOATINGS, AKZO NOBEL N.V., Chugoku Marine Paints Ltd
According to the opinions of various CXOs of leading companies, rise in demand for antifouling paints and coatings in hulls and shipping vessels is projected to drive the market growth during the forecast period. The global market for antifouling paints and coating is predicted to witness lucrative growth due to improvements in the production of antifouling paints and coatings that are favorable to the marine environment. However, substitutes such as electrolytic system, ultrasonic, and electro-chlorination is expected to hamper the antifouling paints and coatings market growth.