Your Shopping Cart Is Empty
| Report Code: A01264 | Jul 2022 | Pages: 300 | ||
| Tables: 193 | Charts: 64 |
| |
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.
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.
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
COVID-19 Impact on Market
Global Antifouling Paints and Coatings Market Report Highlights
| Aspects | Details |
|---|---|
| By Type |
|
| By Application |
|
| By Region |
|
| Key Market Players | NIPPON PAINT MARINE COATINGS CO., LTD., Kansai Paint Co.Ltd., AKZO NOBEL N.V., BOERO YACHTCOATINGS, HEMPEL A/S, BASF SE, Chugoku Marine Paints Ltd, PPG INDUSTRIES INC., Jotun, The Sherwin-Williams Company |
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.
A. The global antifouling paint & coatings market was valued at $5.9 billion in 2021, and is projected to reach $13.2 billion by 2031, growing at a CAGR of 8.48% from 2022 to 2031.
A. The major players active in the global antifouling paints and coatings market includes 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.
A. Shipping and vessel is expected to increase the demand of antifouling paints and coatings market considerably during the forecast period.
A. The antifouling paints and coatings market is segmented on the basis of type, application, and region. On the basis of type, the market is classified into copper-based, self-polishing copolymer, hybrid, and others. On the basis of application, the market is divided 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 classified into North America, Europe, Asia-Pacific, and LAMEA.
A. Increase in developments in the shipbuilding industry due to improved economic growth, global seaborne trade, and increase in demand for cargo transportation through ships, rise in trade-related agreements, technological advancements in marine vessel engines will boost the growth of the market.
A. The global antifouling paint & coating market is expected to register growth in the near future mainly due to high demand in the shipping industry.
A. Antifouling paints and coatings are primarily used in the ship building and marine transportation which were severely affected by the COVID-19 pandemic owing to the lockdown imposed by various governments.
Start reading instantly.
This Report and over 67,132+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Contact Details
Need to talk to an expert? Book your free consultation and let our research experts help you with your needs/problems.
Global Report 
Regional Report
Country Report
Related Report