Global Antifouling Paints and Coatings Market Expected to Reach $13.18 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Global Antifouling Paints and Coatings Market," The global antifouling paints and coatings market was valued at $5.91 billion in 2021, and is estimated to reach $13.18 billion by 2031, growing at a CAGR of 8.48% from 2022 to 2031.

Antifouling coatings are specialized paints, applied to the hull of a ship to prevent the growth of sub-aquatic organisms to improve vessel performance and durability. Rise in consumption in commercial vessels, passenger ships, yachts, cargo, Floating Production Storage, and Offloading (FPSO), and conventional offshore drilling rigs is expected to further augment the growth of the market. Moreover, increase in demand in hulls and underwater surfaces of shipping vessels as it provides smoothness and the superior polishing effect is anticipated to drive the market growth.

Increase in developments in the shipbuilding industry due to improved economic growth, global seaborne trade, increase in demand for cargo transportation through ships, rise in trade-related agreements, technological advancements in marine vessel engines, and trend of automation in marine transportation boost the growth of the market.

Furthermore, marine transport is the backbone of globalized trade and the manufacturing supply chain, as more than four-fifths of the world's merchandise trade by volume is carried out through the marine route. Demand for maritime transportation has increased over time, which has led to an increase in global imports and exports. With globalization taking root at the core of many economies, there are growing opportunities for internationally trading goods providing a superior range of available products at different price points. The rise in demand for marine transportation is expected to boost the growth of the antifouling paints and coating market during the forecast period.

The antifouling paints and coating market is categorized on the basis of type, application, and region. By type, the copper based segment accounted for a market share of 29.7% in 2021 and is projected to grow at a CAGR of 8.86% during the forecast period, as it ensures fouling-free surfaces of boats and ships, which saves substantial amount of fuel and reduces the emission of greenhouse gases.

By application, the shipping vessels segment dominated the global market with a share of 56.8% in 2021. The use of antifouling paints and coating encourages extension of the dry-docking interval and offers direct fuel saving by keeping hulls free from fouling organisms.

By region, Asia-Pacific accounted for a market share of 44.9% in 2021 and is projected to grow at a CAGR of 8.69% during the forecast period. The global shipbuilding industry is dominated by Asia-Pacific followed by Europe. Asia-Pacific is expected to maintain its dominance in the global market particularly in China, South Korea, and Japan due to some discrete advantages; such as relatively cheaper pays, and strong forward & backward connection of industries. Shipbuilding is a highly capital-intensive industry, owing to which strong government support and political stability is prerequisite to survive this industry.

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.

KEY FINDINGS OF STUDY

• By type, the copper-based segment is anticipated to be the fastest-growing segment in terms of value, growing at a CAGR of 8.86%, throughout 2022–2031. The self-polishing copolymer segment occupied the maximum share of the market with 40.7% of the total volume in 2021.
• By application, the shipping vessels segment emerged as the global leader by acquiring around 56.8% market share in 2021 in terms of revenue and is anticipated to show a significant growth rate over the forecast period.
• Region-wise, Asia-Pacific is the major consumer of Antifouling paints and coatings among other regions. It accounted for around 44.9% of the global market share in 2021 and Asia-Pacific is expected to witness lucrative growth rate during the forecast period.

COVID-19 Impact on Market

• During the COVID-19 pandemic, the antifouling paints and coating industry was impacted in terms of distribution and logistics due to lockdown across the globe. Antifouling paints and coating production and distribution came to a halt because of the economic downturn due to the pandemic.
• The COVID-19 pandemic disrupted the shipping production and marine transportation, resulting in reduced usage of antifouling paints and coating in these industries.
• The global COVID-19 pandemic hindered inter-country activity and import & export of antifouling paints and coating due to varied economic and legal limitations globally. As a result, the antifouling paints and coating market impacted moderately in 2020. However, by the beginning of 2021, shipping production and marine transportation started their operation due to which the demand for antifouling paints and coating improved.