Antifouling Paints and Coatings Market Outlook
The Global and China Antifouling Paints and Coatings Market was valued at USD 7,953.0 Million in 2019 depending on this study by 2027 CAGR is expected to reach 8.6% during the forecast period. The market is expected to grow owing to increase in increase in shipbuilding activates worldwide. Antifouling paints and coatings are used as a protective layer against corrosion and effects caused by marine life on ships boats and other equipment and platforms which are submerged in water. Antifouling Paints and Coatings also help to increase the life span of ships boats and other applications. Due to its smooth surface friction is reduced which helps water vessels in saving the fuel. All these properties make antifouling paints and coatings an integral part in building these applications.
Market Dynamics
Strong ship building activities in APAC is fueling the antifouling paints and coatings market. Ships and ship-related equipment industries demand antifouling paints and coatings; therefore, growing shipbuilding industry is driving the antifouling paints and coatings market.
Rising Drilling Activities to propel market growth worldwide.
The demand for natural gas and oil is rising year on year due to growing global population. To cope with the demand, drilling activities for oil and gas rigs have increased worldwide, this will drive antifouling paints and coatings market during forecast period. Many gas rigs around the world are choosing Floating Production Storage and Offloading (FPSO) & Floating Storage and Offloading (FSO), as a primary method for storage and offloading. These systems have opened new ways for oil drilling companies to further venture for oil in the deep sea even in extreme weather conditions. To withstand the extreme weather and the deep-sea protection of these vessels is a huge concern that are driving the antifouling paint and coating market during the forecast period.
Rising demand for fishery products and increase in government policies are driving China’s fishing industry. With more population leaning toward seafood as a healthy food option fishing industry is expected to fuel the antifouling paints and coatings market during the forecast period. Increasing disposable income and growing tourism and tourism-related activities are fueling the need for leisure boat and yacht, which in turn, is boosting the antifouling paints and coatings market.
Surge in the use of updated technology is creating opportunities in the antifouling paints and coatings market. Development and launch of superior anti corrosion and biocide properties are expected to create opportunities in the market. New initiatives towards environment friendly approach are expected to create lucrative opportunities for antifouling paints and coatings market growth during the forecast period. However, high investment and growing manufacturing costs for antifouling paints and coatings are restraining the market growth.
Segmental Outlook
By Type Segment
Based on type, the market has been segmented into copper based, self-polishing copolymer, hybrid and other. The copper based antifouling paints and coatings market is expected to dominate the market throughout forecast period. Owing to their popularity and easy availability Copper base antifouling paints and coatings segment is expected to grow with significant CAGR. The self-polishing copolymer segment is expected to grow at significant CAGR during forecast period driven by increasing demand for self-polishing copolymer due to its requirement of low maintenance.
By Application Segment
In terms of applications, antifouling paints and coatings market is segmented into Shipping Vessels Drilling Rigs & Production Platforms, Fishing Boats, Yachts & Other Boats, Inland Waterways Transport, and Mooring Lines s. shipping vessels bring the highest revenue for the antifouling paints and coatings market. The shipping vessel building activities are growing with every passing year and with that antifouling paints and coatings market is growing with significant CAGR. Fishing boats building is on the rise with growing population. Need to provide food for the population is driving the fishing boat building activity, which in turn is driving antifouling paints and coatings market.
By sales channel
By sales channel market is divided into online sales and Offline. Online channel is proving to be more and more dominant with every passing year.
Regional Outlook
Based on regions, the global antifouling paints and coatings Market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The APAC region is the biggest consumers of antifouling paints and coatings. Considering the shipping vessels, fishing boats and other boat and ship building activities that are being carried out in these regions. Moreover, the market in Asia Pacific is projected to grow due to the rising expenditure on production and exploration of natural gas and crude oil in India, China, and Thailand and it is anticipated to further fuel the demand for antifouling paints and coatings in drilling rigs and production platforms. The market in Europe is expected to grow at a substantial pace due to the increasing demand for leisure boats, especially in Western Europe. These types of boats require a significant amount of maintenance and protection from water. This, in turn, is fueling the growth of the antifouling paints and coatings market in Europe. The market in the Middle East & Africa has emerged as one of the major hubs for leisure boating, yachts, and boats. The development of marine infrastructure and the evolution of tourism is expected to create opportunities for the yacht and boat industry in the region. Hence, the demand for antifouling paints and coating is expected to rise with the growth of tourism in the MEA.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the global Organic Dried Fruit market.
- Historical, Current and Projected Market Size in terms of Value and Volume
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Antifouling paints and coatings market Performance
Segments
By Type
- Copper based
- Self-Polishing copolymer
- Hybrid
- Others
By Application
- Shipping Vessels
- Drilling Rigs & Production Platforms
- Fishing Boats
- Yachts & Other Boats
- Inland Waterways Transport
- Mooring Lines
By Sales Channel
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- South East Asia (SEA)
- Rest of Asia Pacific (APAC)
- Middle East & Africa (MEA)
Key Market Players Profiled in the Report
- Akzo Nobel N.V.
- BASF S.E.
- Nippon Paint Marine Coatings Co. Ltd
- PPG Industries Inc.
- The Sherwin-Williams Company
- Jotun
- Hempel A/S
- Chugoku Marine Paints Ltd.
- Boero Yachtcoatings
- Kop-Coat Marine Group (Pettit Marine Paint)
- Aquarius Marine Coatings Ltd
- Advanced Marine Coatings (AMC)
- Kansai Paint Group.
Competitive Landscape
- Key players in the market include Akzo Nobel N.V., BASF S.E., Nippon Paint Marine Coatings Co. Ltd, PPG Industries Inc., The Sherwin-Williams Company, Jotun, Hempel A/S, Chugoku Marine Paints Ltd., Boero Yachtcoatings, Kop-Coat Marine Group (Pettit Marine Paint), Aquarius Marine Coatings Ltd, Advanced Marine Coatings (AMC), Kansai Paint Group These players are considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and the increasing demand for the products.
- The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition and many other strategies to increase their demand for Organic dry fruit snacks.
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