The global antifouling coatings market size was valued at USD 5.25 billion in 2022 and is projected to reach USD 9.39 billion by 2032, and register a revenue CAGR of 5.1% during the forecast period. Increasing international trade, rising demand for fuel-efficient ships, and rapidly expanding maritime tourism industry are major factors driving market revenue growth.
Antifouling coatings are placed to the surface of ships to stop the development of marine organisms including algae, barnacles, and mussels that can greatly increase fuel consumption, carbon emissions, and maintenance expenses. Need for antifouling coatings in the marine industry is being driven by increasing international commerce activities and rapidly growing maritime tourism sector.
In 2014, demand for global Antifouling Coatings was 84.3 kg and over the next seven years is forecast to reach 130.0 kg. In the forecast period, it is projected to increase in a CAGR of more than 5.0%. The market was also approximately 71.0 kilo tons for antifouling paint in shipbuilding in 2014. Production platforms and drilling plants are projected to gain popularity over the forecast period by increasing the capacity to produce offshore Natural Gas in Saudi Arabia and Brazil.
Buyers from the shipping industry, offshore oil and gas will likely be able to purchase anti-fouling goods at reduced prices by means of annual supply agreements. In addition, buyers are expected to use Antifouling Coatings in corrosion protections which will reduce stocks costs because of an increasing importance of material management in manufacturing.
High demand among a few other countries from emerging economies such as Vietnam, the Philippines, India, South Korea, Saudi Arabia, and Mexico is expected to increase the growth of the Antifouling Coatings industry. Growing shipbuilding activities are expected to boost these countries' demand for goods further.
COVID-19 Impact:
It is anticipated that the COVID-19 pandemic will have an impact on development. Due to the reduced demand, supply chain bottlenecks, and the safety of their employees during the COVID 19 pandemic, major manufacturers had declared a production suspension. Until 2020, the demand for solutions is expected to decrease. Farmers are required to adjust production in order to prevent bottlenecks. COVID-19 impacted externalization, exports, and imports, and the demand for this sector has declined significantly. The biggest businesses work on the market to clean up their assets and maintain their cash flow. People are expected to have real disposable incomes, and manufacturers are searching for new goods that satisfy market demand at a substantially lower cost.
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Further key findings from the report suggest
- High demand for antifouling paints coatings from the shipping industry is expected to drive the growth of the market in the near future.
- Segment shipping vessels contribute the largest share to the demand for antifouling paints coatings and is expected to be the fastest-growing application segment.
- The largest segment of the market for antifouling paints coatings was copper-based antifouling paints coatings. Antifouling paints coatings based on copper are environmentally friendly because they ensure foul-free surfaces of shipping vessels. These also help to conserve coal, and thereby reduce greenhouse gas emissions.
- Asia-Pacific is the largest global market for antifouling paints coatings due to this region's growing demand for antifouling paints coatings. This increased demand may be attributed to the region's increasing number of shipbuilding activities.
- Every major player in the industry has invested heavily in RD initiatives in recent years, which have helped generate numerous innovative products. Big companies tend to extend their product range by combining small and medium-sized businesses. There will also be intense competition among clubs in the coming years.
- In July 2019, Chugoku Marine Paints (CMP)launched a new Antifouling Coatings containing the barnacle-repellent active agent Selektope. The eighth CMP product that contains the Selektope is the SEA PREMIER 3000 PLUS that reflects the increasing technological commitment of the Japanese paint manufacturer.
- Key participants include AkzoNobel N.V, PPG Industries, Jotun, Kansai Paint Group, Sherwin Williams, Nippon Paint Marine Coatings, Hempel, BASF, Chugoku Marine Paints, and Boero Yacht Coatings, among others.
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For the purpose of this study, Reports and Data have segmented the Antifouling Coatings market on the basis of Type, Application, and region:
Type Outlook(Revenue: USD Billion; Volume: Million Tons; 2017-2032)
- Copper-based
- Self-Polishing Copolymer
- Hybrid
- Others
Application Outlook(Revenue: USD Billion; Volume: Million Tons; 2017-2032)
- Shipping Vessels
- Drilling Rigs Production Platforms
- Fishing Boats
- Yachts Other Boats
- Inland Waterways Transport
- Mooring Lines
- Others
Regional Outlook(Revenue: USD Billion; Volume: Million Tons; 2017-2032)
- North America
- U.S
- Canada
- Europe
- U.K
- Germany
- France
- BENELUX
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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