The Global Antifouling Paints and Coating Market Is Powered By Increasing Demand For Antifouling Paints & Coatings From the Shipping Industry and Reduction in Fuel Consumption.
Antifouling paints are paintings or coatings used to mask portions of submerged parts of water, such as a boat’s hull, ship. These coatings or paints are used to prevent microbes from collecting on the submerged metallic hull to make it resistant to corrosion. In order to enhance the efficiency and reliability of the hull, anti-fouling paints often play a significant part. The paints /coatings shield the submerged parts from bacteria, algae, diatoms, which reduces the vessel’s running speed when accumulated, resulting in more fuel consumption. The coating is the mechanism by which the surface is coated with the required substrate. As one part of multi-layer coating systems that give great resistance to microbial growth and antifouling properties, anti-fouling paints are also added. It also acts as a corrosion barrier for hulls that can weaken their performance.
The Global antifouling paints and coating market was projected at around USD 8.88 billion in 2019, and by the end of 2026, existing and expected developments would hit estimations of around USD 15 billion.
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The antifouling paints and coating business continues to take a positive trend as consumers usually look to do their projects on their own. Yet it has become even more competitive in the market. To drive revenue, the intensified rivalry has resulted in several businesses raising promotional activity. In 2019, shipping vessels were the leading segment with a substantial market share in the antifouling paint and coating market. Aqua microbes patterning on ship hulls are one of the leading issues in the maritime industry; this can be easily prevented by using antifouling paints & coatings on ship vessels. By removing the normally caused fuel loss due to the micro-free hulls being retained, the usage of antifouling paints, and coating advantages saving the extra fuel.In the near future, the sharp growth in FPSO vessel investment by the oil & gas industry is expected to increase the market for drilling rigs.
The antifouling paints reduce the engine load and improve fuel performance. The demand for the market for antifouling coatings is motivated by the need to conserve fuel and to avoid corrosion on ships. Also, the production of low-emission coatings is increasing for the market for antifouling coatings. The manufacturing companies and experts predict the worldwide antifouling paints and coating market growth in terms of CAGR of around9%. In order to deter contamination by bacteria beneath the water, antifouling is performed mostly on underwater surfaces and ships. Therefore, in the forecast timeframe, growing predilections for floating production storage and offloading (FPSO), ships, and conventional offshore drilling rigs are expected to propel the market for antifouling coatings and antifouling paints. Strict government regulations in both developing and developed countries can hamper the growth of the market for antifouling paints and coatings. However, in the near future, emerging technical advances to monitor the environmental effects and to fit with regulatory requirements are expected to offer tremendous opportunities for the demand for antifouling paints and coatings.
Top Market Players
- BASF S.E
- Sherwin-Williams Company
- Boero Yachtcoatings
- Nippon Paint Marine Coatings Co. Ltd
- Chugoku Marine Paints Ltd
- PPG Industries Inc.
- Chugoku Marine Paints Ltd
- Kop-Coat Marine Group
- Hempel A/S
- Advanced Marine Coatings AS
- Akzo Nobel N.V.
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For instance, New Nautical Coatings, Inc., acquired Blue Water Marine Paints from Valentus Specialty Chemicals in 2019. Blue Water Marine Paints’ goal is to provide value-based coatings for the industrial marine markets of pleasure craft and brown water.
Based on product type, the worldwide antifouling paints and coating market can be segmented into copper-based antifouling coatings, self-polishing copolymer, hybrid antifouling coatings, and others. “Copper-based antifouling coatings’ category having the leading market share of more than 30%, of the worldwide antifouling paints and coating market share. It was also observed that the usage of antifouling paints & coating helps based on copper enforces greenhouse gases and decrease the use of carbon. Based on application, the worldwide antifouling paints and coating market can be segmented into shipping vessels, mooring lines, fishing boats, inland waterways transport, and drilling rigs and production platforms. In 2019, the shipping vessel segment accounted for the largest share of the overall demand for antifouling paints & coatings. The growth of the global antifouling paint and coating market is led by the increased usage of antifouling paints & coatings to protect vessels from the growth of fouling species, along with the expansion of dry dock intervals.
In terms of geography, The Asia Pacific was corned in 2019 by the demand for antifouling paints & coating. In China, Japan, Korea, Taiwan, and the Philippines, there has been significant growth in spending on the shipbuilding industry. In addition, the Indian government suggested the expansion of the Chemical Industry in India through the National Chemical Policy. Which will provide chemical producers with reduced taxes and additional incentives. In addition, India is one of the fastest-growing markets, with the proposed legislation drawing the world’s leading players to invest and develop India’s production facilities. These are all main driving forces for the Asia Pacific demand for antifouling paints & coatings. In Europe, the makers of yachts have undergone tremendous penetration in recent years. Europe is also focused on the oil & gas sector, which is projected in the coming years to have sufficient prospects for the demand for antifouling paints & coatings. Also, with increasing spending on offshore vessels in the region.
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Frequently Asked Questions
What is the antifouling paints and coating?
Antifouling paints are paintings or coatings used to mask portions of submerged parts of water, such as a boat’s hull, ship. These coatings or paints are used to prevent microbes from collecting on the submerged metallic hull to make it resistant to corrosion.
What are the key factors driving antifouling paints and coating market expansion?
The antifouling paints reduce the engine load and improve fuel performance. The demand for the market for antifouling coatings is motivated by the need to conserve fuel and to avoid corrosion on ships. Also, the production of low-emission coatings is increasing for the market for antifouling coatings.
Which region will make notable contributions towards global antifouling paints and coating market revenue?
In terms of geography, The Asia Pacific was corned in 2019 by the demand for antifouling paints & coating. In China, Japan, Korea, Taiwan, and the Philippines, there has been significant growth in spending on the shipbuilding industry.
Which are the key players leveraging antifouling paints and coating market growth?
Some of the leading and top antifouling paints and coating companies in the global antifouling paints and coating market include Akzo Nobel, BASF S.E, Hempel A/S, Nippon Paint Marine Coatings, Sherwin-Williams Company, Chugoku Marine Paints, BoeroYachtCoatings, PPG Industries, Kop-Coat Marine Group, Jotun, Chugoku Marine Paints Ltd, and Advance Marine Coatings, among others.