Antifouling Paints & Coating Market will grow at 8.4% CAGR to exceed USD 9.21 billion by 2021

Press Release   •   Jan 18, 2018 06:12 EST

Zion Market Research has published a new report titled “Antifouling Paints & Coating Market (Self-Polishing Copolymer, Copper-Based Antifouling Paints & Coatings, Hybrid Antifouling Paints & Coatings and Others) for Mooring Lines, Shipping Vessels, Fishing Boats, Drilling Rigs & Production Platforms and Inland Waterways Transport: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. According to the report, global antifouling paint and coating market was valued at over USD 5.68 billion in 2015, is expected to reach above USD 9.21 billion in 2021 and is anticipated to grow at a CAGR of slightly above 8.4% between 2016 and 2021.

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Antifouling is the ability of specifically designed materials and coatings to prevent biofouling i.e. accumulation of microorganisms, plants, algae, or animals on wetted surfaces. Therefore to prevent the biofouling and corrosion antifouling paints and coating are used. Antifouling paints and coatings are gaining huge demand in recent times due to expanding the offshore industry.

Antifouling paints and coatings are widely used in offshore industry for coating the shipping vessels, drilling rigs, and mooring lines. Increasing demand for antifouling paint and coating from the oil and gas industry is expected to drive the market for antifouling paint and coating in the coming years. Moreover, antifouling paint and coating possess superior properties such as fouling free and eliminates corrosion and external contamination will assist the growth of the market in the forecast period. However, due to high usage of antifouling paints and coating may cause an adverse impact on the environment. This factor may hamper the growth of the market. Nonetheless, ongoing research for the introduction of various coating techniques is anticipated to propel the growth of antifouling paint and coating market in the forecast period. Moreover, growing demand from the emerging countries and different end users such as oil and gas industry for the antifouling paint and coating market is likely to offer new opportunities in the coming years.

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Some of the major antifouling paint and coating types are a self-polishing copolymer, copper-based antifouling paints & coatings, hybrid antifouling paints & coatings and others. Copper-based antifouling paints & coatings corned the antifouling paints and coating industry in 2015 and are expected to gain traction in the forecast period. Copper-based antifouling paints and coating are highly effective type owing to its diverse applications. Copper-based antifouling paints & coatings provide fouling free surfaces for boats and ships. Some of the major applications of antifouling paint and coating are mooring lines, shipping vessels, fishing boats, drilling rigs & production platforms and inland waterways transport. Among all, shipping vessels segment dominated the antifouling paint and coating market with almost 70% of the total market share in 2015. Antifouling paint and coating are extensively used in the shipping vessels and drilling rigs industry for preventing the vessels from decomposition from aqua microbes and carrion due to water.

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The antifouling paint and coating market was dominated by the Asia Pacific in 2015 and was considered to be the highest revenue generating region across the globe. The Asia Pacific accounted for approximately 75% of the total market share in 2015. This was mainly due to the rapidly growing shipbuilding industry in Japan, Taiwan, China, Philippines, and Korea. Moreover, escalating expenditure for the exploration and production of crude oil & natural gas in India, China and Thailand are expected to trigger the demand for paints in drilling rigs & production platforms which in turn will boost the antifouling paints and coating market. There have been various rules passed by EPA and European Commission which may negatively impact on the antifouling paints and coating market in Europe. However, penetration of yachts producers in Europe is expected to witness growth in this market in the forecast period. The Middle East and Africa have huge stake in developing antifouling paints and coating industry. expenditure on in various countries such as Nigeria, Saudi Arabia, and Angola are heavily investing in offshore vessels which are expected to aid the growth of the market in the Middle East and Africa in the coming years. Latin America is anticipated to witness moderate growth in the forecast period.

Some of the global major players in the antifouling paint and coating are The Sherwin-Williams Company, BASF S.E, Boero Yachtcoatings, PPG Industries Inc., Nippon Paint Marine Coatings Co. Ltd, Chugoku Marine Paints Ltd, Jotun, Hempel A/S, Kop-Coat Marine Group, Akzo Nobel N.V., Advance Marine Coatings AS and Chugoku Marine Paints Ltd among others.

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