New York, USA, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Antifouling Coatings Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Antifouling Coatings Market Information By Type, By Application, By Region - Forecast till 2030”, the market is estimated to grow at a 4.95% CAGR to reach USD 3.9 Billion by 2030.
Market Scope:
For the purpose of preventing the growth of marine biofouling, boats often have an antifouling coating put to their hulls. For economic and environmental reasons, biofouling is a problem for the transportation sector. Due to biofouling, the hydrodynamic performance of a boat degrades, leading to wasted energy, increased fuel consumption, and additional costs.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 3.9 Billion |
| CAGR | 4.95% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Application, By Region, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The need to import and fare products, as started by globalization, made antifouling coating a significant vital industry. |
| The new improvements in transportation coordination and tasks in creating economies, the developing oil and gas fragment |
Competitive Analysis:
The key players of antifouling coating market include:
- AkzoNobel N.V.
- Sherwin Williams Company
- Jotun
- PPG Industries Inc.
- Kansai Paint Co., Ltd.
- Nippon Paint Holdings Co. Ltd
- BASF SE
- Chugoku Marine Paints, Ltd.
- Boero
- Hempel A/s
Market USPs:
Market Drivers:
Antifouling coating has grown into a key critical business due to the increased need for importing and shipping goods that globalization has sparked. Worldwide, the antifouling coating industry is responsible for the design and construction of ships. Asian countries like China, Japan, and South Korea now account for the lion's share of global boat production, but there are large shipyards in many other regions as well. Shipyards are specialized workplaces where the shipbuilding industry's primary focus—the design and customization of vessels—takes place. Interest in products produced by the antifouling coating industry is anticipated to increase in the coming years as more and more countries across the world open their borders to international trade.
An increase in the use of integrated compact systems in deepwater offshore reserves during adverse weather is expected to increase the need for FPSO vessels in the upstream oil and gas industry, driving the market forward. Antifouling coating market growth is anticipated to be boosted by the increased production of alternative sources such as shale gas and tight oil in the United States.
Companies spend a lot of money on R&D to make antifouling coatings more effective, which should raise demand from customers. The global antifouling coatings market is projected to expand on the back of a number of factors, one of which is the spread of increasingly advanced technologies around the world. The antifouling coatings market is expanding due to factors such as rising oil and gas consumption, population increase, and urbanization. These are also commonly employed to safeguard the equipment and buildings on oil rigs.
Market Restraints:
Factors working against the global antifouling coatings market expanding throughout the forecast period include the volatility in price of key basic materials used in production. New entrants are predicted to be stymied by the saturated marine coatings market. While the adoption of coating technology is projected to boost production, the high manufacturing cost is expected to slow the market.
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COVID-19 Analysis
With this kind of unceasing investigation, we can be sure that any latent COVID-19 problems or promising new avenues for research will be incorporated into the overall exploration framework. The lockdown implementation suggested by governments to prevent COVID spreading has resulted in a temporary drop in agreements in the global Antifouling Coating Market. The creation had been interrupted due to the restrictions imposed by several countries to contain COVID, which caused an outage across the entire inventory network. In any event, markets around the world are expanding to their full potential, and calcium nitrate is really trendy right now.
Market Segmentation:
By Application:
The Antifouling Paints and Coatings Market as a whole grew at a CAGR of 10.2% from 2014 to 2018, with the delivery vessel subsegment accounting for the largest share. Biofouling refers to the buildup of microbes, plants, or other forms of green growth on a watercraft over time. As well as being a threat to the marine environment, these animals are characterized as invasive species because of the interference they can cause with human boating activities. The process of antifouling involves fixing a boat's skeleton using materials that have been chosen with care.
By Type:
In 2019, the Antifouling Paints and Coatings Market was led by the hard antifouling segment. While hard antifouling coatings don't wear out, they can be slightly damaged by abrasive particles in the water such as sediment and sand. As time passes, the rate at which the biocide is being drained from the product decreases. Some objects may have continued to accumulate after a few seasons and will need to be removed. Antifouling compounds are formulated to break down in saltwater and may not dissolve sufficiently in new water, hence these kinds are typically used by boats in fresh water.
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Regional Analysis:
The market for antifouling coatings was largest in Asia and the Pacific. South Korea, China, Japan, Taiwan, and the Philippines all have active shipbuilding industries. This is anticipated to make Asia-Pacific the leading shipbuilding region, which will increase demand for antifouling paints. Demand for these paints is predicted to rise as a result of rising investment in the exploration and production of crude oil and natural gas in China, India, and Thailand. The existence of so many shipbuilding enterprises bodes well for the economies of China, South Korea, Taiwan, and the Philippines. Another factor that will contribute to the industry's growth is the encouragement of new investments at the local level, which has led to Australasia and India becoming important centers for the production of shipping vessels. Demand for antifouling coatings is expected to decrease over the forecast period due to the presence of stringent regulations by the Environmental Protection Agency (EPA) and the European Commission monitoring the use of biocides in personal care, marine, agricultural, and water treatment applications.
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