Antifouling Paints & Coating Market Size, Share, Growth, and Industry Analysis, By Type (Self polishing Copolymer, Copper-Based Antifouling paints & Coatings, Hybri), By Application (Shipping Vessels, Fishing Boats, Drilling Rigs & Production Platforms), Regional Forecast To 2032

Updated On: 08 April 2024

Antifouling Paints & Coating Market REPORT OVERVIEW

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The global antifouling paints & coating market size was USD 10090 million in 2022 and market is projected to touch USD 20834 million by 2032, at a CAGR of 7.5% during the forecast period.

Antifouling coatings are a type of special coating that are typically used on boats or boat bodies to prevent the growth of organic entities (marine biofouling) on the structure. The transportation industry suffers from biofouling, both financially and environmentally. The build-up of biofouling organic substances on the frame surface results in the collapse of the boat's hydrodynamic display, resulting in energy loss, increased fuel consumption, and thus, additional costs. In this analysis, a copper-based, self-cleaning copolymer (SPC) and a mixed antifouling coatings framework have both been taken into account.

COVID-19 Impact: lockdown Restrictions to Impede Market Growth

Due to the occurrence of lockdowns in numerous nations throughout the world, the COVID-19 epidemic has had a negative effect on the growth of the worldwide antifouling paints and coatings market. Lockdowns forced the closure of several production plants, including those that produced antifouling paints and coatings, which had a disastrous effect on the market for those products.

LATEST TRENDS

"Increasing Demand from Industrial Sector to Improve Market Growth"

Manufacturers and distributors of antifouling are now required to sell their products through web portals due to the rise of e-commerce platforms. As a result, businesses like Alibaba and Made-In-China are anticipated to play a significant role in helping consumers acquire antifouling coating products. Antifouling coatings are typically purchased by customers in the maritime and offshore oil and gas sectors through annual supply agreements in order to save money. Additionally, buyers should be forced to apply antifouling coatings for corrosion protection due to the increasing importance of material management in the industrial sector, which will lower their inventory costs.

Antifouling Paints & Coating Market SEGMENTATION

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• By Type

Based on type; the market is divided into Self polishing Copolymer, Copper-Based Antifouling paints & Coatings, Hybri.  

• By Application

Based on application; the market is divided into Shipping Vessels, Fishing Boats, Drilling Rigs & Production Platforms.

DRIVING FACTORS

"Growing Import & Export Goods Sector to Augment Market Expansion"

Antifouling coating became an important and necessary sector as a result of the necessity to import and export goods, which was sparked by globalization. The development and planning of nautical vessels across the globe is the responsibility of the antifouling coating industry. Today, Asian countries like China, Japan, and South Korea produce the largest bulk of the world's boats, although there are also sizable shipyards in many other countries. Boat development and alterations are the focus of the shipbuilding industry, and they are carried out in specialized facilities known as shipyards. Additionally, demand for products made by the antifouling paints & coating market is anticipated to rise in the coming years as a rising number of countries around the world open their borders to international trade.

"Increasing Demand from Marine Industry to Improve Market Growth"

The increasing global expansion of the marine and shipbuilding industries is one of the key factors benefiting the antifouling paints & coating industry. The market is expanding as a result of more money being spent and attention being given to strengthening vessel durability and preventing corrosion. Antifouling paints and coatings are used on drilling rigs, production platforms, cargo boats, and inland canal transportation to reduce frictional resistance and prevent fouling organisms from damaging the hulls. Other factors that encourage growth include different product advancements, such as the development of ecologically friendly antifouling products. The demand for low-friction, metal-free, silicone- and fluoro resin-based antifouling paints and coatings is growing, which is causing the market to grow.

RESTRAINING FACTORS

"Raw Material Instability to Impede Market Growth"

The value instability of the important raw materials used to make antifouling coatings is likely to restrain antifouling paints & coating market growth for these products globally during the projected time period. By and large, it is anticipated that the prolonged rise in popularity of environmentally friendly antifouling coatings would provide lucrative opportunities for the manufacturers of synthetic antifouling coatings as soon as possible.

Antifouling Paints & Coating Market REGIONAL INSIGHTS

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"North America to Dominate Market due to Increasing Investments "

A significant portion of the antifouling paints & coating market share was accounted for by the Asia Pacific region, which is predicted to develop at a significant rate throughout the course of the forecast period as a result of the ongoing increase in investments in the fishing, shipbuilding, and maritime industries. Furthermore, the market in the region is expanding due to the significant presence of major shipbuilding firms in Japan, Taiwan, South Korea, and the Philippines. Additionally, nations like China, Thailand, and India are increasing their investments in the production of natural gas and crude oil, which is fueling the expansion of the regional market.

KEY INDUSTRY PLAYERS

"New Methods by Manufacturers to Improve Market Growth"

Million liters of marine coating products, including antifouling materials, will be produced by the production facility. In the near future, new product development is anticipated to continue to be a crucial success factor for the industry. In the near future, there is a huge market potential projected as a result of ongoing research and development into coatings made from natural resources like palm oil.

List of Market Players Profiled

• The Sherwin-Williams Company (U.S.)
• BASF S.E, (Germany)
• Boero Yachtcoatings (Italy)
• PPG Industries Inc. (U.S.)
• Nippon Paint Marine Coatings Co. (Japan)
• Chugoku Marine Paints Ltd (Japan)
• Jotun (Norway)
• Kop-Coat Marine Group (U.S.)
• Akzo Nobel N.V. (Netherlands)
• Advance Marine Coatings AS (U.S.)
• Chugoku Marine Paints Ltd (Japan)
• Hempel A/S (Denmark)

REPORT COVERAGE

This examination outfits a report with evaluations that consider the portrayal liberated from the business ties that could change the timespan that is being tangled. The layout gives a reasonable perspective concerning collecting affiliations with its boundless appearance structures, market validness, and late new developments. By reviewing the parts, for example, division, expected open pieces, energy restores, plans, improvement, size, shares, drivers, blocks, and others, it gives a general assessment under the course of the finished point by point evaluation. This assessment could be changed considering the focal information and future market part changes.