New York, NY, Dec. 04, 2020 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Antifouling Paints & Coating Market (Copper-Based Antifouling Coating, Self-Polishing Copolymer, Hybrid Antifouling Paints & Coating, and Other Types) Market for Shipping Vessel, Mooring Lines, Fishing Boats, Inland Waterways Transport, Drilling Rigs & Production Platforms, and Others: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2026”.
According to the research study, the global Antifouling Paints & Coating Market was estimated at USD 8.88 Billion in 2019 and is expected to reach USD 15 Billion by 2026. The global Antifouling Paints & Coating Market is expected to grow at a compound annual growth rate (CAGR) of 9% from 2020 to 2027.
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.
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- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
Key Insights from Primary Research
- As per the insights from our primary respondents, the global antifouling coating market is expected to grow around 9%.
- Through the primary research conducted by the experts, the global antifouling coating market was valued at around USD 8.8 Billion in 2019.
- The “Copper” category, on the basis of type segmentation, was the leading category that generated maximum revenue and contributed to around 63% share, in 2019.
- The category under “Roads”, held on the basis of end-user/application segmentation, had the leading share at more than 28%, in 2019.
- There would be huge demand from the European Countries for this Synthetic Fiber as these countries are going through continuous development in residential and commercial infrastructural plans.
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.
Industry Major 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
- Advance Marine Coatings AS
- Akzo Nobel N.V.
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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.
This report segments the antifouling paint and coating market as follows:
Global Antifouling Paint and Coating Market: Type Analysis
- Self-polishing copolymer
- Copper-based antifouling coatings
- Hybrid antifouling coatings
Global Antifouling Paint and Coating Market: Application Analysis
- Mooring lines
- Shipping vessels
- Fishing boats
- Drilling rigs & production platforms
- Inland waterways transport
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Antifouling Paints & Coating Market: Key Segmentation Analysis
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.
Antifouling Paints & Coating Market: Regional/Geographical Analysis
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.
Browse the full “Antifouling Paints & Coating Market (Copper-Based Antifouling Coating, Self-Polishing Copolymer, Hybrid Antifouling Paints & Coating, and Other Types) Market for Shipping Vessel, Mooring Lines, Fishing Boats, Inland Waterways Transport, Drilling Rigs & Production Platforms, and Others: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2026″ report at https://www.fnfresearch.com/antifouling-paints-coating-copper-based-antifouling-coating-self-741
Key Recommendations from Analysts
- Therefore, the coating industry is expanding its foundation massively across the Asia Pacific, stimulating the growth of the demand for antifouling paints and coatings. In the forecast period, Korea and China are expected to drive the demand for antifouling paint and coating.
- South Korea, Taiwan, China, the Philippines, and Japan are world leaders in shipbuilding. These countries account for around 73% of the shipbuilding market.
- The European Union has heavy maritime dependence. It has been reported that approximately 70% of its external trade and 35% of its internal trade takes place by the sea. Around 1.65 billion tons of freight are exported and imported by the sea in Europe every year and over 400 million sea passengers travel through European ports every year.
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