Antifouling Coating Market Size Analysis, Product Outlook and Competitive Landscape, 2022

The global Antifouling Coating Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

Global Antifouling Coating Market size was 84.4 tons in 2014 and is expected to surpass 130.0 kilo tons during the forecast period. Antifouling Coating Market is anticipated to witness considerable growth on account of its rising demand of underwater surfaces in shipping vessels and hulls as it provides superior polishing effect and smoothness.

Key Players:

  • AkzoNobel N.V
  • Jotun
  • PPG Industries
  • Sherwin Williams
  • Hempel
  • Nippon Paint Marine Coatings
  • BASF
  • Boero YachtCoatings
  • Chugoku Marine Paints
  • Kansai Paint Group
  • Aquarius Marine Coatings Ltd

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Growth Drivers:

Growing consumption in passenger ships, commercial vessels, cargo, yachts, conventional offshore drilling rigs and Floating Production Storage & Offloading (FPSO) is anticipated to boost industry growth from 2015 to 2022.

Preference condition-based monitoring over breakdown maintenance coupled with increasing popularity in shipping segment is projected to play a vital role in the products’ growing prominence and demand. Additionally, superior properties that act as a shielding agent against corrosion, external contamination and fouling is expected to fuel market growth.

Application Outlook:

  • Shipping Vessels
  • Drilling Rigs & Production Platforms

In 2014, Antifouling coatings were primarily used in shipping vessels, contributing to more than 80% of overall volume. These paints extend the dry-docking interval and provide direct fuel saving by protecting hulls from fouling organisms and corrosion. Production platforms & drilling rigs are projected witness market growth, at an estimated CAGR of 8.0% by revenue, over the forecast period. Companies functioning in oil & gas sector are continuously investing in the market for The FPSO vessels and thereby this is expected to serve market growth.

Regional Insights:

In 2014, Asia-Pacific was the dominant player accounting for nearly 85% of the overall volume in 2014. South Korea, Japan, China, Philippines and Taiwan are major hubs for shipbuilding activities. This is anticipated to lead to the dominance of Asia-Pacific in the shipbuilding segment, thus raising demand for antifouling paints. Furthermore, growing expenditure related to the production & exploration of crude oil & natural gas in India, Thailand and China, India are projected to further propel demand for these paints in production platforms and drilling rigs.

The presence of stringent rules and policies to monitor the use of biocides in agriculture and water treatment, personal care and marine applications by the European Commission and EPA is expected to impede antifouling coatings demand from 2015 to 2022.

In September 2013, the Government of India introduced Draft National Chemical Policy, to uplift the country’s domestic throughput in the chemical industry to 6% by 2020 from 3% in 2014.

In 2014, MEA antifouling coatings market was estimated at USD 22.3 million. With the capital expenditure on a rise majorly attributing to development of offshore vessels in Nigeria, Angola and the market is expected to escalate the usage of this product over the coming years.

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