PUBLISHER: Allied Market Research | PRODUCT CODE: 1139923
PUBLISHER: Allied Market Research | PRODUCT CODE: 1139923
The global antifouling paint & coatings market was valued at $5.91 billion in 2021, and is projected to reach $13.18 billion by 2031, growing at a CAGR of 8.48% from 2022 to 2031.
Antifouling paints and coatings are the ones applied to boats, yachts, and ships to reduce the growth of organisms on the part of the ship that is under water and prevents corrosion of metal hulls. It helps in increasing the durability and enhances the performance of the vessels. These marine paints are also useful in fixed and floating offshore oil rigs. These are also known as bottom paint or underwater hull paint. Antifouling coatings & paints decrease fuel consumption, enhance durability, and enable compliance with environmental regulations. It is composed of cuprous oxides and biocides which inhibits the growth of algae, barnacles and marine animals.
The antifouling paint & coating market is currently in its advanced stage but still researches are going on to improve the quality of the material. The global antifouling paint & coating market is expected to register growth in the near future mainly due to high demand in the shipping industry. Other factors that drive this market are rise in demand for antifouling paints & coatings in hulls and underwater surfaces of shipping vessels as they provide surface smoothness & great polishing finish. Demand for Copper-based antifouling paints & coatings is anticipated to drive the market growth during the forecast period as they are environment-friendly and ensure fouling-free surfaces of ships or boats, which result in substantial fuel savings and consequently reduce emission of greenhouse gases. Surge in demand and stringent environmental regulations are encouraging manufacturers to develop sustainable and eco-friendly products.
The antifouling paints and coatings market is segmented on the basis of type, application, and region. On the basis of type, the market is classified into copper-based, self-polishing copolymer, hybrid, and others. On the basis of application, the market is divided into shipping vessels, drilling rigs & production platforms, fishing boats yachts & other boats, inland waterways transport, and mooring lines. On the basis of region, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the industry include Akzo Nobel N.V., BASF S.E., Boero Yacht coatings, Chugoku Marine Paints Ltd., Hempel A/S, Jotun, Kop-Coat Marine Group, Nippon Paint Marine Coatings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
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Key Market Segments
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