Global Antifouling Coatings Market By Type (Copper Based, Biocides, Self-Polishing Copolymer, Hybrid), Application (Shipping Vessels, Drilling Rigs, Fishing Boat, Yachts & Boats, Mooring Lines, Inland Water Transportation), By Region Till 2023
Pune, India -- (SBWIRE) -- 04/17/2018 -- Market Overview
Fouling is an accumulation of undesirable, dirty material on the solid surfaces of a tool, equipment, or machinery. The fouling results in reduced lifespan, impede the process, interferes with the smooth functioning, and leads to the faster deterioration of the machinery or equipment. It can either be living organisms or bio-fouling, or a non-living substance (inorganic and/or organic). The application of antifouling coatings on the surface of a substrate help in the prevention of fouling and also reduces the impediments by offering a protective shield to the surface. As per the MRFR analysis, the global protective coating market is projected to grow at the healthy growth rate and is estimated to be pegged at nearly USD 23 billion by 2023. This is anticipated to boost the growth of the market in the coming years. The primary factors driving the growth of the Global Antifouling Coatings Market are the expanding application scope, rapid growth in R&D undertaken by the leading market players, growing shipbuilding industry on the backdrop of increasing global trade, and surging government spending on marine sector. However, the major bottleneck in the growth trajectory of the Global Antifouling Coatings Market is, the volatile raw material prices and stringent government regulations against the harm caused to marine and aquatic ecosystems.
Some of the key players in the Global Antifouling Coatings Market are BASF S.E (Germany), Nippon Paint Marine Coatings Co. Ltd. (Japan), PPG Industries Inc. (U.S.), AkzoNobel N.V. (the Netherlands), The Sherwin-Williams Company (U.S.), Boero (Italy), Hempel A/S (Denmark), Chugoku Marine Paints, Ltd. (Japan), Kansai Paint Marine Co.,Ltd. (Japan), and Jotun (Norway).
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The Global Antifouling Coatings Market has been segmented on the basis of Type, Application, and Region.
On the Basis of the Type, the market is classified into copper based, biocides, self-polishing copolymer, hybrid, and others. The copper-based type segment is growing at considerable growth rate on account of its less toxic nature. This type of antifouling agent is preferred over its counterpart due to lower harms to an aquatic ecosystem and the benefits it offers to the surface such as fouling free surface and lower drag, which result in reduced fuel consumption.
Based on the Application, the Global Antifouling Coatings Market is categorized into shipping vessels, drilling rigs, fishing boat, yachts & boats, mooring lines, inland water transportation. Among them, the shipping vessels application segment is dominating the market and holding the largest share of the market during the review period. The Global Shipbuilding Industry is witnessing a substantial growth owing to increasing demand for the carrier vessels on the backdrop of surging global trade. Moreover, the Global Marine Composites Market is estimated to grow at a considerable CAGR of 7.5% to reach 2 billion USD, by the end of 2023, which may further propel the growth of the market in the coming years.
Regionally, the Global Antifouling Coatings Market is spanned across five key regions namely Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. The Asia Pacific is the leading the Global Antifouling Coatings Market, among the others regions owing to the increasing government spending on marine, inland waterways, shipbuilding, and significant growth of fishing on the backdrop of rapid modernization. Countries namely South Korea, India, China, and Japan are the major contributors to the regional market on account of the considerable growth of the shipbuilding industry due to heavy government spending. Following the Asia Pacific, North America is the second most significant region in the Global Antifouling Coatings Market. The U.S. is the leading market in this region due to the presence of leading manufacturers. Europe is another significant region in the global antifouling coatings market. The leading markets in this region are the U.K., France, Germany, and the Netherlands. The steady rise of industrialization in Latin America with pacifying political and economic scenario in Brazil and other regional countries is likely to help region to gain momentum during the forecast period. The Middle East & Africa is estimated to witness a moderate growth during the review years.
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