Sarasota, FL -- (SBWIRE) -- 11/01/2017 -- According to the report, global antifouling paint and coating market was valued at over USD 5.68 billion in 2015, is expected to reach above USD 9.21 billion in 2021 and is anticipated to grow at a CAGR of slightly above 8.4% between 2016 and 2021.
The coating is the process in which the surface is covered using suitable substrate. Anti-fouling paints are often applied as one component of multi-layer coating systems which offer great resistance from the microbial growth and antifouling properties. It also acts as a barrier for corrosion on hulls which can weak its performance.
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Antifouling is carried out mainly on ships and beneath the water, equipment to prevent the machines or ships from the decomposition from aqua microbes. Therefore, increasing trend for Floating Production Storage & Offloading (FPSO), passenger ships and conventional offshore drilling rigs is likely to drive the antifouling paint and coating market in the coming years. Due to antifouling paints and coating, the fuel is preserved which is expected to further boost the market in the forecast period. However, stringent regulations imposed by the governing bodies for use of antifouling paints and coatings may impede the growth of the antifouling paint and coating market. Nevertheless, ongoing research for upcoming coating techniques along with growing demand for antifouling paint and coating from oil & gas industry is likely to positively impact on antifouling paint and coating market in the coming years.
On the basis of types, the antifouling paint and coating market can be segmented as the self-polishing copolymer, copper-based antifouling paints & coatings, hybrid antifouling paints & coatings and others. Copper-based antifouling paints & coatings ensure fouling free surfaces for boats and sips, thus helps in saving the fuel and eliminating greenhouse gasses. Therefore, copper based antifouling paints and coatings accounted as the largest market segment in 2015. Numerous applications for antifouling paint and coating are mooring lines, shipping vessels, fishing boats, drilling rigs & production platforms and inland waterways transport. Shipping vessels were the leading segment of the antifouling paint and coating market in 2015 with significant market share. Use of antifouling paints and vessels in shipping vessels helps in preventing fuel loss by maintaining the hulls aqua-microbe free. Drilling rigs are likely to experience huge growth in the coming years due to constantly rising FPSO vessel expenditure by the oil & gas sector.
Asia Pacific held 75% of the total market for antifouling paint and coating in 2015. Escalating shipbuilding industry in Japan, Taiwan, China, Philippines, and Korea is expected to trigger the antifouling paint and coating market in Asia Pacific. Furthermore, Indian Government proposed Draft National Chemical Policy to increase the chemical industry in India. Thus, government initiatives for expanding chemical industry is expected to propel the growth of antifouling paints and coating market in the near future. Moreover, the sharp rise in expenditure for the exploration and production of crude oil & natural gas in India, China and Thailand are anticipated to bolster the demand for paints in drilling rigs & production platforms. Huge penetration of yachts producers in Europe is likely to positively impact on the antifouling market in the coming years. The Middle East and Africa is witnessing predominant growth for the antifouling paint and coating in recent times and is to gain traction in the forecast period. Increasing expenditure on offshore vessels in various countries such as Nigeria, Saudi Arabia, and Angola is predicted to fuel the growth of the market in this region in the upcoming years. Latin America is likely to witness decent growth in the forecast period.
Some of the global major players in the antifouling paint and coating are The Sherwin-Williams Company, BASF S.E, Boero Yachtcoatings, PPG Industries Inc., Nippon Paint Marine Coatings Co. Ltd, Chugoku Marine Paints Ltd, Jotun, Hempel A/S, Kop-Coat Marine Group, Akzo Nobel N.V., Advance Marine Coatings AS and Chugoku Marine Paints Ltd among others.
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