Antifouling Coatings Market to Rise Due to Soaring Demand from Oil and Gas Industry: MarketResearchReports.Biz
MarketResearchReports.Biz presents this most up-to-date research on “Global Antifouling Coatings Market 2016-2020”.
Albany, NY -- (SBWire) -- 06/16/2016 --MarketResearchReports.biz has added the report 'Global Antifouling Coatings Market 2016-2020' to its offering. This study is an extensive document that encapsulates a comprehensive assessment of all the key attributes of the market. It is an amalgamation of both secondary as well as primary research. The report also entails historical information, verifiable insights, and statistically backed facts on the antifouling coatings consumption globally in the forecast period 2016 to 2020.
The introduction section of this report on the antifouling coatings market provides the market definition and segments the market on the basis of application and geography. Antifouling coatings are the types of coatings or specialized paints applied to yachts, ships, or boats in order to reduce the development of algae or other organisms on the submerged surfaces of these vessels. These coatings also enhance the durability and performance of the vessel in addition to preventing metal hulls from corroding.
In terms of application, the report segments the market into rigs and vessels. Amongst these, the segment of vessels led the market for antifouling coatings and constituted a share of approximately 82% in the market in 2015. However, the segment of rigs is poised to grow rapidly in the coming years in comparison to vessels and will represent a share of approximately 18% in the market by 2020. This is due to the increasing technological developments and opportunities within the oil and gas industry.
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Moving further, geographically, the report segments the market into Europe, Asia Pacific (APAC), and North America. Amongst these, the region of Asia Pacific is predicted to be the largest market in the forecast horizon due to the growing opportunities from the oil and gas industry within this region. The Asia Pacific antifouling coatings market will constitute a share of around 54% by 2020.
Next in the report, the major market dynamics such as the drivers, restraints, and trends have also been covered. The rising demand from the oil and gas industry and the extensive utilization of antifouling coatings in marine equipment are amongst the key factors fuelling the growth of the market. In addition, the advancement of sustainable solutions has also impacted the antifouling coatings market positively.
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The rising preference of consumers for eco-friendly products and the constant demand from the rigs market are the key trends prevalent in the antifouling coatings market. On the other hand, the predicted fall of the shipbuilding industry and the strict environmental regulations may impede the growth of the market in the coming years. In addition, the consolidation of companies operating in the ship building industry may also pose a negative impact on the growth of the market.
In the last part of the report, the vendor landscape section is presented, encapsulating the key players dominant in the market. Some of these players are Hempel, AkzoNobel, Jotun, Sherwin-Williams, PPG Industries, Admiral Coatings, BASF, Advanced Marine Coatings, DuPont, and Chugoku Marine Paints, among others.
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