Antifouling Paints & Coatings Market Expected Value Up to 9.22 Billion USD by 2021
The global antifouling paints & coatings market is projected to reach USD 9.22 Billion by 2021, at a CAGR of 8.6% between 2016 and 2021. This growth is mainly attributed to the increasing demand of antifouling paints and coatings from the shipping industry and rising concerns toward reduction in fuel consumption. These coatings play a key role to reduce fouling & corrosion, extend the vessel's life & efficiency, reduce operational costs, and avoid marine accidents & expensive repairs.
Seattle, WA -- (SBWire) -- 11/28/2016 --The report "Antifouling Paints and Coatings Market by Type (Copper-Based, Self-Polishing, Hybrid, Others), Application (Shipping Vessels, Drilling Rigs & Production Platforms, Others), Region (APAC, Europe, North America, MEA, Latin America) - Global Forecast to 2021", The global Antifouling Paints & Coatings Market is projected to reach USD 9.22 Billion by 2021, at a CAGR of 8.6% from 2016 to 2021.
Browse 154 market data tables with 48 figures spread through 185 pages and in-depth TOC on "Antifouling Paints and Coatings Market - Global Forecast to 2021"
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High demand for antifouling paints & coatings from the shipping industry is expected to drive the growth of the market in near future.
Shipping vessels was the fastest-growing application segment of the global antifouling paints & coatings market
Shipping vessels segment contributed the largest share to the antifouling paints & coatings market in 2015, and is projected to be the fastest-growing application segment from 2016 to 2021. This growth can be mainly attributed to the increased demand of antifouling paints & coatings, as they provide smoothness and superior polishing effect to hulls and underwater surfaces of shipping vessels.
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Copper-based antifouling paints & coatings was the largest segment of the antifouling paints & coatings market
Based on type, the antifouling paints & coatings market has been segmented into copper-based, self-polishing copolymer, hybrid, and others. Copper-based was the largest segment of the market in 2015. Copper-based antifouling paints & coatings are environment friendly, as they ensure foul-free surfaces of shipping vessels. They also help in saving fuel, thereby reducing the emission of greenhouse gases.
Asia-Pacific was the largest market for global antifouling paints & coatings market in 2015, globally
Asia-Pacific was the largest market for antifouling paints & coatings market in 2015, owing to the rise in demand of antifouling paints & coatings in this region. This increased demand can be attributed to the growing number of ship building activities in the region. China, Korea, and Japan are the leading countries in the ship building industry in Asia-Pacific. Low cost of raw materials and labor, as well as the introduction of advanced products is expected to drive the growth of the antifouling paints & coatings market in these countries.
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Key players operational in the antifouling paints & coatings market include AkzoNobel N.V. (Netherlands), Hempel A/S (Denmark), BASF SE (Germany), PPG Industries (U.S.), The Sherwin-Williams Company (U.S.), Jotun (Norway), and Chugoku Marine Paints, Ltd. (Japan).
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