The latest report by IMARC, titled “Antifouling Paints and Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global antifouling paints and coatings market size reached US$ 8.7 Billion in 2022. Antifouling paints and coatings refer to the specialized paints used on ship hulls and offshore structures to prevent the growth of unwanted organisms. They are made from pigments, cuprous oxides and biocides, and resins that stop the growth of bacteria, algae, diatoms, slime, barnacles, and other aquatic organisms. Some of the most common antifouling paints include hard-bottom paint, soft-bottom paint, and ablative antifouling paints. In recent years, antifouling paints and coatings have gained traction as they are extensively applied on the bottoms of yachts, boats, and ships to enhance the flow of water passing the hull, which reduces fuel consumption by improving the durability and aesthetic value and minimizing the drag of the ship.
Global Antifouling Paints and Coatings Market Trends:
One of the primary factors driving the market is the exponential growth in the shipbuilding and marine industries globally. Additionally, the rising product application on drilling rigs, shipping vessels, production platforms, inland waterways transport to reduce frictional resistance and avert fouling organisms from damaging the hulls, is creating a positive market outlook. Other than this, the demand for floating production storage and offloading (FPSO) vessels in the upstream oil and gas industry, on account of the increasing application of integrated compact systems in deep water offshore reserves during extreme weather conditions, is positively influencing the market growth. Besides this, the growing production of alternative sources, such as shale gas and tight oil, is expected to increase the adoption of FPSO, which is propelling the market growth. In line with this, numerous product innovations, including the introduction of environment-friendly antifouling products and the growing demand for low-friction, metal-free, silicone- and fluoro resin-based antifouling paints and coatings, are creating lucrative growth opportunities for the key players operating in the industry. Moreover, the increasing possession of leisure boats, along with the boosting demand for floating production storage and offloading (FPSO) vessels by the oil and gas industry, is catalyzing the market growth. Looking forward, IMARC Group expects the market value to reach US$ 13.5 Billion by 2028, expanding at a CAGR of 8.2% during the forecast period (2023-2028).
- Based on the type, the market has been divided into copper-based, self-polishing copolymer, silicone elastomers, and others.
- On the basis of the application, the market has been segregated into shipping vessels, drilling rigs and production platforms, fishing boats, yachts and other boats, mooring lines, and inland waterways.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Akzo Nobel N.V., BASF S.E., Boero Yacht Coatings, Chugoku Marine Paints Ltd., Hempel A/S, Jotun Group, Kop-Coat Marine Group (RPM International Inc.), Nippon Paint Marine Coatings Co. Ltd., PPG Industries Inc., The Sherwin-Williams Company.
|Base Year of the Analysis
||Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Akzo Nobel N.V., BASF S.E., Boero Yacht Coatings, Chugoku Marine Paints Ltd., Hempel A/S, Jotun Group, Kop-Coat Marine Group (RPM International Inc), Nippon Paint Marine Coatings Co. Ltd., PPG Industries Inc. and The Sherwin-Williams Company
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