The global antifouling paint & coatings market was valued at $5.91 billion in 2021, and is projected to reach $13.18 billion by 2031, growing at a CAGR of 8.48% from 2022 to 2031.
Antifouling paints and coatings are the ones applied to boats, yachts, and ships to reduce the growth of organisms on the part of the ship that is under water and prevents corrosion of metal hulls. It helps in increasing the durability and enhances the performance of the vessels. These marine paints are also useful in fixed and floating offshore oil rigs. These are also known as bottom paint or underwater hull paint. Antifouling coatings & paints decrease fuel consumption, enhance durability, and enable compliance with environmental regulations. It is composed of cuprous oxides and biocides which inhibits the growth of algae, barnacles and marine animals.
The antifouling paint & coating market is currently in its advanced stage but still researches are going on to improve the quality of the material. The global antifouling paint & coating market is expected to register growth in the near future mainly due to high demand in the shipping industry. Other factors that drive this market are rise in demand for antifouling paints & coatings in hulls and underwater surfaces of shipping vessels as they provide surface smoothness & great polishing finish. Demand for Copper-based antifouling paints & coatings is anticipated to drive the market growth during the forecast period as they are environment-friendly and ensure fouling-free surfaces of ships or boats, which result in substantial fuel savings and consequently reduce emission of greenhouse gases. Surge in demand and stringent environmental regulations are encouraging manufacturers to develop sustainable and eco-friendly products.
The antifouling paints and coatings market is segmented on the basis of type, application, and region. On the basis of type, the market is classified into copper-based, self-polishing copolymer, hybrid, and others. On the basis of application, the market is divided into shipping vessels, drilling rigs & production platforms, fishing boats yachts & other boats, inland waterways transport, and mooring lines. On the basis of region, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the industry include Akzo Nobel N.V., BASF S.E., Boero Yacht coatings, Chugoku Marine Paints Ltd., Hempel A/S, Jotun, Kop-Coat Marine Group, Nippon Paint Marine Coatings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
Antifouling paints and coatings are the ones applied to boats, yachts, and ships to reduce the growth of organisms on the part of the ship that is under water and prevents corrosion of metal hulls. It helps in increasing the durability and enhances the performance of the vessels. These marine paints are also useful in fixed and floating offshore oil rigs. These are also known as bottom paint or underwater hull paint. Antifouling coatings & paints decrease fuel consumption, enhance durability, and enable compliance with environmental regulations. It is composed of cuprous oxides and biocides which inhibits the growth of algae, barnacles and marine animals.
The antifouling paint & coating market is currently in its advanced stage but still researches are going on to improve the quality of the material. The global antifouling paint & coating market is expected to register growth in the near future mainly due to high demand in the shipping industry. Other factors that drive this market are rise in demand for antifouling paints & coatings in hulls and underwater surfaces of shipping vessels as they provide surface smoothness & great polishing finish. Demand for Copper-based antifouling paints & coatings is anticipated to drive the market growth during the forecast period as they are environment-friendly and ensure fouling-free surfaces of ships or boats, which result in substantial fuel savings and consequently reduce emission of greenhouse gases. Surge in demand and stringent environmental regulations are encouraging manufacturers to develop sustainable and eco-friendly products.
The antifouling paints and coatings market is segmented on the basis of type, application, and region. On the basis of type, the market is classified into copper-based, self-polishing copolymer, hybrid, and others. On the basis of application, the market is divided into shipping vessels, drilling rigs & production platforms, fishing boats yachts & other boats, inland waterways transport, and mooring lines. On the basis of region, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the industry include Akzo Nobel N.V., BASF S.E., Boero Yacht coatings, Chugoku Marine Paints Ltd., Hempel A/S, Jotun, Kop-Coat Marine Group, Nippon Paint Marine Coatings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides extensive qualitative and quantitative analysis of the current trends and future estimations of the global antifouling paints and coatings market from 2022 to 2031 to determine the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- Estimations and forecast are based on factors impacting the market growth, in terms of value.
- Profiles of leading players operating in the market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.
COVID-19 Impact on Market
- COVID-19 spread to almost 213 countries across the globe, with the World Health Organization declaring it a pandemic on March 11, 2020.
- Antifouling paints and coatings are primarily used in the ship building and marine transportation which were severely affected by the COVID-19 pandemic owing to the lockdown imposed by various governments.
- Disruptions in raw material procurement and price volatility hampered the growth of the antifouling paints and coatings market during the COVID-19 pandemic.
- From the beginning of 2021, ship building and marine transportation started their operations normally as the vaccination rollouts increased, due to which the demand for antifouling paints and coatings increased in the ship building and marine transportation from the start of 2021.
Key Market Segments
By Type
- Copper-based
- Self-polishing Copolymer
- Hybrid
- Others
By Application
- Shipping Vessels
- Drilling Rigs Production Platforms
- Fishing Boats
- Yachts other Boats
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- AKZO NOBEL N.V.
- BASF SE
- BOERO YACHTCOATINGS
- Chugoku Marine Paints Ltd
- HEMPEL A/S
- Jotun
- NIPPON PAINT MARINE COATINGS CO., LTD.
- PPG INDUSTRIES INC.
- Kansai Paint Co.Ltd.
- The Sherwin-Williams Company
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: GLOBAL ANTIFOULING PAINTS AND COATINGS MARKET, BY TYPE
CHAPTER 5: GLOBAL ANTIFOULING PAINTS AND COATINGS MARKET, BY APPLICATION
CHAPTER 6: GLOBAL ANTIFOULING PAINTS AND COATINGS MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Global Antifouling Paints and Coatings Market," the global antifouling paints and coatings market was valued at $5.91 billion in 2021, and is estimated to reach $13.18 billion by 2031, growing at a CAGR of 8.48% from 2022 to 2031.Antifouling coatings are specialized paints, applied to the hull of a ship to prevent the growth of sub-aquatic organisms to improve vessel performance and durability. Rise in consumption in commercial vessels, passenger ships, yachts, cargo, Floating Production Storage, and Offloading (FPSO), and conventional offshore drilling rigs is expected to further augment the growth of the market. Moreover, increase in demand in hulls and underwater surfaces of shipping vessels as it provides smoothness and the superior polishing effect is anticipated to drive the market growth.
Increase in developments in the shipbuilding industry due to improved economic growth, global seaborne trade, increase in demand for cargo transportation through ships, rise in trade-related agreements, technological advancements in marine vessel engines, and trend of automation in marine transportation boost the growth of the market.
Furthermore, marine transport is the backbone of globalized trade and the manufacturing supply chain, as more than four-fifths of the world's merchandise trade by volume is carried out through the marine route. Demand for maritime transportation has increased over time, which has led to an increase in global imports and exports. With globalization taking root at the core of many economies, there are growing opportunities for internationally trading goods providing a superior range of available products at different price points. The rise in demand for marine transportation is expected to boost the growth of the antifouling paints and coating market during the forecast period.
The antifouling paints and coating market is categorized on the basis of type, application, and region. By type, the copper based segment accounted for a market share of 29.7% in 2021 and is projected to grow at a CAGR of 8.86% during the forecast period, as it ensures fouling-free surfaces of boats and ships, which saves substantial amount of fuel and reduces the emission of greenhouse gases.
By application, the shipping vessels segment dominated the global market with a share of 56.8% in 2021. The use of antifouling paints and coating encourages extension of the dry-docking interval and offers direct fuel saving by keeping hulls free from fouling organisms.
By region, Asia-Pacific accounted for a market share of 44.9% in 2021 and is projected to grow at a CAGR of 8.69% during the forecast period. The global shipbuilding industry is dominated by Asia-Pacific followed by Europe. Asia-Pacific is expected to maintain its dominance in the global market particularly in China, South Korea, and Japan due to some discrete advantages; such as relatively cheaper pays, and strong forward & backward connection of industries. Shipbuilding is a highly capital-intensive industry, owing to which strong government support and political stability is prerequisite to survive this industry.
The major players operating in the industry include Akzo Nobel N.V., BASF S.E., Boero Yacht coatings, Chugoku Marine Paints Ltd., Hempel A/S, Jotun, Kop-Coat Marine Group, Nippon Paint Marine Coatings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams.
Key Findings of the Study
- By type, the copper-based segment is anticipated to be the fastest-growing segment in terms of value, growing at a CAGR of 8.86%, throughout 2022-2031. The self-polishing copolymer segment occupied the maximum share of the market with 40.7% of the total volume in 2021.
- By application, the shipping vessels segment emerged as the global leader by acquiring around 56.8% market share in 2021 in terms of revenue and is anticipated to show a significant growth rate over the forecast period.
- Region-wise, Asia-Pacific is the major consumer of Antifouling paints and coatings among other regions. It accounted for around 44.9% of the global market share in 2021 and Asia-Pacific is expected to witness lucrative growth rate during the forecast period.
- COVID-19 Impact on Market
- During the COVID-19 pandemic, the antifouling paints and coating industry was impacted in terms of distribution and logistics due to lockdown across the globe. Antifouling paints and coating production and distribution came to a halt because of the economic downturn due to the pandemic.
- The COVID-19 pandemic disrupted the shipping production and marine transportation, resulting in reduced usage of antifouling paints and coating in these industries.
- The global COVID-19 pandemic hindered inter-country activity and import & export of antifouling paints and coating due to varied economic and legal limitations globally. As a result, the antifouling paints and coating market impacted moderately in 2020. However, by the beginning of 2021, shipping production and marine transportation started their operation due to which the demand for antifouling paints and coating improved.
Companies Mentioned
- Akzo Nobel N.V.
- Basf Se
- Boero Yachtcoatings
- Chugoku Marine Paints Ltd
- Hempel A/S
- Jotun
- Nippon Paint Marine Coatings Co. Ltd.
- Ppg Industries Inc.
- Kansai Paint Co.Ltd.
- The Sherwin-Williams Company
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 300 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 5.91 billion |
| Forecasted Market Value ( USD | $ 13.18 billion |
| Compound Annual Growth Rate | 8.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
