Antifouling Coatings Market (Type - Copper Based, Hybrid, and Others; Application - Shipping Vessels, Drilling Rigs & Production Platforms, Boats, Naval Ships, Inland Waterways, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

A recent report published by Infinium Global Research on the antifouling coatings market provides in-depth analysis of segments and sub-segments in the global as well as regional antifouling coatings market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional antifouling coatings market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global antifouling coatings market. According to the report, the global antifouling coatings market is projected to grow at a CAGR of 8% over the forecast period of 2022-2028.

Market Insight

The global antifouling coatings market was valued at over 7.5 USD Billion in 2022 and is expected to reach more than USD 12 Billion in 2028, with a CAGR of about 8% during the forecast period. Marine structures comprise bulk carriers, tankers, container ships, cargo ships, and passenger and cruise ships, among others. These ships are subject to diverse and severe bio-fouling owing to marine organisms that get attached to the hull of the ship. Bio fouling can negatively affect the hydrodynamics of a hull by increasing the required propulsive power and fuel consumption. Marine fouling and sea condition roughens the hull surface of the ship. As the frictional resistance caused by the water flow over the hull increases, the engine consumes more fuel to overcome a resistance that adds to the normal fuel consumption of the ship thereby affecting the vessel's performance and durability. To prevent the detachment of marine organisms from the ship, antifouling coatings are used.

Hull condition for a merchant ship is a key factor in deciding the fuel efficiency of the ship. The anti-fouling paints decrease the load on the engine and increase fuel efficiency. The demand for the antifouling coatings market is driven by the need for fuel savings and to prevent the ships from corrosion. Besides this, the development of low emission coatings is also boosting the demand for the antifouling coatings market. The growing shipbuilding and marine logistics business are further fuelling the market growth. In addition, the increase in drilling activities across the oil & gas fields and increasing ownership of leisure boats are contributing to the growth of the market. However, Substitutes such as electrolytic systems, ultrasonic, and electro-chlorination can hinder the market growth of the antifouling coatings market. Going further, with a growing number of marine and naval vessels coupled with the development of new innovative coatings, the antifouling coatings market is anticipated to grow during the forecast period.

The outbreak of COVID-19 negatively affected the antifouling coatings market because of the volatility in the price and supply of raw materials during the forecast period. Interruption in the supply of the raw material from the various suppliers affected the coating of the Shipping Vessels, Boats, Naval Ships, Drilling Rigs & Production Platforms during the forecast period. The trade restriction imposed by various economies to prevent the spread of the virus interrupted the manufacturing of the coating products. Furthermore, shortage of labor and economic slowdown hampered the growth of the market during the covid-19 pandemic within the forecast period.

Based on the region, the worldwide antifouling coatings market is segmented into the Asia Pacific, North America, Europe, and also the Middle East & Africa. Among the regions, North America is the second-largest region in the antifouling coatings market owing to its wide use in the protective coating for the marine sector. Furthermore rising investment in the development of offshore vessels in Saudi Arabia will propel the growth of the market within the Middle East region during the forecast period. Moreover, the Asia Pacific region is expected to dominate the market growth due to the high demand for antifouling coatings for underwater equipment.

Segment Covered

The report on global antifouling coatings market covers segments such as type, and application. On the basis of type, the sub-markets include copper based, hybrid, and others. On the basis of application, the sub-markets include shipping vessels, drilling rigs & production platforms, boats, naval ships, inland waterways, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as AkzoNobel N.v., Advance Marine Coatings As, Hempel, BASF SE, Jotun, The Sherwin-williams Company, PPG Industries, Inc., Chugoku Marine Paints, Ltd., Archer Daniels Midland Company, and Nippon Paint Holdings Co., Ltd.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the antifouling coatings market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.