ID: MRFR/CnM/4092-CR | February 2021 | Region: Global | 150 pages
The global antifouling coatings market is projected to register significant growth during the review period, exhibiting a CAGR of 4.95%. The antifouling coatings market is expected to reach a value of USD 3,510,076.9 thousand by the end of the review period. Antifouling coating is a type of specialized coating usually applied on ship or boat hulls to inhibit organism growth (marine biofouling) on the hull. Biofouling is undesirable for the shipping industry both from an economic and environmental point of view. The accumulation of biofouling organisms on the hull surface causes deterioration of the ship’s hydrodynamic performance, leading to energy loss and increased fuel consumption and, thus, additional cost. In this study, we have considered copper-based, self-polishing copolymer (SPC), and hybrid antifouling coatings systems, among others.
The key factors boosting the growth of the global market are the high demand for antifouling coatings in the shipping industry and the expanding shipbuilding industry in Asia-Pacific. Reduced fuel consumption and the decrease in CO2 emissions have significantly benefited the shipping industry and the environment, increasingthe demand for antifouling coatings. The major sectors of the shipping industry, including shipping vessels, cruise, and travel ships, have been, directly and indirectly, impacted by the COVID-19 pandemic due to a decline in international trade activities across the globe. However, with the global manufacturing operations resuming normal operations in China, the US, and countries in Europe, the shipping industry is expected to witness a better situation in the coming months or by the end of Q3 of FY-2021.
Technological advancements and product developments are expected to create lucrative opportunities for the manufacturers of antifouling coatings in the near future. However, fluctuations in the raw material prices on the backdrop of volatility in crude oil prices are likely to hamper the products' prices and may restrain the growth of the antifouling coatings market during the study period.
The global antifouling coatings market is projected to witness healthy growth during the forecast period, 2019–2025. The shipping industry is the key consumer of the antifouling coatings, wherein the coatings are applied on the hulls to prevent biofouling and thus meet the stringent environmental regulations regarding fuel consumption and carbon emissions. The widespread use of copper-based antifouling coatings in the shipping industry and the various economic advantages offered by its use are the major factors driving the growth of the market. Moreover, the strong growth of the maritime industry in the last few years (2012–2018) and the expanding shipbuilding industry in Asia-Pacific have driven the demand for antifouling coatings. The oil & gas industry has also contributed to the market growth in the past years, with antifouling coatings being used in drilling rigs and crude oil, natural gas, and shale gas transportation vessels. Additionally, the rapidly growing shale gas exploration in the US and the rising demand for gas carriers for its transportation have contributed to the high demand for antifouling coatings in the oil & gas industry.
However, since 2019, the oil & gas industry and the maritime trade have witnessed a major decline due to the trade dispute between the US and China. Further adding to the declining demand, the COVID-19 pandemic contributed to making the situation worse, with the US oil prices registering negative values in April 2020. Nevertheless, the oil prices have surged back to over USD 40 per barrel (Brent crude oil spot prices) in June. The situation is likely to recover by the first half of 2021, with the automotive use (transportation) in the US and countries in Europe picking up a little and the refineries in China buying more oil as that country’s economy reopens. Saudi Arabia and Russia deciding to end their price war and slashing production are further likely to support the industry growth. Considering the aforementioned factors, the growth of the oil & gas industry post-pandemic seems to be above average, contributing to the demand for antifouling coatings in the global market during the forecast period.
The price volatility of the primary raw materials used in the production of antifouling coatings is likely to restrict the growth of the global antifouling coatings market during the forecast period. Nevertheless, the projected rise in demand for environment-friendly antifouling coatings is expected to create lucrative opportunities for the manufacturers of antifouling coatings chemicals in the near future.
Global Antifouling Coatings Market, by Material Type, (USD Thousand)
Sources: MRFR Analysis
The global antifouling coatings market has been segmented by type, application, and region.
Based on the type of antifouling coatings, which includes self-polishing copolymer, copper-based, hybrid, and others, the self-polishing copolymer segment accounted for the largest market share in 2018 and is projected to registerthe highest CAGR during the study period.
Based on application, the global antifouling coatings market has been segmented into shipping vessels, drilling rigs, fishing boats, yachts & boats, mooring lines, and others. Among these, the shipping vessels segment accounted for more than 58% of the market share in 2018. This can be attributed to the high dependency on water transportation for international trade and rapidly increasing global trade for various commodities.
Global Antifouling Coatings Market Share, by Region, 2019 (%)
Sources: MRFR Analysis
The global antifouling coatings market has been divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacificdominated the antifouling coatings market in 2019. Countries such as China, India, and Japan are witnessing increasing demand for antifouling coatingsfromvarious industrial verticals due to rapid industrialization and the growing percapita income in these countries. The regional marketis likely to register a CAGR of over 5.0% during the forecast period.
North Americaheld the second-largest market share of the antifouling coatings market in 2018.The regional market was valued at over USD 200,000thousand in 2018. The US held a larger market share of the regional market and is expected to register the highest CAGR during the review period.
Some of the key players operating in the global antifouling coatings market are AkzoNobel N.V., Jotun, PPG IndustriesInc., TheSherwin Williams Company, Nippon Paint Holdings Co. Ltd, BASF SE, Kansai Paint Co., Ltd., Boero, Hempel A/s, and Chugoku Marine Paints, Ltd.
Global Antifouling Coatings Market, by Type
Global Antifouling Coatings Market, by Application
Global Antifouling Coatings market, by Region
Available Additional Customizations