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Antifouling Coatings market Size – USD 2.11 billion in 2019, Market Growth - CAGR of 4.7%, Market Trends – Rising demand from the merchant fleets.
NEW YORK CITY, NY, UNITED STATES, March 18, 2022 /EINPresswire.com / -- According to a new report by Reports and Data, the Global Antifouling Coatings Market is anticipated to reach USD 3.07 billion by 2027. Antifouling Coatings Market is used to enhance the stability and resilience of marine vessel underwater surfaces such as cargoes, passenger ships, drilling rigs, and yachts. Given the growing demand for merchant fleets and navies, the global Antifouling Coatings industry is expected to witness growth. New innovations in ship-based logistics services for these coatings are expected in emerging economies to fuel demand growth for these. Rising need for embedded compact systems as a requirement for offshore Deepwater reserves coupled with growing value for Floating Output Storage Offloading in the upstream oil & gas sector is expected to result in increased antifouling paints demand.
In 2014, demand for global Antifouling Coatings was 84.3 kg and over the next seven years is forecast to reach 130.0 kg. In the forecast period, it is projected to increase in a CAGR of more than 5.0%. The market was also approximately 71.0 kilotons for antifouling paint in shipbuilding in 2014. Production platforms and drilling plants are projected to gain popularity over the forecast period by increasing the capacity to produce offshore Natural Gas in Saudi Arabia and Brazil.
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Buyers from the shipping industry, offshore oil and gas will likely be able to purchase anti-fouling goods at reduced prices by means of annual supply agreements. In addition, buyers are expected to use Antifouling Coatings in corrosion protection which will reduce stocks costs because of the increasing importance of material management in manufacturing.
Antifouling Coatings Industry Overview
The global materials & chemicals industry revenue growth can be majorly attributed to increasing demand for essential consumer goods including soaps, detergents, and beauty & personal care products worldwide, rising preference for sustainable and eco-friendly raw materials, and growing use of advanced chemicals and raw materials in industries including agriculture, food & beverage industries, buildings & construction, automotive, packaging, and manufacturing industries. Other major factors driving the growth of this industry are rising pollution levels, increasing environmental awareness, increasing use of technologically advanced chemicals and materials, and rising demand for organic materials.
Key participants include AkzoNobel N.V, PPG Industries, Jotun, Kansai Paint Group, Sherwin Williams, Nippon Paint Marine Coatings, Hempel, BASF, Chugoku Marine Paints, and Boero Yacht Coatings, among others.
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Further key findings from the report suggest
High demand for antifouling paints & coatings from the shipping industry is expected to drive the growth of the market in the near future.
Segment shipping vessels contribute the largest share to the demand for antifouling paints & coatings and are expected to be the fastest-growing application segment.
The largest segment of the market for antifouling paints & coatings was copper-based antifouling paints & coatings. Antifouling paints & coatings based on copper are environmentally friendly because they ensure foul-free surfaces of shipping vessels. These also help to conserve coal, and thereby reduce greenhouse gas emissions.
Asia-Pacific is the largest global market for antifouling paints & coatings due to this region's growing demand for antifouling paints & coatings. This increased demand may be attributed to the region's increasing number of shipbuilding activities.
Every major player in the industry has invested heavily in R&D initiatives in recent years, which have helped generate numerous innovative products. Big companies tend to extend their product range by combining small and medium-sized businesses. There will also be intense competition among clubs in the coming years.
In July 2019, Chugoku Marine Paints (CMP) launched a new Antifouling Coatings containing the barnacle-repellent active agent Selektope. The eighth CMP product that contains the Selektope is the SEA PREMIER 3000 PLUS which reflects the increasing technological commitment of the Japanese paint manufacturer.
Download Report Summary Of Antifouling Coatings Market:
For the purpose of this study, Reports and Data have segmented the Antifouling Coatings market on the basis of Type, Application, and region:
Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Copper-based
Self-Polishing Copolymer
Hybrid
Others
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Shipping Vessels
Drilling Rigs & Production Platforms
Fishing Boats
Yachts & Other Boats
Inland Waterways Transport
Mooring Lines
Others
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Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
North America
Europe
Asia Pacific
Latin America
MEA
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