Expansion In Shipbuilding And Marine Industries Drives Marine Anti Fouling Coatings Market Growth

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The rise of offshore wind Farm energy installations and oil and gas expansions are important growth factors impacting this industry

VANCOUVER, BC, CANADA, February 3, 2025 /EINPresswire / -- Expansion in Shipbuilding and Marine Industries Drives Marine Anti Fouling Coatings market Growth

The Marine Anti Fouling Coatings Market is expected to grow from an estimated USD 2142.5 million in 2024 to USD 5305.4 million in 2033, at a CAGR of 10.60%. The global Marine Anti Fouling Coatings Market is set for significant growth, driven by the expansion of the shipbuilding and marine industries, according to the latest research.

In 2023, the global fleet had a carrying capacity of 2.3 billion dead weight tons (dwt), marking an increase of 70 million dwt from 2022. This expansion is propelling market growth as companies seek to reduce costs and improve vessel performance amid rising fuel prices and stringent regulations.

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Key Market Drivers:

Shipbuilding Sector Growth: The shipbuilding industry has become vital due to globalization's need for import and export. Major shipyards are concentrated in Asian countries like China, Japan, and South Korea. The demand for shipbuilding products is expected to rise as more countries open their ports to international trade and ease trade restrictions.

Offshore Energy Installations: The rise of offshore wind farm energy installations and the expansion of oil and gas sectors are fueling demand for antifouling coatings. These coatings are crucial for protecting equipment and infrastructure from aquatic organisms that weaken metals. North America, with its vast deposits of natural gas and oil, continues to drill for energy development, driving market demand.

International Trade: The growth of international trade has increased the number of vessels, necessitating corrosion prevention and maintenance. This has led to a rising demand for antifouling coatings. The market is also influenced by the emphasis on sustainability, updated government regulations, and product improvements.

Market Restraints:

Toxic Nature of Antifouling Paints: Antifouling paints and coatings seep into seawater and are absorbed by marine organisms, causing environmental concerns. One of the most potent organotins, tributyl tin (TBT), is considered highly hazardous to marine life. TBT can alter hormones, causing genital abnormalities in snails and deformities in oysters. This environmental impact is expected to hinder market growth.

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Market Segmentation:

Copper-Based Coatings: The market is segmented into copper-based, self-polishing, hybrid, and other types. In 2023, copper-based antifouling paints dominated the market due to the expansion of shipbuilding and repair operations and the rising demand for recreational boats. These coatings are effective in preventing fouling, reducing emissions, drag, and fuel consumption.

Hybrid Coatings: The hybrid antifouling paints segment is expected to grow at the fastest rate during the forecast period. Driven by environmental concerns and the need for sustainable solutions, hybrid antifouling paints combine the benefits of various technologies, offering improved fouling prevention with fewer toxic ingredients.

Marine Anti Fouling Coatings Market Top Companies and Competitive Landscape

AkzoNobel NV, PPG Industries Inc., Jotun, Hempel AS and BASF SE. are some key companies in the Marine Anti Fouling Coatings market. Major market participants are increasing their R&D expenditures and concentrating on innovation-backed new product releases as a result of increased competition and stricter regulations.

In March 2024, PPG Industries introduced PPG NEXEON 810 extreme low-fiction, a new antifouling coatings product based on innovation. The product provides a cutting-edge, copper-free, ultra-low-friction antifouling coating that is mainly intended for the marine sector. With the new launch, the innovation offers a powerful alternative in the market amid the debates surrounding a possible ban on copper-based antifouling coatings.

Some of the key companies in the global Marine Anti Fouling Coatings market include:

AkzoNobel NV

PPG Industries Inc.

Jotun

Hempel AS

BASF SE

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Marine Anti Fouling Coatings Market Latest Industry Updates

In October 2023, Hempel A/S inaugurated its new state-of-the-art antifouling coatings production facilities in Zhangjiagang to cater to the increasing demands for innovative coating solutions..

In April 2023, Damen Shipyards collaborated with AkzoNobel and Philips to help create a ground-breaking fouling control system that cleans ships' underwater hulls using UV-C light technology.

Marine Anti Fouling Coatings Market Segmentation Analysis

Type Outlook (Revenue, USD Million; 2020-2033)

Copper-Based

Self-Polishing

Hybrid

Other Types

Application Outlook (Revenue, USD Million; 2020-2033)

Hull Coatings

Tank Coatings

Others

Regional Outlook (Revenue, USD Million; 2020-2033)

North America

United States

Canada

Mexico

Europe

Germany

France

United Kingdom

Italy

Spain

Benelux

Rest of Europe

Asia-Pacific

China

India

Japan

South Korea

Rest of Asia-Pacific

Latin America

Brazil

Rest of Latin America

Middle East and Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of MEA

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Eric Lee
Emergen Research
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