Marine Anti-Fouling Coatings Market Size, Share, Opportunities, And Trends By Resin (Epoxy, Alkyd, Polyurethane, Others), By Product Type (Self-polishing, Copper-based, Hybrid, Others), By Application (Tank Coatings, Hull Coatings, Others), And By Geography - Forecasts From 2023 To 2028

The marine anti-fouling coatings market is estimated to grow at a CAGR of 6.34% to reach US$3.296 billion by 2028 from US$2.143 billion in 2021.

It is a critical segment of the maritime industry, primarily driven by the need to protect ship hulls from fouling organisms like barnacles and algae. These coatings prevent the accumulation of marine organisms on vessels, reducing drag and fuel consumption, thus enhancing fuel efficiency and extending the lifespan of ships. Major growth factors in this marine anti-fouling coatings market include stringent environmental regulations that have led to the development of eco-friendly and low-VOC (volatile organic compounds) coatings. For instance, debuting in 2021, AkzoNobel's Interpon 700, an interior epoxy/polyester hybrid powder coating series, surpasses the Interpon 100 pure epoxies with enhanced color retention, UV light, and heat stability. It excels in both decoration and protection, boasting good chemical resistance and strong mechanical performance, making it ideal for interior applications.

 

 

Growth in International Trade

The growth of international trade serves as a pivotal and enduring growth factor for the marine anti-fouling coatings market. As global commerce expands, the maritime industry witnesses a corresponding surge in shipping activities. Marine anti-fouling coatings industry players are innovating to meet these regulatory requirements while maintaining performance standards. In this context, the growth of international trade not only drives the marine anti-fouling coatings market but also fosters innovation in sustainable and environmentally responsible coating solutions. For instance, PPG SIGMAGLIDE 2390, part of the renowned PPG SIGMAGLIDE range, offers groundbreaking fouling release technology. This biocide-free coating delivers exceptional durability, substantial power savings of up to 20%, minimal speed loss below 1%, and long-term maintenance cost reduction. It contributes to a 35% emission reduction, aiding compliance with IMO GHG targets, EEXI, EEDI ratings, and CII standards while enhancing speed flexibility.

Slowdown in the shipping industry

The World Trade Export Volume Index, reflecting fluctuations in global trade, bears significant relevance to the growth of the marine anti-fouling coatings market. In 2020, the index declined to 95.3, coinciding with a slowdown in shipping activity due to the pandemic, impacting demand for coatings. However, subsequent years saw a resurgence, with the index reaching 108.4 in 2021. This rebound in global trade has positively influenced the maritime industry, propelling shipping activities and, by extension, the need for anti-fouling coatings.

The United States is anticipated to be the fastest-growing country in the North American region

The presence of many marine anti-fouling coating manufacturers in the country coupled with the mandate by the U.S. government to use biocide anti-fouling coating to protect the marine ecosystem is increasing the marine anti-fouling coatings market growth. The increasing water transportation in the United States is also one of the reasons for propelling growth. For instance, in the initial three quarters of 2022, the water transportation sector in the United States contributed nearly $54 billion to the economy, marking an increase of approximately 35% compared to its contribution during the same period in the previous year, as reported by the Bureau of Economic Analysis. Looking at this increasing use of water transport by countries there is an increasing demand registered for shipbuilding, which in turn is anticipated to push the market in an upwards direction for the marine anti-fouling coatings industry in the projected period.

Increasing marine economy in the United States

According to the U.S. Bureau of Economic Analysis, in 2021 the marine economy experienced a major growth compared to the U.S. economy. In terms of real gross domestic product, the U.S. economy grew by 5.9% whereas the marine economy grew by 7.4%. The maximum difference in both was seen in the employment sector. The U.S. economy’s employment statistics grew by only 2.9%, but the employment increase in the marine economy was 10.5%. Hence, such statistics prove that there is a large growth in the marine economy, and this is expected to increase the marine anti-fouling coatings market in the coming years.

Growth strategies by key players

Key players in the marine anti-fouling coatings industry include established companies like PPG Industries, Hempel A/S, Akzo Nobel NV, and Jotun. These industry leaders continually invest in research and development to introduce innovative and sustainable solutions, enhancing their competitiveness. Industrial competitiveness in the marine anti-fouling coatings market is driven by the development of coatings with longer service life, improved anti-fouling performance, and reduced environmental impact. As regulations become more stringent, companies that can balance environmental responsibility with effective fouling prevention will be well-positioned for future growth in this dynamic and vital sector. 

Market Key Developments

• In November 2022, AkzoNobel NV launched a new fouling control range through its Yacht Coatings division, the range is known as B-Free range. This range will help boat owners uphold a clean and sleek hull surface when applied to their vessels.

Marine Anti-Fouling Coatings Market Scope:

 

Report Metric	Details
Market Size Value in 2021	US$2.143 billion
Market Size Value in 2028	US$3.296 billion
Growth Rate	CAGR of 6.34% from 2021 to 2028
Base Year	2021
Forecast Period	2023 – 2028
Forecast Unit (Value)	USD Billion
Segments Covered	Resin, Product Type, Application, and Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	PPG Industries, Hempel A/S, BASF SE, Akzo Nobel NV, Jotun, Nippon Paint, Kansai Paint, The Sherwin Williams, Chugoku Marine Paints Ltd., Extreme Coatings
Customization Scope	Free report customization with purchase

 

Segmentation:

• By Resin
  • Epoxy
  • Alkyd
  • Polyurethane
  • Others   
• By Product Type
  • Self-polishing
  • Copper-based
  • Hybrid
  • Others
• By Application
  • Tank Coatings
  • Hull Coatings
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Taiwan
    • Others

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1.  INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. MARINE ANTI-FOULING COATINGS MARKET, BY RESIN

5.1. Introduction

5.2. Epoxy

5.3. Alkyd

5.4. Polyurethane

5.5. Others    

6. MARINE ANTI-FOULING COATINGS MARKET, BY PRODUCT TYPE

6.1. Introduction

6.2. Self-polishing

6.3. Copper-based

6.4. Hybrid

6.5. Others 

7. MARINE ANTI-FOULING COATINGS MARKET, BY APPLICATION

7.1. Introduction

7.2. Tank Coatings

7.3. Hull Coatings

7.4. Others 

8. MARINE ANTI-FOULING COATINGS MARKET, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. By Resin

8.2.2. By Product Type

8.2.3. By Application

8.2.4. By Country

8.2.4.1. USA

8.2.4.2. Canada

8.2.4.3. Mexico

8.3. South America

8.3.1. By Resin

8.3.2. By Product Type

8.3.3. By Application

8.3.4. By Country

8.3.4.1. Brazil

8.3.4.2. Argentina

8.3.4.3. Others

8.4. Europe

8.4.1. By Resin

8.4.2. By Product Type

8.4.3. By Application

8.4.4. By Country

8.4.4.1. Germany

8.4.4.2. France

8.4.4.3. United Kingdom

8.4.4.4. Spain

8.4.4.5. Others

8.5. Middle East and Africa

8.5.1. By Resin

8.5.2. By Product Type

8.5.3. By Application

8.5.4. By Country

8.5.4.1. Saudi Arabia

8.5.4.2. UAE

8.5.4.3. Israel

8.5.4.4. Others

8.6. Asia Pacific

8.6.1. By Resin

8.6.2. By Product Type

8.6.3. By Application

8.6.4. By Country

8.6.4.1. China

8.6.4.2. Japan

8.6.4.3. India

8.6.4.4. South Korea

8.6.4.5. Indonesia

8.6.4.6. Thailand

8.6.4.7. Taiwan

8.6.4.8. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES

10.1. PPG Industries

10.2. Hempel A/S

10.3. BASF SE

10.4. Akzo Nobel NV

10.5. Jotun

10.6. Nippon Paint

10.7. Kansai Paint

10.8. The Sherwin-Williams

10.9. Chugoku Marine Paints Ltd.

10.10. Extreme Coatings 

PPG Industries

Hempel A/S

BASF SE

Akzo Nobel NV

Jotun

Nippon Paint

Kansai Paint

The Sherwin-Williams

Chugoku Marine Paints Ltd.

Extreme Coatings