Marine Anti-Fouling Coatings Market is projected to grow at a CAGR of 6.34% to reach US$ 3.296 billion by 2028
A new analysis report on the global marine anti-fouling coatings market, which is forecasted between 2021 and 2028, has been published by Knowledge Sourcing Intelligence.
Rising demand for anti-fouling coatings from ship repair and maintenance operations is propelling the marine anti-fouling coatings industry forward. Anti-fouling coatings are expected to be in high demand due to drydocking and maintenance. Moreover, a rising number of new shipbuilding projects is expected to boost marine coatings market growth throughout the forecast period. The increased need for fuel-saving and low-emission coatings is also likely to play a major role in driving marine coatings market growth.
As per the report, the global marine anti-fouling coatings market is expected to grow at a CAGR of 6.34% during the forecast period to reach a market size of US$3.296 billion in 2028, from US$2.143 billion in 2021.
The marine antifouling coating is a sort of specialized coating that is often applied to ship or boat hulls to prevent germs or microorganisms from growing on the hull. The presence of species in this segment of the vessel might have a significant impact on its stability and efficiency. Apart from combating microbial activity, this coating also provides corrosion protection for hulls, increasing efficiency and water flow. The growing use of hull coatings due to the enormous production of offshore boats, including passengers and cargo, as well as oil exploration operations, tends to boost the marine anti-fouling coatings market. Anti-fouling hull coatings are often applied to submerged components of a ship to reduce microbial development in areas exposed to the hull. Coatings provide stability and lifespan, as well as benefits like self-clearance.
The market is witnessing multiple collaborations and technological advancements, for instance, AkzoNobel NV confirmed the introduction of a new biocide-free (B-Free) fouling control range from AkzoNobel’s Yacht Coatings division in November 2022, that enables boaters to maintain a clean, smooth hull when applied to the ship or boat’s hull. Since it lacks biocides, the new product line is beneficial to the marine habitat. It also has a flat surface, which makes hulls more efficient, resulting in a lower carbon footprint.
Based on resin the global marine anti-fouling coatings market is divided into epoxy, alkyd, polyurethane, and others. Among these resins types the epoxy category is likely to have a major market share and is poised to expand significantly over the forecast period. This market growth can be attributed to its features such as high corrosion and abrasion resistance. Furthermore, epoxy-based marine coatings are employed in multi-component coatings with various types of coatings.
Based on product type the global marine anti-fouling coatings market is divided into self-polishing, copper-based, hybrid, and others. Among these, the copper-based category is expected to grow substantially over the forecast period. This is because copper-based coating is more durable, effective, and reliable in preventing the biofuels in the ships which consequently aids in enhancing the performance of fuel economy.
Based on application the global marine anti-fouling coatings market is divided into tank coatings, hull coatings, and others. Among these, the hull coating category had the major market share and is poised to grow significantly over the forecast period. Hull coatings are important as they help in protecting the part of the vessel that is submerged from fouling organisms. These coatings are intended to prevent marine creatures from attaching to and growing on the ship’s hull, which would otherwise result in increased drag, fuel consumption, and maintenance expenses. Hull coatings not only improve overall vessel performance, but they also help fuel efficiency and environmental sustainability by eliminating the need for periodic dry-docking and cleaning and are therefore widely used in the marine industry
Based on Geography the North American region especially the United States is likely to grow significantly and is projected to dominate the market over the forecast period. The existence of numerous marine anti-fouling coating manufacturers in the nation, together with the US government’s demand to use biocide anti-fouling paint to safeguard the marine ecosystem, is driving the growth of the marine anti-fouling coatings market. Increased water transportation in the United States is also one of the factors driving expansion. Moreover, North America is seeing a significant expansion in offshore oil and gas mining activities, which adds to the increasing demand for boats in these locations and eventually aids in the market growth.
As a part of the report, the major players operating in the global marine anti-fouling coatings market, that have been covered are PPG Industries, Hempel A/S, BASF SE, Akzo Nobel NV, Jotun, Nippon Paint, Kansai Paint, The Sherwin Williams, Chugoku Marine Paints Ltd., Extreme Coatings
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/marine-anti-fouling-coatings-market
The market analytics report segments the global marine anti-fouling coatings market on the following basis:
- 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
- North America
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- Global Hydrophobic Coatings Market Size
