Global Antifouling Coatings Market - 2021-2028
Antifouling paints and coatings are specialized paints that are applied to the hull of a vessel or hull of a ship. It prevents the growth of sub-aquatic organisms and also enhances the performance and durability of the vessel. It is important to prefer preventive maintenance over breakdown maintenance in the marine industry for the growth of the Global Antifouling Coatings market.
The Global Antifouling Coatings market size was valued at US$ XX billion in 2020 and a growth in market size is expected resulting in a market size worth US$ XX billion by 2028, growing at a CAGR of XX% during the forecast period (2021-2028).
The major factor driving the rising demand for Antifouling Coatings in the marine industry is the increasing expenditure for the prevention of vessels and ships from surface corrosion in an attempt to increase the lifespan of the vessels and ships.
The eco-friendly nature of copper will drive the market Growth
The shipbuilding industry is growing across the globe particularly across China, Japan, South Korea, Bangladesh, Vietnam, Philippines. The demand for antifouling paints and coatings is expected to rise due to the growth of the shipbuilding and marine industry. But since 2019 the maritime industry is declining due to the trade dispute between the US and China and the US imposing trade sanctions against Iran and then covid-19 worsened the situation but after the pandemic, it is expected that the industry will grow resulting in the growth of the market of antifouling paints. The coating provides safety against surface fouling and corrosion and also against any external contamination. The copper-based segment is favourable to other antifouling paints and coating which are present currently as it is less harmful to the environment and is thus expected to grow faster compared to other segments in the future. Copper also has harmful effects on flora and fauna so the companies are looking at using slime and other chemicals for making these paints.
The need for protection against fouling, corrosion and any contamination to increase lifespan and increase in sea trade are the driving factors for the market growth
Antifouling paints and coatings protect the ships, vessels from corrosion, fouling and any external contamination thus increasing the lifespan of the vessel. It also decreases the fuel consumption due to less frictional resistance and also prevents the vessel from fouling organisms that stick to the hulls of the ship. The increase in sea trade activities led to the growth in the market of antifouling paints and coating market. Various types of vessels use antifouling paints and coating such as container ships, cargo ships and bulk carriers. Nowadays material management is given importance in the industry as it reduces the inventory cost. Copper also has harmful effects on flora and fauna so the companies are looking at using slime for making these paints.
High Cost involved with the Coating Technology and trade restrictions between the countries is hampering the growth of the market of Global Antifouling Paints and Coating
COVID-19 Impact Analysis
The Global Antifouling Coating Market has shown a slight decline due to the COVID-19 pandemic, as there were full or partial lockdowns in many countries of the world and there was a huge gap in supply and demand of goods, import-export was also affected. Due to Covid-19 and various restrictions in the part of the world, production facilities were shut down and governments all over the world gave trade less importance than safety and health so trade was affected. Even the oil and gas industry was affected due to covid-19. According to the figures by the Nasdaq exchange in New York, on 1st January 2020 price of crude oil was $67.05 per barrel and on march 15 2020 the price dropped down to $30 per barrel. On 8 March 2020, Saudi Arabia also started an oil price war against Russia and Russia moved out of the OPEC + which led to a 60-65% fall in the prices of oil and during April 2020 oil prices became negative. Trade sanctions against Iran and trade dispute between the US and China also affected the oil industry so these all factors hamper the growth of the market and it is expected that the market will grow at a steady rate shortly due to the developing shipbuilding industry in the Asia-Pacific region and also China, India buying more oil and it is expected that the US will remove sanctions on Iran. Most industries were affected except medical supplies and other essential services.
The Global Antifouling Coating Market is segmented based on type, application and region.
Based on type, Global Antifouling Paints and coating is segmented into Copper-Based, Self Polishing, Hybrid, Hard antifouling, Eroding antifouling and many Others
The copper-based antifouling paints & coatings segment is the fastest-growing type segment in the market as these coatings are environment-friendly and are used in hulls of ships, boats and underwater surfaces of shipping vessels. The copper-based antifouling paints and coatings also ensure that there is no fouling of surfaces of ships or boats and which result in substantial fuel savings and consequently reduce the emission of greenhouse gases. Copper is also less expensive compared to other biocides. These paints can leach copper with the water when the vessels, boats and ships are inside the water. According to the report by Germany’s environment agency (UBA), antifouling paints on recreational boats pollute the German waters with about 70 tonnes of copper per year. Several countries and states are focused on developing copper-free antifouling paints as the level of copper found to be more than is 3.1 μg/L in several marine areas. In 2020, Washington state banned the use of antifouling paints containing more than 0.5% copper and they will avoid the use of copper-based coatings by 2021. Due to various restrictions on copper-based paints and focusing on copper-free paints, the market share of copper-based paints is expected to decline but currently, there is no biocide better than copper except Propspeed which has no biocide. Even zinc paints are also used in some areas where copper-based paints are restricted. Hard, Eroding and Self-polishing release biocide from the surface of the coating. In Hard coating, residue product is left after the process and it is used for the boat which is in regular use. Eroding coating erodes in the water and after the process, almost no antifouling paint is accumulated on the hull. Self-Polishing Copolymer offers controlled biocide release and erosion control. Hybrid paints offer a better quality of both Hard and Eroding coatings. Block copolymers are also used to mix properties of erosion and hydrophobicity. Poly(ɛ-caprolactone) (PCL) and poly(dimethylsiloxane) (PDMS) homopolymers are used for binding for antifouling paints.
Based on application, the Global Antifouling Coatings Market is segmented into shipping vessels, Drilling Rigs & Production Platforms, Fishing Boats, Yachts & other Boats, Inland Waterways Transport, Mooring Lines and others.
Based on the distribution channel, the Global Antifouling Coatings Market is segmented into the manufacturer, distributor, service provider and aftermarket.
On the basis of Region, Global Antifouling Coating Market is segmented as North America, Europe, Asia-Pacific, The Middle East, Africa and South America.
Asia-Pacific has the highest market share in the global antifouling paints & coatings market followed by North America and Europe. The Asia Pacific market is expected to witness high growth due to rapid industrialization, increasing foreign direct investment and positive economic outlook in countries such as India, China and ASEAN countries and the shipbuilding activities across China, India, Bangladesh, South Korea and Japan is growing rapidly primarily due to availability of low-cost labour and raw materials and labour and this is driving for the growth of the market in this region and also many major companies are focusing on this region like Sherwin-Williams launched two innovations in china for this region which are Odor Evaluation Center and Low Odor Series consisting of eight wood coatings products and also countries like China, Thailand, Philippines and India are doing exploration and production activities to meet the growing crude oil and natural gas demand and due to the demand for these paints & coatings for production platforms and drilling rigs will increase the market growth in this region. China is also the largest consumer and producer of antifouling paints and innovative technologies will also drive the market.
The Global Antifouling Coating market is fragmented with key global players in the market. Some of the major companies contributing to the market's growth are- Sherwin-Williams, BASF, PPG Industries, Chugoku Marine Paints Ltd, Nippon Paint Marine Coating Co.Ltd, Guangzhou Liangdian Automotive Supplies Co., Ltd., Akzo Nobel N.V, Shenzhen I-Like Fine Chemical Co., Ltd, WAKO CO., LTD, Foshan Shunde, Guanjiang Chemical Technology Co., Ltd, Kop-Coat Marine Group, Jotun, Hempel A/S, Advanced Marine Coatings AS, Boero Yacht Coatings.
Mergers and acquisitions increase the competition in the market such as AkzoNobel acquired Mauvilac for its expansion in Sub-Saharan Africa, it also acquired powder coatings and PPG Industries acquired ICR. New Innovations, Product Launches, Collaborations, Joint Ventures, Partnerships and Agreements makes the market quite competitive such as BASF recently launched Acronal and AQAcell. Many companies are shifting to eco-friendly production methods due to sustainability awareness. Investment and divestment by the company also increased competition such as BASF divested the construction chemicals. Companies also come together for projects such as Sherwin-Williams announced the names of key partners such as Pickard Chilton Architects Inc for designing the global headquarters, Vocon Partners, LLC as the interior architect of the global headquarters, CBRE Inc.(Real estate and economic development advisor) and many more for an R&D project and new global headquarters in downtown Cleveland in February 2020. Companies also change plans and strategies for specific regions increasing the competition like Sherwin-Williams announced the marketing strategy targeting the Asia-Pacific region for wood coatings and under this, they announced two eco-innovation initiatives for china which are: Odor Evaluation Center and Low Odor Series consisting of eight wood coatings products. Nippon also launched antifouling technology based on anti-thrombogenic polymers in 2018.
Sherwin-Williams is an American paint and coating manufacturing company which is based in Cleveland, Ohio. The company deals with the development, manufacturing, distribution and selling of coatings, paints, floor covers and related products across various industries and operates in around 120 countries of the world. The headquarters of the company is in Midland Building in Cleveland. The company has three segments: Brands Group, The Americas Group and Performance Coatings Group. The Americas Group deals with architectural paints & coatings, protective & marine products, OEM product finishes and related products for architectural and industrial paint contractors. The Performance Coatings Group deals with industrial coatings for wood finishing, general industrial applications, protective and marine coatings, automotive refinish products, packaging coatings, coil coatings, and performance-based resins and colourants. Brands Group deals with selling and distribution of paints, coatings under several brand names like Bestt Liebco, Duron, Dutch Boy, Ronseal etc. The company also acquired Columbia Paints & Coatings and Leigh’s Paints in 2007, 2011 respectively. It is a public based company.
● Wood finishing
● Coatings for Metal and plastic
● Powder Coating Solutions
● Pro-Line Vinyl Copper Antifouling Paint
● Seaguard Ablative Antifoulant: It is an antifouling coating that is based on a cuprous oxide containing polyamide polymer.
● Sherwin-Williams announced the names of key partners such as Pickard Chilton Architects Inc for designing the global headquarters, Vocon Partners, LLC as the interior architect of the global headquarters, CBRE Inc.(Real estate and economic development advisor) and many more for an R&D project and new global headquarters in downtown Cleveland in February 2020.
● Sherwin-Williams announced the marketing strategy targeting the Asia-Pacific region for wood coatings and under this, they announced two eco-innovation initiatives for china which are: Odor Evaluation Center and Low Odor Series consisting of eight wood coatings products
The major stockholders of the company are The Vanguard Group, Inc, BlackRock Fund Advisors, SSgA Funds Management, Inc, Geode Capital Management LLC with market shares of 7.33%, 4.25%, 3.92%, 3.88% respectively. In 2020 it was ranked 162 in fortune 500 companies. The market value of the company is USD 0.65 billion as of 31st March 2021.
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The Global Antifouling coating market report will provide access to approximately 57 market data tables, 62 figures, and 270 pages
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