Global Antifouling Paints and Coating Market - 2020-2027

Global Antifouling Paints and Coating Market - 2020-2027

Market Overview

Antifouling paints and coatings are specialized paints, applied to the hull of a vessel to prevent the growth of sub-aquatic organisms and to enhance vessel performance and durability. Increasing consumption of antifouling coatings in passenger ships, yachts, commercial vessels, conventional offshore drilling rigs and Floating Production Storage and Offloading (FPSO) is expected to augment market growth. Moreover, increasing popularity of preventive maintenance over breakdown maintenance in the marine industry is anticipated to play a vital role in augmenting the product demand.

The global antifouling paints and coating market size was worth US$ XX billion in 2020 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).

Market Dynamics

The increasing expenditure in the marine industry for the prevention of vessels and ships surface corrosion in order to increase their lifespan is one of the key factors driving the growth of global antifouling paints and coating market. Furthermore, the increased focus on enhancing vessel durability and surging government initiatives for environmental protections are expected to drive the market growth.

The eco-friendly nature of copper is expected to drive the market growth

The robust growth of shipbuilding industry across the globe particularly across China, Japan, Taiwan, South Korea, and Bangladesh. With the growth of shipbuilding industry, the demand for antifouling paints and coating is expected to increase as this coating provides an efficient protection against surface fouling. The copper-based segment is expected to grow at a substantial growth rate during the assisment period. Furthermore, it is less harmful to the environment as compared other types of antifouling paints and coatings.

The need for protection against corrosion, external contamination and fouling is expected to drive market growth.

Antifouling paints & coatings are used on marine vessels to elongate its lifespan by protecting against cprrosion and fouling. It is also used for reducing the fuel consumption as they decrease frictional resistance and prevent fouling organisms from sticking to the hulls. The antifouling paint & coatings market has gained significant momentum owing to the growing sea trade activities, which has led to a increase in the number of vessel. The various types of vessels using antifouling coatings are container ships, cargo ships, and bulk carriers.

COVID-19 Impact Analysis

The outbreak of corona virus pandemic significantly affected the global economy in many terms, such as directly affecting production and demand, supply chain disruption, import-export activities, and financial impact. COVID-19 has directly impacted the manufacturers' supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. Also, the lockdown has created a high degree of disquiet amongst the public as to the maintenance of health and safety on board shipping vessels. Fears within the industry are that the impact of COVID-19 will affect sales for a long-time, particularly in the Asian market, which has become a very important market for shipping vessels companies in recent years. But after situation became normal it will grow with steady rate in the forecast period.

Segment Analysis

Based on the type, the global antifouling paints and coating market has been classified into Copper-Based, Self-Polishing, Hybrid, Hard antifouling, Eroding antifouling, and others.

Copper-based antifouling paints & coatings segment is the fastest-growing

the copper-based antifouling paints & coatings segment is the fastest-growing type segment in the market, as these coatings are environment-friendly and as such, are increasingly used in hulls and underwater surfaces of shipping vessels. Moreover, copper-based antifouling paints and coatings ensure fouling-free surfaces of ships or boats, which result in substantial fuel savings and consequently reduce emission of greenhouse gases.

The shipping vessels segment accounted for the significant share of the global antifouling paints & coatings market

With increasing usage of antifouling paints & coatings for protecting vessels from growth of fouling organisms, along with the extension of dry dock intervals is propelling the growth of the global antifouling paints and coatings market.

Geographical Analysis

Based on geography, the study analyzes the yeast extract market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

Asia Pacific leads the global market throughout the forecast period

Asia-Pacific dominates the global antifouling paints & coatings market followed by North America and Europe. The Asia Pacific market is expected to witness high growth owing to rapid industrialization, increasing foreign direct investment and positive economic outlook in countries such as India, China and ASEAN countries. Growing shipbuilding activities across China, India, Bangladesh, South Korea and Japan primarily due to availability of low cost labor and raw materials and labor is anticipated to propel the market growth across Asia Pacific. Furthermore, increasing exploration and production activities to meet the growing crude oil and natural gas demand across China, Thailand, Philippines and India are expected to augment the demand for these paints & coatings for production platforms and drilling rigs.

Competitive Landscape

Some of the prominent players operating in the antifouling paints & coatings market include Sherwin-Williams, BASF, PPG Industries, Chugoku Marine Paints, Ltd., Boero Yachtcoatings, Nippon Paint Marine Coatings Co., Ltd., Akzo Nobel N.V, Hempel A/S and Jotun. The key market players are emphasizing on innovation and product development to create new opportunities and leverage market growth.

Sherwin-Williams

Overview: The Sherwin-Williams Company is involved in the development, manufacturing, distribution and sells of coatings, paints, and related products across wide industry verticals. The company operates its business in three segments: Consumer Brands Group, The Americas Group, and Performance Coatings Group. The Americas Group segment offers architectural paints & coatings, protective & marine products, OEM product finishes and related products for architectural and industrial paint contractors. The Performance Coatings Group segment develops and sells industrial coatings for wood finishing, general industrial applications, protective and marine coatings, automotive refinish products, packaging coatings, coil coatings, and performance-based resins and colorants. The company has its operations spread across North America, Europe, South America, and Asia-Pacific.

Product Portfolio: The company's portfolio comprises wood finishing, coatings for metal and plastic, and powder coating solutions.

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