About Antifouling Coatings
Biofouling is the accumulation of subaquatic organisms on any surface, if immersed in water, fresh water, or sea water for a long time. It can occur anywhere where water is present. In the case of boats, ships, it can affect the performance of the vessel and increase the consumption of fuel. Antifouling coatings are used to prevent biofouling on the surface of the hull of boats, ships, and offshore rig structures. They can be copper-based, self-polishing copolymer, or hybrid.
Technavio’s analysts forecast the global antifouling coatings market to grow at a CAGR of 13.11% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global antifouling coatings market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Antifouling Coatings Market 2017-2021
Technavio recognizes the following companies as the key players in the global antifouling coatings market: Akzo Nobel, Hempel, Jotun, PPG industries, and Sherwin-Williams Company
Other Prominent Vendors in the market are: BASF, Boero, Chugoku Marine Paints, DuPont, Kansai Paints, Nippon Paint Holdings, Sea Hawk Paints, San Cera Coat Industries, Altex Coatings, The Witham Group, and PYI.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Use of eco-friendly components. Antifouling coatings contain chemicals that cause harm to the marine flora and fauna. Strict regulations against the use of harmful chemicals have been implemented to safeguard the marine environment. Research and experiments are being undertaken to find alternatives to these harmful chemicals and replace them with eco-friendly ones. It is possible that in the coming years, antifouling coatings with no biocide may enter the market. This can be a step ahead toward sustainability.”
According to the report, one of the major drivers for this market is Growth in ship building industry. The ship building industry is a major end user for the global antifouling coatings market. The growth rate of this industry was very slow until 2010. Since then, it has shown accelerated growth mainly due to growth in seaborne trade, increasing global Foreign Direct Investment (FDI) flows, and expanding multinational company's businesses. Manufacturing new ships and an increase in repair and maintenance of old ships are major growth drivers for the global antifouling coatings market.
Further, the report states that one of the major factors hindering the growth of this market is Cost of raw materials. The price of raw materials has always been a challenge for the global antifouling coatings market. The manufacturing of antifouling coatings involves many chemicals, which are available in the commodities market. Fluctuation in the prices of these components affects the price of antifouling coatings. For example, copper is one of the major components in several antifouling coatings. Fluctuation in the price of copper will directly impact the price of antifouling coatings.
Akzo Nobel, Hempel, Jotun, PPG industries, Sherwin-Williams Company, BASF, Boero, Chugoku Marine Paints, DuPont, Kansai Paints, Nippon Paint Holdings, Sea Hawk Paints, San Cera Coat Industries, Altex Coatings, The Witham Group, and PYI.