Global Marine Anti Fouling Coatings Market - Segmented by Type, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global marine anti-fouling coating market is expected to grow at a moderate rate during the forecast period, 2018-2023. Asia-Pacific is anticipated to remain as the largest market for marine anti-fouling coatings, followed by North America, and Europe.
Marine anti-fouling coatings are used to coat the bottoms of ships to prevent them from algae and mollusks, which, if attached, can slow down the ship speed, thus increasing the fuel consumption.
Shipbuilding Industry Driving the Asia-Pacific Region
Asia-Pacific is expected to remain the largest market for marine anti-fouling coatings. China, being the major player in the shipbuilding industry, is driving the anti-fouling coating market in Asia-Pacific. Also, India, Vietnam, and the Philippines are witnessing a high growth of the shipbuilding industry, providing large opportunities for the marine anti-fouling coating market. In addition, demand exists for fuel-saving and low-emission coatings in Asia-Pacific countries, which contribute to the growth of the studied market.
Accelerating Ship Building Activities
The global marine anti-fouling market is mainly driven by increasing production of leisure boats, increasing ship repairs & maintenance activities, and growing demand from the oil & gas industry. Moreover, the rising consumption of commercial vessels, passenger ships, yachts, cargo, and conventional offshore drilling rigs is expected to expand industry growth over the forecast period.
Hull Coating Applications Dominating the Market
The global marine anti-fouling coating market is segmented on the basis of products, applications, and geography. Based on application, the market is segmented into hull coatings, tank coatings and others. Of this, hull coating applications dominate the studied market because of increasing production of offshore ships, which include passenger and cargo, along with offshore drilling activities.
Key Developments in the market
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