Antifouling Coatings Market: Overview
Antifouling coatings are a special type of coating that is applied with paint to the bottom of a ship or marine vessel to prevent or retard the degeneration of the metallic surface that remains submerged. Usually, subaquatic organisms start building colonies on the parts of the ship that remain underwater. Excessive growth of these organisms often leads to a hydrodynamic drag, leading to high fuel consumption and poor performance. In order to maintain the performance and the life of the vessel, manufacturers use antifouling coatings that contain special chemicals designed to prevent growth of algae, barnacles, and other such living organisms.
The antifouling coatings market has gained momentum due to rising sea trade activities, which has led to a rise in the number of ships. The various types of vessels using antifouling coatings are bulk carriers, cargo ships, and container ships.
The research report on the global antifouling coatings market provides a thorough analysis of the overall market and the answers pertinent to questions about the scope of the market. The report aims to explain the competitive scenario and the nature of the vendor landscape to the readers through well-researched chapters. Furthermore, the document contains Porter’s Five Forces Analysis and SWOT analysis to highlight the various factors responsible for the growth or decline of the overall antifouling coatings market.
Antifouling Coatings Market: Key Trends and Opportunities
Poor output of vessels due to the growth of organisms is the primary driver of the global antifouling coatings market. A drop in speed not only slows down the time taken for transportation, but also increases the risk of goods perishing in transit. The possibility of corrosion of metallic coating and the chances of shipworms causing decay to the goods prompt ship manufacturers to use antifouling coatings. Furthermore, the threat of marine organisms being transported out of their ecosystems and the potential hazard of this to the marine life is fueling demand for these coatings.
The new-age antifouling coatings contain special chemicals such as biocides, organotin compounds, copper, and synthetic chemical compounds. Unfortunately, these are known to have a negative impact on the environment. For instance, usage of paints containing tributyltin has been banned due to high level of toxicity. Companies in this market are also looking at ways to reduce the use of copper in antifouling coatings, as copper too has adverse effects on marine flora and fauna.
On the other hand, players are looking at using slime for making antifouling paints that are friendlier to marine life. Technological advancements and increasing investments in research and development are likely to create several growth opportunities in the market in the near future. The burgeoning oil and gas industry is also expected to offer newer growth platforms to the global antifouling coatings market.
Antifouling Coatings Market: Region-wise Outlook
Asia Pacific dominates the global antifouling coatings market due to the massive shipbuilding industries in South Korea, Japan, Taiwan, and the Philippines. Rise of the shipbuilding industry in Asia Pacific is expected to keep the performance of the antifouling coatings market steady. Demand for antifouling coatings is also expected to rise in this region due to increasing expenditure on exploration and production of natural gas and crude oil in Thailand, India, and China.
The top players in the global antifouling coatings market are PPG Industries, Inc., BASF SE, AkzoNobel N.V., Hempel, Archer Daniels Midland Company, Nippon Paint Holdings Co. Ltd., Jotun, Sherwin-Williams Company, Chugoku Marine Paints Ltd., Kansai Paint, and Advance Marine Coatings AS, among others. These companies focus on developing eco-friendly coatings from palm oil to reconcile the issue of rising environmental concerns and the need to safeguard the vessels.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
- Middle East and Africa (GCC, Southern Africa, North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.