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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players 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.