Global Antifouling Coatings Market is segmented By Application (Vessels, Rigs), By Type (Copper-based, Self-polishing Copolymer, Hybrid, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Antifouling Coatings Market Overview
[178 Pages Report] Global Antifouling Coatings Market is expected to grow at a high CAGR of 4.7% during the forecasting period (2023-2030). Antifouling coatings are applied to boats, yachts, or ships to reduce organisms' growth on the hull and prevent corrosion. Such coatings help in improving the durability and performance of the vessel. These coatings are also used in fixed and floating offshore oil rigs.
One of the major trends expected to contribute to the global antifouling coatings market's growth is the rapid technological advancements. Companies invest heavily in R&D to further enhance antifouling coatings' efficiency, increasing their demand from end-users.
Antifouling Coatings Market Scope
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Metrics |
Details |
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Market CAGR |
4.7% |
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Segments Covered |
By Application, By Type and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Antifouling Coatings Market Dynamics
Stringent regulations governing the shipbuilding industry and the rising oil and gas industry are the two major drivers of the global antifouling coatings market. Urbanization and the increasing demand for oil and gas from the transportation industry contribute to its growth. Antifouling coatings are widely used for the maintenance and protection of machinery and structural infrastructure in rigs. Drilling contractors are expanding their fleets of rigs. This is leading to increased adoption of antifouling coatings, fueling the growth of the market.
Stringent regulations governing the shipbuilding industry and increasing the cost of maintenance of ships and marine equipment are prompting ship owners and drilling contractors to use antifouling coatings. Antifouling coatings reduce fuel consumption, improve the life of vessels, and enable compliance with environmental regulations.
Antifouling Coatings Market Segmentation Analysis
The global Antifouling Coatings market is classified based on application, type, and region. The application segment is further classified into vessels and rigs.
The vessel segment is projected to account for the majority share of 8o% of the global antifouling coatings market in 2018. However, the shipbuilding industry's decline has led to a decline in the registration of new vessels. This has harmed market growth. The rigs segment is expected to grow faster than the vessels segment due to immense oil and gas industry opportunities and technology advances. The rigs segment is expected to account for 20% of the market in 2018. High demands from the oil and gas industry coupled with APAC technology advancements are anticipated to drive this market demand during the forecast period.
Antifouling Coatings Market Geographical Share
The Asia-Pacific region holds the largest market share in 2018, followed by Europe and North America with approximately 54%, 30%, and 8%. APAC will continue to dominate the market over the forecast period due to immense opportunities in the region's oil and gas industry.
South Korea, Japan, and China dominated with 80% of liquefied natural gas tankers' orders. The market has the advantage of low-cost labor, advanced technology, government support, and raw material (steel) availability. The Deep-sea drilling boom led to the offshore segment's growth, driving the market for shipbuilding in APAC. Countries in Southeast Asia are expected to emerge as potential markets during the forecast period. China was the largest producer and consumer in the global antifouling coatings market in 2018. The shipbuilding industry in China has been growing rapidly, resulting in a high growth rate in its antifouling coatings market. Also, innovative technologies and large vessels are expected to drive China's market during the forecast period.
Antifouling Coatings Companies and Competitive Landscape
The global antifouling coatings market is a moderately competitive market with the presence of only a few players. The market's major vendors are planning to shift to eco-friendly production methods due to increased sustainability awareness.
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- Visualize the Antifouling Coatings Market products' composition in Transmission Type, and application highlighting the critical commercial assets and players.
- Identify commercial opportunities in the Antifouling Coatings Market by analyzing trends and co-development deals.
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