Antifouling Coating Market - Forecast(2023 - 2028)

Antifouling Coating Market Overview

Antifouling Coating market size is forecast to reach US$10.2 billion by 2026, after growing at a CAGR of 8.3% during 2021-2026. Antifouling Coatings are used to protect metal/alloys from natural degradation caused by different corrosive agents such as moisture, chemicals, salt, and others. They offer several benefits to the ships they are painted on including improvement of appearance, weather resistance, resistance to chemical solvents such as water, oils, and resistance to impact while in transit. With the increasing production of leisure boats, shipping vessels, and cruise ships, an increase in ship repairs & maintenance activities and rising demand from the oil and gas industry will drive the market demand for marine anti-fouling coatings. Whereas stringent government regulations and increasing usage of high-standard, durable products are hampering the growth of the market. Major types of antifouling coatings are copper-based and self-polishing copolymer. Whereas, the growing demand for Chlorinated Rubber, Epoxy coating, and Polyurethane-alkyd resin coatings are growing across maintenance paints, traffic marking, swimming pool paint, adhesives and fire retardants and this is further driving the growth of this market.

COVID-19 Impact

However, operations in various industries such as oil & gas, automotive, and aerospace is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. This is limiting Antifouling Coatings market growth. The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing anti fouling coatings. One of the major difficulties market is facing is the shutdown of all kinds of International transportation. Global crisis for all sectors including coatings, which was hit by slowing demand, in goods’ production and exports had slowdown the market for Marine Anti-Fouling Coatings Market

Report Coverage

The report: “Antifouling Coating Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Antifouling Coating Industry.

By Type: Copper-based, Self-Polishing Copolymer, Hybrid, and Others.
By Application: Shipping Vessels, Drilling Rigs & Production Platforms, Fishing Boats, Yachts & Other Boats, Inland Waterways Transport, and Mooring Lines.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa).

Key Takeaways

• Asia-Pacific dominated the global market, owing to the surging demand from the shipbuilding industry.
• Increasing expenditure on luxury goods, and the new, innovative coatings and application technology, are likely to aid in the market growth of Marine Anti-Fouling Coatings.
• Anti-fouling coatings are experiencing a renaissance. Accelerated progress based on nan chemistry has enabled the synthesis of ecofriendly coatings with improved foul release performance, and also antifouling properties, this will increase the market demand for Marine Anti fouling coatings in the near future.
• The high penetration of coatings manufacturers in the marine sector is expected to hinder the entry of new players.

Figure: APAC Antifouling Coating Market Revenue, 2020-2026 (US$ Billion)

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Antifouling Coating Market Segment Analysis - By Type

Copper-based antifouling paints & coatings held the largest share in the anti-fouling coatings market in 2020. Copper-based antifouling paint has been repeatedly tested for efficacy in hundreds of coatings formulations by multiple manufacturers. The efficiency of an antifouling coating depends on site-specific fouling pressure where the vessel operates, which biocide(s) are used in the formulation, and the biocidal release rate from the painted surface to the ambient water. Use of copper-based antifouling paints formulated to protect recreational boat hulls. Copper coatings keep ships clear from unwanted sea life but environmental concerns are there. It became highly reliant on copper, a veteran in protecting boats. As early as the 18th century, hulls were covered in a thin layer of the compound where, in reaction with seawater, it would form copper oxychloride that deters marine creatures from getting a grip. Now, most antifouling products consist of copper metal oxides in combination with other co-biocides, such as zinc pyrithione or the polymer zineb.

Antifouling Coating Market Segment Analysis - By Application

The shipping vessels segment held the largest share of more than 30% in the Antifouling Coatings market in 2020 and is anticipated to grow at a CAGR of 3.86% through the forecast period. These coatings are applicable for all vessel types and ages. Ships are generally recoated every fifth year and by applying the high-performance coating, hull resistance can be reduced. The reduction potential in frictional resistance will be higher for full bodied ships such as bulkers and tankers. For existing ships, there is also a higher potential on segments with a relatively high average ship age. For these segments it is assumed that hull sandblasting will be needed in order to obtain the full effect. The measure will have a capital expense every fifth year when the ship is in dry dock.

Antifouling Coating Market Segment Analysis - By Geography

APAC dominated the Marine anti-fouling coatings market. In Asia-Pacific, countries, such as China, Japan, and South Korea, are the leading producers of vessels, while large shipyards also exist in various other nations of the region. Ships are mainly built after procuring projects, and according to customer requirements. It takes a minimum of 2 years to complete the production of a ship. Currently, countries in the Asia-Pacific region have been receiving bulk orders for vessels. Moreover, increasing expenditure on exploration and production of crude oil and natural gas in China, India, and Thailand are expected to further fuel demand for these Marine anti fouling Coatings in drilling rigs and production platforms,

Antifouling Coating Market Drivers

Rising demand for sustainable and eco-friendly antifouling coatings

Foul release coatings were first used on vessels in the early 1990s, but despite early excitement about the technology, they have had a prolonged modest market share due to high cost and poorer performance when compared to biocidal marine coatings. Anti-fouling coatings are experiencing a renaissance. Accelerated progress based on nanochemistry has enabled the synthesis of ecofriendly coatings with improved foul release performance, and also antifouling properties, this will increase the market demand for Anti fouling coatings in the near future.

Developing oil and gas industry drive the market growth

Companies are investing a lot in research and development to expand the efficiency of antifouling coatings, which in turn is expected to increase the demand from end-users. Technology advancement worldwide is one of the trends expected to add to the growth of the global antifouling coatings market. Increased demand of oil and gas, increasing population and urbanization are drivers for growth of antifouling coatings market. These are also widely used for the protection of structural infrastructure and machinery in rigs.

Antifouling Coating Market Challenges

The fluctuating raw material cost

Price and availability of raw materials are major factors that affect the price of the end products. The major challenge for the global Antifouling Coatings market is the oscillating price trends of raw materials, which are fluctuating due to volatile energy prices, as most of the raw materials are petroleum-based. According to BP statistics, in 2018, average crude oil price increased to $71/ bbl from $54/bbl in 2017.  Fluctuations in crude oil prices impact the cost of raw materials such as acrylic, epoxies, polyurethanes, and alkyds which are used in the production of Antifouling Coatings. Therefore, the fluctuation in raw materials prices is affecting Antifouling Coatings price which is limiting its market growth.

Stringent regulations to reduce carbon footprint and VOC emissions

Several organizations such as the United States Environmental Protection Agency, the California Air Resources Board, and others have set various regulations and policies to reduce carbon footprint and VOC emissions from coatings. For instance, the control technique guidelines (CTGs)  developed by EPA, which set limits on VOC emissions from coatings for various industries, particularly in areas that exceed certain levels of lower atmospheric ozone. In January 2018, the EU published the German version of DIN EN 16516, a test standard that uniformly regulates the emission measurement of construction products including coatings. In Canada, regulations such as Volatile Organic Compound (VOC) Concentration Limits for Architectural Coatings Regulations (SOR/2009-264) and Volatile Organic Compound (VOC) Concentration Limits for Certain Products Regulations, has set limits on VOC emission from coatings. In addition, in the eastern United States, the Ozone Transport Committee (OTC) makes environmental policy for thirteen states on limiting VOC emission from coatings, including New England, New York, Pennsylvania, Delaware, New Jersey Maryland and the Washington D.C. Growing environmental concern is resulting in more stringent regulations limiting VOC emission from coatings, which is may hinder market growth

Antifouling Coating Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Antifouling Coating market. Major players in the Antifouling Coating market are:

1. BASF SE
2. Hempel A/S
3. PPG Industries
4. Kansai Paint Co., Ltd.
5. Jotun
6. Axalta Coating Systems
7. AkzoNobel N.V.
8. The Sherwin-Williams Company
9. RPM International Inc.
10. Nippon Paint Holdings Co., Ltd., among others

Acquisitions/Technology Launches

• In January 2020, BASF announced a single-digit million-euro investment in the capacity expansion of water-based polyurethane dispersions at its Castellbisbal site in Spain. The expansion will allow BASF to increase its production capacity by 30 percent.
• In February 2019, Hempel launches a powerful new antifouling coating – Atlantic+ – providing flexible and reliable performance. Delivering unparalleled protection, Atlantic+ is designed to protect the hull from fouling throughout service intervals of up to 60 months 

Relevant Reports

 Marine Coatings Market – Forecast (2021 - 2026)
Report Code: CMR 0111

Coating Additives Market – Forecast (2021 - 2026)
Report Code: CMR 0140

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