Global Antifouling Paints & Coating Market worth USD 9.21 billion by 2021: Zion Market Research
According to the report, global demand for antifouling paint and coating market was valued at over USD 5.68 billion in 2015, is expected to reach above USD 9.21 billion in 2021 and is anticipated to grow at a CAGR of slightly above 8.4% between 2016 and 2021.
Sarasota, FL, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Zion Research has published a new report titled “Antifouling Paints & Coating Market (Self-Polishing Copolymer, Copper-Based Antifouling Paints & Coatings, Hybrid Antifouling Paints & Coatings and Others) for Mooring Lines, Shipping Vessels, Fishing Boats, Drilling Rigs & Production Platforms and Inland Waterways Transport: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. According to the report, global demand for antifouling paint and coating market was valued at over USD 5.68 billion in 2015, is expected to reach above USD 9.21 billion in 2021 and is anticipated to grow at a CAGR of slightly above 8.4% between 2016 and 2021.
Antifouling is the ability of specifically designed materials and coatings to prevent biofouling i.e. accumulation of microorganisms, plants, algae, or animals on wetted surfaces. Therefore to prevent the biofouling and corrosion antifouling paints and the coating is used. Antifouling paints and coatings are gaining huge demand in recent times due to expanding the offshore industry.
Browse through 17 Market Tables and 21 Figures spread over 110 Pages and in-depth TOC on “Global Antifouling Paints & Coating Market: By Type & Application, Industry Size, Share, Trends, Segment, Analysis and Forecast 2015-2021”.
Antifouling paints and coatings are widely used in offshore industry for coating the shipping vessels, drilling rigs and mooring lines. Increasing demand for antifouling paint and coating from the oil and gas industry is expected to drive the market for antifouling paint and coating in the coming years. Moreover, antifouling paint and coating possess superior properties such as fouling free and eliminates corrosion and external contamination will assist the growth of the market in the forecast period. However, due to high usage of antifouling paints and coating may cause the adverse impact on the environment. This factor may hamper the growth of the market. Nonetheless, ongoing research for the introduction of various coating techniques is anticipated to propel the growth of antifouling paint and coating market in the forecast period. Moreover, growing demand from the emerging countries and different end users such as oil and gas industry for the antifouling paint and coating market is likely to offer new opportunities in the coming years.
Some of the major antifouling paint and coating types are the self-polishing copolymer, copper-based antifouling paints & coatings, hybrid antifouling paints & coatings and others. Copper-based antifouling paints & coatings corned the antifouling paints and coating industry in 2015 and are expected to gain traction in the forecast period. Copper-based antifouling paints and coating are highly effective type owing to its diverse applications. Copper-based antifouling paints & coatings provide fouling free surfaces for boats and ships. Some of the major applications of antifouling paint and coating are mooring lines, shipping vessels, fishing boats, drilling rigs & production platforms and inland waterways transport. Among all, shipping vessels segment dominated the antifouling paint and coating market with almost 70% of the total market share in 2015. Antifouling paint and coating is extensively used in the shipping vessels and drilling rigs industry for preventing the vessels from decomposition from aqua microbes and carrion due to water.
Browse the full "Antifouling Paints & Coating Market (Self-Polishing Copolymer, Copper-Based Antifouling Paints & Coatings, Hybrid Antifouling Paints & Coatings and Others) for Mooring Lines, Shipping Vessels, Fishing Boats, Drilling Rigs & Production Platforms and Inland Waterways Transport: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021" report at https://www.zionmarketresearch.com/report/antifouling-paints-coating-market
Asia-Pacific dominated the antifouling paints and coating market in 2015 with around 75% of the total market share. Coating industry is massively building its root over Asia Pacific, therefore, bolstering the growth of the antifouling paints and coating market. Korea and China are expected to drive the antifouling paint and coating market in the forecast period. The antifouling paint and coating is estimated to grab the 6% of the total coating market in Asia Pacific in the forecast period. South Korea, Taiwan, China, Philippines and Japan are leading shipbuilding countries across the globe. This country comprises of approximately 73% share of shipbuilding globally.
Europe is expected to exhibit huge growth in the antifouling paints and coating market. This is mainly due to the European Union has the high dependency on the marine transport. It was noted that about 70% of its external trade and 35% of the internal trade is carried out by sea. Every year approximately 1.65 billion tons of freight are exported and imported by sea in Europe and over 400 million sea passengers pass through European ports each year. Therefore, constantly growing shipping industry is likely to bolster the demand for antifouling paints and coating market in the coming years. However, stringent rules led by EPA and European Commission over the usage of antifouling paints and coating may hinder the growth of antifouling paints and coating market in Europe.
North America is likely to exhibit decent growth in terms of the antifouling paints and coating market in 2015. Stringent rules imposed by North American government for use of antifouling coating due to the high impact of antifouling paint and coating on the environment has led to the high usage of the eco friendly coating. Latin America is anticipated to experience moderate growth over the period of time. The Middle East and Africa are likely to experience lucrative growth over the coming years. Increasing expenditure on offshore vessels in various countries such as Nigeria, Saudi Arabia, and Angola is predicted to fuel the growth of the market in this region in the upcoming years. Antifouling paints and coating are majorly used in oil and gas industry. The Middle East and Africa possesses four countries ranked in top eight oil producing countries. African oil and gas are considered as the major segment of the world’s hydrocarbon supply. Thus, it is expected that the oil and gas market will experience prominent growth in the forecast period which is likely to boom the growth of the antifouling paint and coating market in the coming years.
Some of the global major players in the antifouling paint and coating are The Sherwin-Williams Company, BASF S.E, Boero Yachtcoatings, PPG Industries Inc., Nippon Paint Marine Coatings Co. Ltd, Chugoku Marine Paints Ltd, Jotun, Hempel A/S, Kop-Coat Marine Group, Akzo Nobel N.V., Advance Marine Coatings AS and Chugoku Marine Paints Ltd among others.
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Source: GlobeNewswire
(November 28, 2016 - 7:13 AM EST)
