Global Antifouling Paints and Coatings Market By Type (Copper-based, Self-polishing Copolymer, Hybrid, Others), By Application (Shipping Vessels, Drilling Rigs & Production Platforms, Fishing Boats, Yachts & other Boats, Others): Global Opportunity Analys

Global Antifouling Paints and Coatings Market By Type (Copper-based, Self-polishing Copolymer, Hybrid, Others), By Application (Shipping Vessels, Drilling Rigs & Production Platforms, Fishing Boats, Yachts & other Boats, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

The global antifouling paint & coatings market was valued at $5.91 billion in 2021, and is projected to reach $13.18 billion by 2031, growing at a CAGR of 8.48% from 2022 to 2031.

Antifouling paints and coatings are the ones applied to boats, yachts, and ships to reduce the growth of organisms on the part of the ship that is under water and prevents corrosion of metal hulls. It helps in increasing the durability and enhances the performance of the vessels. These marine paints are also useful in fixed and floating offshore oil rigs. These are also known as bottom paint or underwater hull paint. Antifouling coatings & paints decrease fuel consumption, enhance durability, and enable compliance with environmental regulations. It is composed of cuprous oxides and biocides which inhibits the growth of algae, barnacles and marine animals.

The antifouling paint & coating market is currently in its advanced stage but still researches are going on to improve the quality of the material. The global antifouling paint & coating market is expected to register growth in the near future mainly due to high demand in the shipping industry. Other factors that drive this market are rise in demand for antifouling paints & coatings in hulls and underwater surfaces of shipping vessels as they provide surface smoothness & great polishing finish. Demand for Copper-based antifouling paints & coatings is anticipated to drive the market growth during the forecast period as they are environment-friendly and ensure fouling-free surfaces of ships or boats, which result in substantial fuel savings and consequently reduce emission of greenhouse gases. Surge in demand and stringent environmental regulations are encouraging manufacturers to develop sustainable and eco-friendly products.

The antifouling paints and coatings market is segmented on the basis of type, application, and region. On the basis of type, the market is classified into copper-based, self-polishing copolymer, hybrid, and others. On the basis of application, the market is divided into shipping vessels, drilling rigs & production platforms, fishing boats yachts & other boats, inland waterways transport, and mooring lines. On the basis of region, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.

The major players operating in the industry include Akzo Nobel N.V., BASF S.E., Boero Yacht coatings, Chugoku Marine Paints Ltd., Hempel A/S, Jotun, Kop-Coat Marine Group, Nippon Paint Marine Coatings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.

Key benefits for stakeholders

The report provides extensive qualitative and quantitative analysis of the current trends and future estimations of the global antifouling paints and coatings market from 2022 to 2031 to determine the prevailing opportunities.
Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
Estimations and forecast are based on factors impacting the market growth, in terms of value.
Profiles of leading players operating in the market are provided to understand the global competitive scenario.
The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.

COVID-19 Impact on Market

COVID-19 spread to almost 213 countries across the globe, with the World Health Organization declaring it a pandemic on March 11, 2020.
Antifouling paints and coatings are primarily used in the ship building and marine transportation which were severely affected by the COVID-19 pandemic owing to the lockdown imposed by various governments.
Disruptions in raw material procurement and price volatility hampered the growth of the antifouling paints and coatings market during the COVID-19 pandemic.
From the beginning of 2021, ship building and marine transportation started their operations normally as the vaccination rollouts increased, due to which the demand for antifouling paints and coatings increased in the ship building and marine transportation from the start of 2021.

Key Market Segments

By Type

Copper-based
Self-polishing Copolymer
Hybrid
Others

By Application

Shipping Vessels
Drilling Rigs Production Platforms
Fishing Boats
Yachts other Boats
Others

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA

Key Market Players

AKZO NOBEL N.V.
BASF SE
BOERO YACHTCOATINGS
Chugoku Marine Paints Ltd
HEMPEL A/S
Jotun
NIPPON PAINT MARINE COATINGS CO., LTD.
PPG INDUSTRIES INC.
Kansai Paint Co.Ltd.
The Sherwin-Williams Company

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