10 Dec 2018 - Global Antifouling Coating Market size was 84.4 tons in 2014 and is expected to surpass130.0 kilo tons during the forecast period. Antifouling Coating Market isanticipated to witness considerable growth on account of its rising demand ofunderwater surfaces in shipping vessels and hulls as it provides superiorpolishing effect and smoothness. To improve the performance and durability ofthe vessel and to avoid unwanted growth of sub-aquatic organisms, antifoulingcoatings are used as specialized paints and applied to the hull of a ship.Growing consumption in passenger ships, commercial vessels, cargo, yachts,conventional offshore drilling rigs and Floating Production Storage &Offloading (FPSO) is anticipated to boost industry growth from 2015 to 2022.
Preference
condition-based monitoring over breakdown maintenance coupled with increasing
popularity in shipping segment is projected to play a vital role in the
products’ growing prominence and demand. Additionally, superior properties that
act as a shielding agent against corrosion, external contamination and fouling
is expected to fuel market growth.
Application
Insights
In 2014, Antifouling
coatings were primarily used in shipping vessels, contributing to more than 80%
of overall volume. These paints extend the dry-docking interval and provide
direct fuel saving by protecting hulls from fouling organisms and corrosion.
Production platforms & drilling rigs are projected witness market growth,
at an estimated CAGR of 8.0% by revenue, over the forecast period. Companies
functioning in oil & gas sector are continuously investing in the market
for The FPSO vessels and thereby this is expected to serve market growth.
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Outlook
In 2014, Asia-Pacific
was the dominant player accounting for nearly 85% of the overall volume in
2014. South Korea, Japan, China, Philippines and Taiwan are major hubs for
shipbuilding activities. This is anticipated to lead to the dominance of
Asia-Pacific in the shipbuilding segment, thus raising demand for antifouling
paints. Furthermore, growing expenditure related to the production &
exploration of crude oil & natural gas in India, Thailand and China, India
are projected to further propel demand for these paints in production platforms
and drilling rigs.
China, Taiwan,
Philippines and South Korea, Taiwan are anticipated to witness substantial
gains on account of presence of a large number of shipbuilding producers. In
addition, the emergence of India and Australia as production units of shipping
vessels on account of regulatory provisions for encouraging new investments and
funding at the domestic level is estimated to expand the market size. The
presence of stringent rules and policies to monitor the use of biocides in
agriculture and water treatment, personal care and marine applications by the
European Commission and EPA is expected to impede antifouling coatings demand
from 2015 to 2022.
In September 2013, the
Government of India introduced Draft National Chemical Policy, to uplift the
country’s domestic throughput in the chemical industry to 6% by 2020 from 3% in
2014. Favourable government programs along with growing shipping sector in
India is anticipated to present new opportunities in the next seven years.
Europe’s Antifouling Coating Market, on the other hand, crossed 6.0 kilo tons
in 2014. The market is expected to witness appositive impact owing to high
penetration of yachts manufacturers in UK and Italy.
In 2014, MEA
antifouling coatings market was estimated at USD 22.3 million. With the capital
expenditure on a rise majorly attributing to development of offshore vessels in
Nigeria, Angola and the market is expected to escalate the usage of this
product over the coming years.
Competitive
Insights
Key market players
include PPG Industries, AkzoNobel, Sherwin-Williams, Jotun, Hempel, Kansai
Paint, Nippon Paint and Advance Marine Coating. In August 2015, Jotun
inaugurated a new production facility with an investment of USD 24.4 million
for marine coatings at Brazil in Rio de Janeiro. The production unit is
estimated to produce 10 million litres of marine coating products, together
with antifouling products.
GLOBIC, and DYNAMICare
the two products that were launched under the brand name in December 2014 for
new shipyard buildings and dry dockings for delivering fuel savings of maximum
3%. New product development is anticipated to remain a vital success factor for
the market in the foreseeable future.
Research andDevelopments in the coatings market including the natural materials from palmoil for instance, may influence market demand and increase market potentialover the forecast period. Biomimetic-Innovation-Centre (B-I-C), in July 2011,developed a new harmless antifouling coating using palm seed.
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