Antifouling Coating Market To Witness Swift Growth Owing To Rising Demand of Underwater Surfaces in Shipping Vessels and Hulls Till 2022 | Million Insights

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According to new report available with Million Insights, the superior properties that act as a shielding agent against corrosion, external contamination and fouling is expected to fuel antifouling coating market growth.

Global Antifouling Coating Market size was 84.4 tons in 2014 and is expected to surpass 130.0 kilo tons during the forecast period. Antifouling Coating Market is anticipated to witness considerable growth on account of its rising demand of underwater surfaces in shipping vessels and hulls as it provides superior polishing effect and smoothness. To improve the performance and durability of the vessel and to avoid unwanted growth of sub-aquatic organisms, antifouling coatings 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.

Full Research Report On Global Antifouling Coating Market Analysis available at: https://www.millioninsights.com/industry-reports/antifouling-coating-market-size

Regional 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 and Developments in the coatings market including the natural materials from palm oil for instance, may influence market demand and increase market potential over 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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Market Segment:

Application Outlook (Volume Tons, Revenue, USD Million, 2012 – 2022)
        • Shipping Vessels
        • Drilling Rigs & Production Platforms

Regional Outlook (Volume Tons, Revenue, USD Million, 2012 – 2022)
        • North America
            • U.S.
        • Europe
            • Germany
        • Asia Pacific
            • China
        • Latin America
            • Brazil
        • Middle East Africa (MEA)

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals-and-materials

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