Antifouling coating Market are used to improve the stability and resilience of
underwater surfaces of marine vessels such as cargoes, drilling rigs, passenger
ships, and a yacht. The global antifouling coating industry is expected to
witness growth on account of increasing demand for merchant fleets and navies
and reach over USD 2.43 billion by 2022. New developments in ship-based
logistics services in emerging economies including Middle East countries,
Brazil, and India is estimated to fuel market growth for these coatings. Increasing
need for embedded compact systems as prerequisite in deep water offshore
reserves coupled with rising importance for Floating Production Storage
Offloading (FPSO) in upstream oil & gas sector is anticipated to result in
an up surging demand for antifouling paints.
Global
Antifouling Coating Market size was 84.4 tons in 2014 and is expected to
witness considerable growth in light of its increasing demand in hulls and
underwater surfaces of shipping vessels as it provides smoothness and superior
polishing effect.
Antifouling
coatings are specialized paints, which are applied to the hull of a ship to
prevent the growth of sub-aquatic organisms to improve vessel performance and
durability. Increasing consumption in commercial vessels, passenger ships,
yachts, cargo, Floating Production Storage & Offloading (FPSO) and
conventional offshore drilling rigs is expected to augment industry growth over
the forecast period.
Demand for global
antifouling coatings was 84.3 kilo tons in 2014 and is projected to surpass
130.0 kilo tons in the next seven years. It is expected to grow at a CAGR
exceeding 5.0% in the forecast period. Furthermore, demand for antifouling paints
in shipping vessels was approximately 71.0 kilo tons in 2014. Production
platforms and drilling rigs are projected to gain prominence attributing to the
expansion of offshore natural gas production capacity in Saudi Arabia and
Brazil over the forecast period.
Support from regulatory bodies in countries
including China, Angola, Nigeria, Malaysia, and Brazil, in an attempt to
encourage foreign investments at a national level is expected to have a
positive impact on the offshore oil & gas market. In 2014, demand for
production platforms & drilling rigs was over 13.0 kilo tons. In 2014,
antifouling coatings accounted for nearly 80.0% of the total market share by
volume owing to increasing use in shipping vessels due to their ability to save
fuel from fouling organisms and extension of dry docking interval.
Access
Research Report of Antifouling Coating Market @ http://www.grandviewresearch.com/industry-analysis/antifouling-coating-market
Asia Pacific is estimated to experience
rapid growth at a CAGR of 6.0% over the forecast period in terms of volume.
Initiatives by the Government of India in November 2015 to incentivize for
increasing the productivity of shipbuilding at a national level is anticipated
to provide new avenues for new entrants in the market.
North America is expected to witness growth
over the forecast period owing to increasing production of unconventional
sources such as tight oil and shale gas in Canada and the U.S. The market was
2.36 kilo tons in 2014. Technological advances in hydraulic fracturing are
expected to encourage the use of FPSO vessels, which in turn is anticipated to
propel demand.
Key manufacturers include Jotun A/S, PPG
Industries, AkzoNobel N.V, Sherwin Williams, Hempel A/S, Nippon Marine and
Kansai Paints. Increase in R&D expenditure to develop eco-friendly products
to promote product differentiation while abiding by environmental friendly laws
by regulatory bodies is expected to drive market growth. Furthermore, the
establishment of new production facilities due to the expansion of application
sectors in markets namely Russia and China is anticipated to propel demand over
the forecast period.
Grand View Research has segmented the
global Antifouling Coating Market by application and region:
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
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East Africa (MEA)
Access Press Release of Antifouling Coating Market@ https://www.grandviewresearch.com/press-release/global-antifouling-coating-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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