[FURL=https://www.industryarc.com/Research/Antifouling-Coating-Market-Research-503457?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Antifouling Coating Market[/FURL] Antifouling Coating market size is forecast to reach US$10.2 billion by 2026, after growing at a CAGR of 8.3% during 2021-2026. Antifouling Coatings are used to protect metal/alloys from natural degradation caused by different corrosive agents such as moisture, chemicals, salt, and others. They offer several benefits to the ships they are painted on including improvement of appearance, weather resistance, resistance to chemical solvents such as water, oils, and resistance to impact while in transit. With the increasing production of leisure boats, shipping vessels, and cruise ships, an increase in ship repairs & maintenance activities and rising demand from the oil and gas industry will drive the market demand for marine anti-fouling coatings. Whereas stringent government regulations and increasing usage of high-standard, durable products are hampering the growth of the market.Key Takeaways
Asia-Pacific dominated the global market, owing to the surging demand from the shipbuilding industry.
Increasing expenditure on luxury goods, and the new, innovative coatings and application technology, are likely to aid in the market growth of Marine Anti-Fouling Coatings.
Anti-fouling coatings are experiencing a renaissance. Accelerated progress based on nan chemistry has enabled the synthesis of ecofriendly coatings with improved foul release performance, and also antifouling properties, this will increase the market demand for Marine Anti fouling coatings in the near future.
The high penetration of coatings manufacturers in the marine sector is expected to hinder the entry of new players.
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Antifouling Coating Market Segment Analysis - By Geography
APAC dominated the Marine anti-fouling coatings market. In Asia-Pacific, countries, such as China, Japan, and South Korea, are the leading producers of vessels, while large shipyards also exist in various other nations of the region. Ships are mainly built after procuring projects, and according to customer requirements. It takes a minimum of 2 years to complete the production of a ship. Currently, countries in the Asia-Pacific region have been receiving bulk orders for vessels.
Antifouling Coating Market Drivers
Rising demand for sustainable and eco-friendly antifouling coatings
Developing oil and gas industry drive the market growth
Antifouling Coating Market Landscape
Major players in the Antifouling Coating market are BASF SE, Hempel A/S, PPG Industries, Kansai Paint Co., Ltd., Jotun, Axalta Coating Systems, AkzoNobel N.V., The Sherwin-Williams Company, RPM International Inc., Nippon Paint Holdings Co., Ltd., among others
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