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Marine Anti-Fouling Coatings Market - Forecast (2021-2026)

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  • 94 Pages
  • March 2021
  • Region: Global
  • IndustryARC
  • ID: 5566620
Marine Anti-Fouling Coatings Market size is forecast to reach $221 Million by 2026, after growing at a CAGR of 6% during 2021-2026. With the increasing production of leisure boats 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.

Report Coverage

The report: “Marine Anti-Fouling Coatings Market - Forecast (2021-2026)” covers an in-depth analysis of the following segments of the Marine Anti-Fouling Coatings Industry.

By Type - Controlled depletion polymer (CDP), Self-polishing copolymer (SPC), Foul release (FR), Copper-based.

By Application - Hull Coatings, Tank Coatings, Propellers, drive shafts, trim tabs, stabilizers, raw water intakes, seacocks, bow thrusters, rudders, ballast tanks, underwater hydraulic actuators, sea buoy floats, power plant intake/outlet grates, sea walls, piling protectors.

By Geography - North America, South America, Europe, APAC, RoW.

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 nanochemistry 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.

Type - Segment Analysis

Copper-based antifouling paints & coatings has the largest share in the Marine anti-fouling coatings market. Copper-based antifouling paint has been repeatedly tested for efficacy in hundreds of coatings formulations by multiple manufacturers. The efficiency of an antifouling coating depends on site-specific fouling pressure where the vessel operates, which biocide(s) are used in the formulation, and the biocidal release rate from the painted surface to the ambient water. Use of copper-based antifouling paints formulated to protect recreational boat hulls. Copper coatings keep ships clear from unwanted sea life but environmental concerns are there. It became highly reliant on copper, a veteran in protecting boats. As early as the 18th century, hulls were covered in a thin layer of the compound where, in reaction with seawater, it would form copper oxychloride that deters marine creatures from getting a grip. Now, most antifouling products consist of copper metal oxides in combination with other co-biocides, such as zinc pyrithione or the polymer zineb.

Application - Segment Analysis

Hull coatings has dominated the primary market for Marine anti-fouling coatings market, owing to the increasing demand from the global shipbuilding industry. Hull coating is applicable for all vessel types and ages. Ships are generally recoated every fifth year and by applying high performance coating, hull resistance can be reduced. The reduction potential in frictional resistance will be higher for full bodied ships such as bulkers and tankers. For existing ships there is also a higher potential on segments with a relatively high average ship age. For these segments it is assumed that hull sandblasting will be needed in order to obtain the full effect. The measure will have a capital expense every fifth year when the ship is in dry dock.

Geography - Segment Analysis

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. Moreover, increasing expenditure on exploration and production of crude oil and natural gas in China, India, and Thailand are expected to further fuel demand for these Marine anti fouling Coatings in drilling rigs and production platforms.

Drivers - Marine Anti-Fouling Coatings Market

  • Developments towards sustainable and eco-friendly anti fouling coatings

Foul release coatings were first used on vessels in the early 1990s, but despite early excitement about the technology, they have had a prolonged modest market share due to high cost and poorer performance when compared to biocidal marine coatings. Anti-fouling coatings are experiencing a renaissance. Accelerated progress based on nano 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.
  • Increased demand in oil and gas industry

Companies are investing a lot in research and development to expand the efficiency of antifouling coatings, which in turn is expected to increase the demand from end-users. Technology advancement worldwide is one of the trends expected to add to the growth of the global antifouling coatings market. Increased demand of oil and gas, increasing population and urbanization are drivers for growth of antifouling coatings market. These are also widely used for the protection of structural infrastructure and machinery in rigs.

Challenges - Marine Anti-Fouling Coatings Market

  • Impact of COVID-19

The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing anti fouling coatings. One of the major difficulties, market is facing are the shutdown of all kinds of International transportation. Global crisis for all sectors including coatings, which was hit by slowing demand, in goods’ production and exports had slowdown the market for Marine Anti-Fouling Coatings Market.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Marine anti-fouling coatings market. In 2019, the market of Marine anti-fouling coatings has been consolidated by the top five players accounting for xx% of the share. Major players in the Marine anti-fouling coatings Market are AkzoNobel NV, PPG Industries Inc., Jotun, Hempel AS, and BASF SE, among others.

Acquisitions/Technology Launches

  • In July 2017, Eclora started the development of a new series of non-toxic and anti-fouling grapheme enhanced marine coatings in order to control the growth of marine organisms and reduce fuel consumption of vessels.
  • In November 2018, three South Korean yards, namely, Daewoo Shipbuilding and Marine Engineering (DSME), Hyundai Heavy Industries, and Samsung Heavy Industries, won more than 50 orders for the new, large-scale LNG tankers. The order is expected to be delivered in the next three years. Besides, China holds a contract to build 24 vessels, while Japan and Singapore hold contracts of building 15 vessels and 1 vessel, respectively.