The growth of organisms on the surface of ships and boats affect the performance and durability of these vessels. Antifouling paints & coatings contain a biocide or toxin in their structure, which prevents the growth of organisms on the surface of ships and boats, and help maintain a clean and smooth hull. This further helps in maintaining the operational efficiency of the vessels. Application of antifouling paints & coatings reduces the maintenance cost and greenhouse gas emissions due to low fuel consumption.
The global antifouling paints & coatings market was valued at USD 5.61 billion in 2015 and is projected to reach USD 9.22 billion by 2021, at a CAGR of 8.6% from 2016 to 2021. This growth can be attributed to the increasing demand of antifouling paints & coatings in the Asia-Pacific region. Increasing usage in shipping vessels, drilling rigs & production platforms, fishing boats, yachts & other boats, mooring lines, and inland waterways transport has further fueled the growth of the market in Asia-Pacific.
To know about the assumptions considered for the study, Download PDF Brochure.
Key players operational in the global antifouling paints & coatings market, such as Hempel A/S (Denmark), AkzoNobel N.V. (Netherlands), PPG Industries (U.S.), and Chugoku Marine Paints, Ltd. (Japan) launched various new products to cater to the diverse needs of customers and expand their presence in the market. These players are now focusing on developing products that will help in reducing fuel consumption.
Asia-Pacific accounted for the largest share of the antifouling paints & coatings market in 2015. China, Japan, India, and Korea are the major markets for antifouling paints & coatings in Asia-Pacific. The rise in shipbuilding and ship maintenance activities are expected to boost the growth of the antifouling paints & coatings market in the region.
Shipping vessels was the largest segment of the global antifouling paints & coatings market in 2015, in terms of volume and value. The growth of the market is majorly driven by this segment, as a majority of shipping fleet is coated with antifouling paints & coatings.
Increasing usage of antifouling paints & coatings for protecting vessels from growth of fouling organisms, along with the extension of dry dock intervals is propelling the growth of the global antifouling paints and coatings market.
Signup for webinar to uncover the high growth opportunities in Antifouling Paints and Coatings Market.
The global antifouling paints & coatings market was valued at USD 5.61 billion in 2015 and is projected to reach USD 9.22 billion by 2021, at a CAGR of 8.6% from 2016 to 2021. This growth can be attributed to the increasing demand of antifouling paints & coatings in the Asia-Pacific region. Increasing usage in shipping vessels, drilling rigs & production platforms, fishing boats, yachts & other boats, mooring lines, and inland waterways transport has further fueled the growth of the market in Asia-Pacific.
To know about the assumptions considered for the study, Download PDF Brochure.
Key players operational in the global antifouling paints & coatings market, such as Hempel A/S (Denmark), AkzoNobel N.V. (Netherlands), PPG Industries (U.S.), and Chugoku Marine Paints, Ltd. (Japan) launched various new products to cater to the diverse needs of customers and expand their presence in the market. These players are now focusing on developing products that will help in reducing fuel consumption.
Asia-Pacific accounted for the largest share of the antifouling paints & coatings market in 2015. China, Japan, India, and Korea are the major markets for antifouling paints & coatings in Asia-Pacific. The rise in shipbuilding and ship maintenance activities are expected to boost the growth of the antifouling paints & coatings market in the region.
Shipping vessels was the largest segment of the global antifouling paints & coatings market in 2015, in terms of volume and value. The growth of the market is majorly driven by this segment, as a majority of shipping fleet is coated with antifouling paints & coatings.
Increasing usage of antifouling paints & coatings for protecting vessels from growth of fouling organisms, along with the extension of dry dock intervals is propelling the growth of the global antifouling paints and coatings market.
Signup for webinar to uncover the high growth opportunities in Antifouling Paints and Coatings Market.
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