The antifouling coatings market share is expected to increase by USD 1.95 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 9.87%.
This antifouling coatings market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers antifouling coatings market segmentations by application (vessels and rigs) and geography (APAC, Europe, North America, MEA, and South America). The antifouling coatings market report also offers information on several market vendors, including Akzo Nobel NV, Altex Coatings Ltd., BASF SE, DuPont de Nemours Inc., Hempel AS, Jotun AS, Kansai Paint Co. Ltd., Nippon Paint Holdings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams Co. among others.
What will the Antifouling Coatings Market Size be During the Forecast Period?
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Antifouling Coatings Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growth in ship building industry is notably driving the antifouling coatings market growth, although factors such as harmful effects of chemicals on the environment may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the antifouling coatings industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Antifouling Coatings Market Driver
One of the key factors driving the antifouling coatings market growth is the growth in ship building industry. The ship building industry is a major end-user for the global antifouling coatings market. The growth rate of this industry was very slow until 2010. Since then, it has shown accelerated growth mainly due to growth in seaborne trade, increasing global Foreign Direct Investment (FDI) flows and expanding multinational company's businesses. Manufacturing new ships and an increase in repair and maintenance of old ships are major growth drivers for the global antifouling coatings market. The demand for offshore vessels, due to rising oil prices, is also responsible for the growth of the ship building industry. This is directly impacting the growth rate of the global antifouling coatings market.
Key Antifouling Coatings Market Trend
Increase in demand for eco-friendly ships is the major trend influencing the antifouling coatings market growth. The environmental impact of shipping includes greenhouse gas emissions as well as oil pollution. Therefore, governments and international organizations are introducing a number of regulations to reduce the negative effects of vessels on the environment. For instance, the Ballast Water Treatment Convention (BWTC) was amended in September 2017. The BWTC aims at preventing the spread of harmful aquatic organisms caused by a ship’s discharge of ballast water and sediments. Vessels operated beyond domestic waters are required to have the Ballast Water Management System installed by September 8, 2024. Likewise, during the 72nd session on April 13, 2018, the Marine Environment Protection Committee (MEPC) adopted an initial International Maritime Organization strategy to reduce greenhouse gas emissions from ships. The strategy was adopted to reduce CO2 emissions per transport work, as an average across international shipping, by at least 40% by 2030. Thus, due to environmental regulations, it is estimated that there will be an increase in the demand for eco-friendly ships that comply with the latest emission norms.
Key Antifouling Coatings Market Challenge
Harmful effects of chemicals on the environment is one of the key challenges hindering the antifouling coatings market growth. Antifouling coatings are made up of chemicals that can cause harm to the environment. Copper is used as one of the main components in antifouling coatings. Its high concentration is harmful to marine life. Many ports are declining underwater hull cleaning of ships after detecting a high level of copper in their water bodies. Another chemical banned by strict regulations is tributyltin (TBT), which is a class of organotin compounds. TBT is a biocide that was used for antifouling and preventing the growth of organisms on the hull. However, its adverse effects on the marine environment, such as deformities in shellfish and mollusks, resulted in its ban. Though TBT was banned, a limited amount of organotin is being used as a catalyst. Recent research states that some organotin have similar effects to TBT, such as resulting in sex change in marine species. This is a serious problem that will act as a challenge for the global antifouling coatings market.
This antifouling coatings market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global antifouling coatings market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the antifouling coatings market during the forecast period.
Who are the Major Antifouling Coatings Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Akzo Nobel NV
- Altex Coatings Ltd.
- BASF SE
- DuPont de Nemours Inc.
- Hempel AS
- Jotun AS
- Kansai Paint Co. Ltd.
- Nippon Paint Holdings Co. Ltd.
- PPG Industries Inc.
- The Sherwin-Williams Co.
This statistical study of the antifouling coatings market encompasses successful business strategies deployed by the key vendors. The antifouling coatings market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
Product Insights and News
- Akzo Nobel NV - The company offers Intersmooth 360 SPC, Intersmooth 365 SPC, Interspeed 640 and other anti fouling coating products through the brands International (Interlux in North America) and Awlgrip.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The antifouling coatings market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Antifouling Coatings Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the antifouling coatings market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Antifouling Coatings Market?
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51% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for antifouling coatings in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The ship building industry is a major end-user of the global antifouling coatings market. The key players of the ship building industry from China, South Korea, and Japan have the maximum share of the market in APAC. In the ship building market, APAC leads in having the maximum value in the number of deliveries which will facilitate the antifouling coatings market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 outbreak in December 2019 led to the closure of various business activities in the region, which impacted the growth of the antifouling coatings market in 2020 and early 2021. Owing to the high mortality rate of COVID-19, various manufacturing industries, including those involved in segments of specialty chemicals, closed their facilities or halted operations at their production units in 2020. This impacted the growth of the antifouling coatings market in the region in 2020 and in early 2021. However, operations in various industries gradually restarted with a limited capacity while maintaining social distancing norms. This is expected to stabilize the growth of the regional market during the forecast period.
What are the Revenue-generating Application Segments in the Antifouling Coatings Market?
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The antifouling coatings market share growth by the vessels will be significant during the forecast period. The shipbuilding industry is expected to witness growth, which shall drive the demand for antifouling coatings. Most of the demand is expected from APAC, as China and Japan are the key players in the shipbuilding industry.
Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the antifouling coatings market size and actionable market insights on post COVID-19 impact on each segment.
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Antifouling Coatings Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.87% |
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Market growth 2021-2025 |
$ 1.95 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
8.66 |
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Regional analysis |
APAC, Europe, North America, MEA, and South America |
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Performing market contribution |
APAC at 51% |
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Key consumer countries |
China, US, India, Germany, and France |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Akzo Nobel NV, Altex Coatings Ltd., BASF SE, DuPont de Nemours Inc., Hempel AS, Jotun AS, Kansai Paint Co. Ltd., Nippon Paint Holdings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams Co. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Antifouling Coatings Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive antifouling coatings market growth during the next five years
- Precise estimation of the antifouling coatings market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the antifouling coatings industry across APAC, Europe, North America, MEA, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of antifouling coatings market vendors
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