The global antifouling paints and coatings market revenue was around US$ 6.41 billion in 2022 and is estimated to reach US$ 13.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.48% during the forecast period from 2023 to 2031.
Antifoul is also known as antifouling bottom paint or bottom paint. Antifouling paint is a specialized coating, generally having an organotin compound and formulation of water-soluble bioactive ingredients, which is then applied to the yacht hull and slows the growth of algae, barnacles, and marine organisms that attach to the hull. They serve the double purpose of protecting the structure from damage and maintaining the ship's look.
Market Driving Factors
An increase in the shipbuilding sector is estimated to propel the market growth. This is mainly due to the requirement to export and import products, as increased by globalization, made shipbuilding an essential strategic industry. In addition, the shipbuilding industry is responsible for the construction and design of ocean-going vessels all around the world. As a result, various global ship production is focused in Asian nations such as Japan, China, and South Korea, though large shipyards also exist in numerous other nations.
Surging demand from the industrial sector is expected to boost the market expansion. This is due to the distributors and manufacturers of antifouling now needing to sell their products through web portals owing to the increase of e-commerce platforms. As a result, businesses are predicted to play an important role in assisting consumers acquire antifouling coating products. Furthermore, antifouling coatings are generally purchased by consumers in the maritime and offshore gas and oil sectors through annual supply agreements to save money. Thus, buyers should be forced to use antifouling coatings for corrosion protection owing to the surging importance of material management in the industrial sector, which will lower their inventory prices.
The toxic nature of antifouling paints & coatings will restrict the market.
Regional Analysis
Asia-Pacific is estimated to dominate the market in terms of the growth rate. This is mainly owing to the financial dynamics of nations such as India and China, increasing foreign direct investment for economic development, and the surging number of ship-building activities in the region. Furthermore, Korea, China, and Japan are the leading nations in the shipbuilding industry in the region. As a result, less price of raw materials and labor, as well as the introduction of cutting-edge products is expected to propel the antifouling paints & coatings market in these nations. Moreover, surging expenditures on the production and exploration of crude oil and natural gas in India, China, and Thailand are estimated to drive the demand for these paints in drilling rigs and production platforms.
Segmentation Insights
Type Insight
The copper-based segment is estimated to dominate the market in terms of the fastest-growing rate. This is mainly due to the increase in usage of hulls and underwater shipping vessel surfaces.
Application Insight
The shipping vessels segment dominated the market in terms of the largest shares and is estimated to maintain its dominance. This can be attributed to the surge in usage of antifouling paints & coatings on shipping vessels to lower fuel consumption as they reduce frictional resistance and prevent fouling organisms from adhering to the hulls.
Prominent Companies
Segmentation Outline
The global antifouling paints and coatings market segmentation focuses on the Type, Application, and Region.
By Type
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL ANTIFOULING PAINTS AND COATINGS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ANTIFOULING PAINTS AND COATINGS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ANTIFOULING PAINTS AND COATINGS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ANTIFOULING PAINTS AND COATINGS MARKET, BY TYPE
5.1 OVERVIEW
5.2 COPPER-BASED
5.3 SELF-POLISHING COPOLYMER
5.4 HYBRID
5.5 OTHERS
6 GLOBAL ANTIFOULING PAINTS AND COATINGS MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 SHIPPING VESSELS
6.3 DRILLING RIGS & PRODUCTION PLATFORMS
6.4 FISHING BOATS
6.5 YACHTS & BOATS
6.6 OTHERS
7 GLOBAL ANTIFOULING PAINTS AND COATINGS MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL ANTIFOULING PAINTS AND COATINGS MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 THE SHERWIN-WILLIAMS COMPANY
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 HEMPEL A/S
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 JOTUN
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 PPG INDUSTRIES INC
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 BOERO YACHT COATINGS
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 CHUGOKU MARINE PAINTS LTD
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 NIPPON PAINT MARINE COATINGS CO., LTD
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 KANSAI PAINT CO. LTD
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 AKZONOBEL N.V.
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 BASF SE
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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