Global Antifouling Coating Market size was 84.4 tons in 2014 and is expected to surpass 130.0 kilo tons during the forecast period. Antifouling Coating Market is anticipated to witness considerable growth on account of its rising demand of underwater surfaces in shipping vessels and hulls as it provides superior polishing effect and smoothness. To improve the performance and durability of the vessel and to avoid unwanted growth of sub-aquatic organisms, antifouling coatings are used as specialized paints and applied to the hull of a ship. Growing consumption in passenger ships, commercial vessels, cargo, yachts, conventional offshore drilling rigs and Floating Production Storage & Offloading (FPSO) is anticipated to boost industry growth from 2015 to 2022.
Preference
condition-based monitoring over breakdown maintenance coupled with increasing
popularity in shipping segment is projected to play a vital role in the
products’ growing prominence and demand. Additionally, superior properties that
act as a shielding agent against corrosion, external contamination and fouling
is expected to fuel market growth.
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In
2014, Antifouling coatings were primarily used in shipping vessels,
contributing to more than 80% of overall volume. These paints extend the
dry-docking interval and provide direct fuel saving by protecting hulls from
fouling organisms and corrosion. Production platforms & drilling rigs are
projected witness market growth, at an estimated CAGR of 8.0% by revenue, over
the forecast period. Companies functioning in oil & gas sector are
continuously investing in the market for The FPSO vessels and thereby this is
expected to serve market growth.
Regional Outlook
In
2014, Asia-Pacific was the dominant player accounting for nearly 85% of the
overall volume in 2014. South Korea, Japan, China, Philippines and Taiwan are
major hubs for shipbuilding activities. This is anticipated to lead to the
dominance of Asia-Pacific in the shipbuilding segment, thus raising demand for
antifouling paints. Furthermore, growing expenditure related to the production
& exploration of crude oil & natural gas in India, Thailand and China,
India are projected to further propel demand for these paints in production
platforms and drilling rigs.
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China,
Taiwan, Philippines and South Korea, Taiwan are anticipated to witness
substantial gains on account of presence of a large number of shipbuilding
producers. In addition, the emergence of India and Australia as production
units of shipping vessels on account of regulatory provisions for encouraging
new investments and funding at the domestic level is estimated to expand the
market size. The presence of stringent rules and policies to monitor the use of
biocides in agriculture and water treatment, personal care and marine
applications by the European Commission and EPA is expected to impede antifouling
coatings demand from 2015 to 2022.
In
September 2013, the Government of India introduced Draft National Chemical
Policy, to uplift the country’s domestic throughput in the chemical industry to
6% by 2020 from 3% in 2014. Favourable government programs along with growing
shipping sector in India is anticipated to present new opportunities in the
next seven years. Europe’s Antifouling Coating Market, on the other hand,
crossed 6.0 kilo tons in 2014. The market is expected to witness appositive
impact owing to high penetration of yachts manufacturers in UK and Italy.
In
2014, MEA antifouling coatings market was estimated at USD 22.3 million. With
the capital expenditure on a rise majorly attributing to development of
offshore vessels in Nigeria, Angola and the market is expected to escalate the
usage of this product over the coming years.
Competitive Insights
Key
market players include PPG Industries, AkzoNobel, Sherwin-Williams, Jotun,
Hempel, Kansai Paint, Nippon Paint and Advance Marine Coating. In August 2015,
Jotun inaugurated a new production facility with an investment of USD 24.4
million for marine coatings at Brazil in Rio de Janeiro. The production unit is
estimated to produce 10 million litres of marine coating products, together
with antifouling products.
GLOBIC,
and DYNAMICare the two products that were launched under the brand name in
December 2014 for new shipyard buildings and dry dockings for delivering fuel
savings of maximum 3%. New product development is anticipated to remain a vital
success factor for the market in the foreseeable future.
Research
and Developments in the coatings market including the natural materials from
palm oil for instance, may influence market demand and increase market
potential over the forecast period. Biomimetic-Innovation-Centre (B-I-C), in
July 2011, developed a new harmless antifouling coating using palm seed.
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