Antifouling coating Market are used to
improve the stability and resilience of underwater surfaces of marine vessels
such as cargoes, drilling rigs, passenger ships, and a yacht. The global
antifouling coating industry is expected to witness growth on account of
increasing demand for merchant fleets and navies and reach over USD 2.43
billion by 2022. New developments in ship-based logistics services in emerging
economies including Middle East countries, Brazil, and India is estimated to
fuel market growth for these coatings. Increasing need for embedded compact
systems as prerequisite in deep water offshore reserves coupled with rising
importance for Floating Production Storage Offloading (FPSO) in upstream oil
& gas sector is anticipated to result in an up surging demand for antifouling
paints.
Demand for
global antifouling coatings was 84.3 kilo tons in 2014 and is projected to
surpass 130.0 kilo tons in the next seven years. It is expected to grow at a
CAGR exceeding 5.0% in the forecast period. Furthermore, demand for antifouling
paints in shipping vessels was approximately 71.0 kilo tons in 2014. Production
platforms and drilling rigs are projected to gain prominence attributing to the
expansion of offshore natural gas production capacity in Saudi Arabia and
Brazil over the forecast period.
Support from
regulatory bodies in countries including China, Angola, Nigeria, Malaysia, and
Brazil, in an attempt to encourage foreign investments at a national level is
expected to have a positive impact on the offshore oil & gas market. In 2014,
demand for production platforms & drilling rigs was over 13.0 kilo tons. In
2014, antifouling coatings accounted for nearly 80.0% of the total market share
by volume owing to increasing use in shipping vessels due to their ability to
save fuel from fouling organisms and extension of dry docking interval.
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Further key findings from the study suggest:
- Asia Pacific is estimated to experience rapid growth at a CAGR of 6.0% over the forecast period in terms of volume. Initiatives by the Government of India in November 2015 to incentivize for increasing the productivity of shipbuilding at a national level is anticipated to provide new avenues for new entrants in the market.
- North America is expected to witness growth over the forecast period owing to increasing production of unconventional sources such as tight oil and shale gas in Canada and the U.S. The market was 2.36 kilo tons in 2014. Technological advances in hydraulic fracturing are expected to encourage the use of FPSO vessels, which in turn is anticipated to propel demand.
- Key manufacturers include Jotun A/S, PPG Industries, AkzoNobel N.V, Sherwin Williams, Hempel A/S, Nippon Marine and Kansai Paints. Increase in R&D expenditure to develop eco-friendly products to promote product differentiation while abiding by environmental friendly laws by regulatory bodies is expected to drive market growth. Furthermore, the establishment of new production facilities due to the expansion of application sectors in markets namely Russia and China is anticipated to propel demand over the forecast period.
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