The global Marine Anti-fouling Coatings market size was valued at USD 5.25 billion in 2022 and is projected to reach USD 9.39 billion by 2032, and register a revenue CAGR of 5.1% during the forecast period. Increasing international trade, rising demand for fuel-efficient ships, and rapidly expanding maritime tourism industry are major factors driving market revenue growth.
Antifouling coatings are placed to the surface of ships to stop the development of marine organisms including algae, barnacles, and mussels that can greatly increase fuel consumption, carbon emissions, and maintenance expenses. Need for antifouling coatings in the marine industry is being driven by increasing international commerce activities and rapidly growing maritime tourism sector.
In 2014, demand for global Antifouling Coatings was 84.3 kg and over the next seven years is forecast to reach 130.0 kg. In the forecast period, it is projected to increase in a CAGR of more than 5.0%. The market was also approximately 71.0 kilo tons for antifouling paint in shipbuilding in 2014. Production platforms and drilling plants are projected to gain popularity over the forecast period by increasing the capacity to produce offshore Natural Gas in Saudi Arabia and Brazil.
Buyers from the shipping industry, offshore oil and gas will likely be able to purchase anti-fouling goods at reduced prices by means of annual supply agreements. In addition, buyers are expected to use Antifouling Coatings in corrosion protections which will reduce stocks costs because of an increasing importance of material management in manufacturing.
High demand among a few other countries from emerging economies such as Vietnam, the Philippines, India, South Korea, Saudi Arabia, and Mexico is expected to increase the growth of the Antifouling Coatings industry. Growing shipbuilding activities are expected to boost these countries' demand for goods further.
COVID-19 Impact:
It is anticipated that the COVID-19 pandemic will have an impact on development. Due to the reduced demand, supply chain bottlenecks, and the safety of their employees during the COVID 19 pandemic, major manufacturers had declared a production suspension. Until 2020, the demand for solutions is expected to decrease. Farmers are required to adjust production in order to prevent bottlenecks. COVID-19 impacted externalization, exports, and imports, and the demand for this sector has declined significantly. The biggest businesses work on the market to clean up their assets and maintain their cash flow. People are expected to have real disposable incomes, and manufacturers are searching for new goods that satisfy market demand at a substantially lower cost.
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Antifouling Coatings Market: Drive factors
The Marine Anti-fouling Coatings Market is driven by several factors that contribute to its growth and demand. Here are some of the key drive factors for the antifouling coatings market:
- Maritime Industry Growth: The maritime industry, including shipping, oil and gas exploration, and offshore structures, continues to grow globally. As more vessels and structures are deployed in marine environments, the need for effective antifouling coatings to prevent biofouling and protect against corrosion becomes crucial.
- Rising Environmental Regulations: Stringent environmental regulations imposed by various governments and international bodies are promoting the use of antifouling coatings. These regulations aim to reduce the release of harmful chemicals into the marine ecosystem and ensure sustainable practices in maritime operations. Antifouling coatings that are eco-friendly and comply with these regulations are in high demand.
- Increasing Maintenance and Repair Activities: Maintenance and repair of ships, offshore platforms, and other marine structures require the application of antifouling coatings. Regular maintenance and recoating are necessary to maintain the performance and efficiency of the coating system, leading to a continuous demand for antifouling coatings.
- Growth in Aquaculture Industry: The aquaculture industry, including fish farming and marine culture systems, is expanding rapidly. Antifouling coatings are essential in preventing biofouling on cages, nets, and other equipment used in aquaculture operations. As the demand for aquaculture products increases, so does the demand for antifouling coatings.
- Technological Advancements: Continuous research and development efforts in the field of antifouling coatings have led to the introduction of innovative and high-performance products. Advanced coatings with enhanced fouling resistance, improved durability, and reduced environmental impact are gaining popularity among end-users, driving the market growth.
These drive factors, combined with ongoing research and development activities, technological advancements, and increasing awareness of the benefits of antifouling coatings, are expected to propel the growth of the antifouling coatings market in the coming years.
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