Global Antifouling Paints and Coatings Market Expected to Reach USD 12,933.5 million by 2027

According to a recent market study published by Growth Market Reports (GMR), titled, “Antifouling Paints and Coatings Market by Type, by Application, distribution channel, and by Region: Size, Share, Trends and Opportunity Analysis, 2017-2027″, the market was valued at USD 7,953 Million in 2019 and is expected to grow at a healthy growth rate of 8.6% by the year 2027. The Antifouling Paints and Coatings Market is anticipated to grow substantially during forecast period due to rise in ship and boat building activities worldwide. Antifouling paints and coatings are used to keep sips and boats safe from corrosion and other effects caused by marine life. Antifouling paints and coatings also play big role in increasing the life span of ships boats and other segments it is used for.

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Antifouling paints and coatings has been fragmented based on type, application, sales channel, and region. In terms of type, the market has been bifurcated into Copper-based, Self-polishing copolymer, Hybrid, and others. Based on the application, the market has been divided into, shipping vessels, drilling rigs and production platform, fishing boats, yachts and other boats, inland waterway transport, and mooring lines. By sales channel market is segmented as offline and online. By region Antifouling paints and coatings market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). The Asia Pacific is further segmented into, China, Japan, South Korea, Australia, Southeast Asia, India, and Rest of Asia Pacific.

The effect of COVID-19 pandemic situation has led to the closure of several non-essential businesses reducing the demand for industrial goods in the world, which in turn, is affecting several industries worldwide including shipbuilding. Although the COVID-19 pandemic is diminishing production activities across ship building, fishing and other industries worldwide, the demand for Antifouling paints and coatings declined significantly during this pandemic. The production of shipping vessels, fishing boats, yachts and other boats, and construction of oil rigs slowed down are undergoing shutdown across global locations. Moreover, the supply chain disruption is leading to significant disturbance in the production of industries goods such as Antifouling Paints and Coatings. Regarding the Antifouling paints and coatings market as production has slowed down as only half the workforce is working and also significant decline in demand from shipbuilders and repair and maintenance activities are halted. These factors are leading to create a deep V curve pattern in the year over year growth of the market for year 2020. On the other hand, the market is expected to bounce back to its normal stage in next two years.

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As per GMR industry analyst Vidya Jadhav, “The strong shipbuilding activities in Asia Pacific region to create lucrative opportunity during forecast period. Moreover, the launch of new sustainable products with regulatory compliance to create lucrative opportunity for the Antifouling Paints and Coatings manufacturers.”

Key Takeaways from the Study:

• The dominance of APAC market is driven by strong demand from the countries including China, Japan, South Korea, and others.
• The Copper based antifouling paints and coatings segment is dominating the global market and is expected to grow at a potential CAGR during the forecast period. The fact that it is easily available over all the platforms and its proven usefulness are surging its growth.
• Shipping vessels are the prominent application area antifouling paints and coatings followed by fishing boats. The growing shipping vessel building activities, and usage of waterways for international trades to propel market growth.
• Offline sales channel is the dominant segment when it comes to Sales Channel for antifouling paints and coatings. Although after the COVID-19 the number of people opting for online shopping has increased.

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Report Scope:

Target Audience:

• Supply-side: Antifouling paints and coatings manufacturers, raw material suppliers, primary respondents, and distributors,
• Demand Side: Shipping vessel builders and maintainers, fishing boats builders and maintainers, yachts and other boats builders and maintainers, mooring line production companies, inland waterway transport vessels builders and maintainers.
• Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies.
• Associations and Industry Bodies: EMSA – European Maritime Safety Agency, ACA- Australasian Corrosion Association, ASIC-Australian Seafood Industry Council, AMSA-Australian Maritime Safety Authority, IACS- International Association of Classification Societies, IAS- International Antifouling System, IGA- Inter-Governmental Agreement, IMO-International Maritime Organization, ISO- International Standards Organization, MSV- Marine Safety Victoria etc.

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