The global marine anti-fouling coatings market size is expected to grow substantially due to its rising adoption to create offshore vessels. Its antimicrobial properties are responsible for boosting its demand in the market, which, in turn, can boost the market growth. Fortune Business Insights™
Marine anti-fouling coatings are a special coating that is applied to hulls of ships or boats. It provides antimicrobial solutions to mitigate the growth of microorganisms and bacteria on hulls. It enhances the efficiency and safety of the hull to tackle microbial formation. Marine anti-fouling coatings enhance the resistance of hulls when ships and boats are afloat in water. In addition, it is used in several offshore vehicles such as cargo and passenger boats. Hence, due to marine anti-fouling coating's rising adoption in boats, the market is likely to magnify during the foreseeable period.
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Segments
By type, the market is segregated into hybrid, self-polishing, copper-based, and others. Based on applications, it is classified into tank coatings, hull coatings, and others. Geographically, it is clubbed into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Highlights of the Report
- The report provides an analysis of the top segments and the recent market trends.
- It comprehensively discusses the impact of COVID-19 on the market and the driving and restraining factors.
- This report examines the strategies implemented by the market's key players and the regional developments.
Drivers and Restraints
Rising Adoption of Anti Fouling Coating in Oil Exploration Activities to Enhance Market Growth
Marine anti-fouling coatings are used extensively in passenger, offshore, and cargo boats to coat the hull of ships. Anti-fouling coatings reinforce the hull to protect it from several damages. It eliminates the formation of fungus, green algae, and other bacteria and ensures the safety of hull surfaces from cracks and other damages. Marine anti-fouling coating protects the hull against corrosion and other damages. It is used in boat paints to eliminate seaweed, barnacles, and slime to damage the hull of the boat. Furthermore, the marine anti-fouling coatings use biocide to kill the organisms present on slimes, weed, and fungus and eliminate the growth of impurities on the hull. Thus this factor can drive the marine anti-fouling coatings market growth.
However, the regulations regarding the manufacturing activities of marine anti-fouling coatings are likely to hamper the market growth.
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Regional Insights
Prevalence of Largest Ship Manufacturing to Enhance Market Growth in Asia Pacific
Asia Pacific is expected to dominate the marine anti-fouling coatings market share due to the soaring demand for the product in ship manufacturing. The prevalence of a huge ship manufacturing base in the region is expected to propel market growth.
In North America, the spike in gas mining and offshore oil collection activities is likely to boost the marine anti-fouling coatings demand. Therefore, due to the high product demand, the market is expected to grow substantially.
In Europe, the increasing population and import & export activities are responsible for fueling the product demand. Thus, this factor is responsible for bolstering the market growth.
Competitive Landscape
Prominent Companies to Invest in Advanced Production Technologies to Enhance Brand Image
The prominent players of the competitive space utilize advanced production technologies to enhance the quality of their products. This strategy can improve the product quality and attract consumers, thereby enhancing their brand image. Further, the investment in research & development has enabled the companies to enhance the product's ability to withstand fungus and bacteria, which, in turn, enhances its resistance against harmful bacteria and improves the durability of hulls. The undertaking of expansion has enabled the company to improve its reach in the global market.
Industry Development
- February 2021: Nippon Paint Marine launched a new antifouling technology that enhances consistency and antifouling performance significantly. It reduces the time consumption for producing materials and helps maintain the film thickness as per the requirement of the application it is used for.
List of Key Players Profiled in the Marine Anti-Fouling Coatings Market Report
- AkzoNobel NV
- PPG Industries Inc.
- Jotun
- Hempel AS
- BASF SE
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