Marine Antifouling Coating Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Marine Antifouling Coating Market Analysis
During the time frame of the forecast, the marine anti-fouling coatings market is expected to register a CAGR of more than 3%.
The COVID-19 outbreak caused a global lockdown, a break in supply chains and manufacturing, and a stop in production, all of which hurt the market in 2020. However, things started to get better in 2021, which allowed the market to resume its upward trend for the remainder of the projected period.
- The market that was looked at is growing because more leisure boats and cruise ships are being made, there are more ship repairs and maintenance jobs, and the oil and gas industry is buying more.
- On the other hand, the growth of the market studied is being slowed down by strict government rules and more people buying high-quality, long-lasting products.
- Still, people are spending more money on luxury goods, and new coatings and application technology are likely to open up opportunities for the market studied during the period of the forecast.
- Due to rising demand from the shipbuilding industry, the Asia-Pacific region ruled the world market.
Marine Antifouling Coating Market Trends
Hull Coatings Segment to Dominate the Market
- Anti-fouling hull coating applications make up most of the market that was looked at. This is because the number of offshore ships, such as cargo and passenger ships, and offshore drilling is growing.
- Most anti-fouling hull coatings are put on the parts of a ship or yacht that are underwater. This keeps organisms and microbes from growing in the parts that are attached to the hull.The coatings make things look better and last longer. They also have other benefits, like being able to clean themselves and resisting graffiti.
- According to the United Nations Conference on Trade and Development statistics, the total number of ships in the world in 2022 was about 102,899 units, which is about 1.5% more than the previous year's number. Bulk carriers, oil tankers, and cargo ships made up the majority of the total (20%).With more fleets, there would be more demand for anti-fouling hull coatings, which protect against corrosion and stick well.
- The UNCTAD statistics also showed that most fleets (50%) were owned by people in Asia, followed by people in America (20%) and Europe (18%).
- Also, the UNCTAD report said that as of January 2022, 53% of the world's fleet tonnage was owned by the top five ship-owning economies. Greece held 18% of the market, coming in second to China (13%), Japan (11%), Singapore (6%), and Hong Kong SAR (5%).
- In 2021, China, the Republic of Korea, and Japan was anticipated to build about 94% of all ships in the world.UNCTAD statistics show that 72 percent of ship recycling was done by Bangladesh and Pakistan together, and 18 percent was done by India.
- According to the Bureau of Economic Analysis, the water transportation industry in the United States added close to USD 54 billion to the economy in the first three quarters of 2022. This is about 35% more than what it added in the same time period the year before.
- Because of these global trends, the shipbuilding industry has been growing, which is expected to increase the demand for anti-fouling hull coatings in the coming years.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. Asia-Pacific is the largest ship-producing and ship-repairing region in the world, catering to the demand for various types of vessels, ranging from ferries, small boats, fishing vessels, towboats, and tugboats to vessels for the oil industry, cargo ships, passenger ships, bulk carriers, and container ships.
- In the Asia-Pacific region, countries such as China, Japan, and South Korea are the leading producers of vessels, while large shipyards also exist in various other nations of the region.
- According to the United Nations Conference on Trade and Development statistics, the Asia-Pacific region was anticipated to account for about 50% of the number of ships in the world in 2022. The region had approximately 51,000 ships under its ownership out of a total of 102,899 ships.
- China, the Republic of Korea, and Japan were considered to be the hubs for shipbuilding, as approximately 94% of the shipbuilding happened in these three countries. Apart from that, the recycling of the ships was mostly done in Pakistan, Bangladesh, and Japan in 2021.
- Moreover, the Ministry of Industry and Information Technology (MIIT) reported that China continued to be the world's leading shipbuilder in 2022, accounting for about half of the international market share in terms of output, new orders, and holding orders.
- The government also mentioned that six Chinese shipbuilders were placed among the top ten in the world in terms of three important indicators: output, new orders, and held orders. Furthermore, according to the China Association of the National Shipbuilding Industry, Chinese shipping companies undertook 55 orders for big LNG carriers in 2022, a record number that accounted for more than 30 percent of the global total share.
- Hence, such bulk orders in line for production may drive the demand for anti-fouling coatings from the shipbuilding industry in the region during the forecast period.
Marine Antifouling Coating Industry Overview
The marine anti-fouling coatings market is by its very nature consolidated, with a small number of players accounting for a sizable portion of market demand. Some of the major players in the market include (not in any particular order) Akzo Nobel N.V., PPG Industries Inc., Jotun, Hempel A/S, and BASF SE, among others.
Marine Antifouling Coating Market Leaders
PPG Industries Inc.
Jotun
BASF SE
Hempel A/S
Akzo Nobel NV
*Disclaimer: Major Players sorted in no particular order
Marine Antifouling Coating Market News
- December 2022: I-Tech AB, the developers of the antifouling biotechnology Selektope, and global specialty chemical company LANXESS announced that the two companies have successfully tested antifouling coating formulations containing Selektope and the SEA NINE family of biocides for the maritime industry. Manufacturers of antifouling coatings can use the coating formulations to try out new combinations of biocides that are already on the market without having to do any initial research and development.
- November 2022: AkzoNobel NV announced the launch of a new biocide-free (B-Free) fouling control range from AkzoNobel's Yacht Coatings business, which allows boaters to maintain a clean, smooth hull when applied to the hull of the ship or boat. The new product line is good for the marine ecosystem because it doesn't contain biocides. It also has a smooth surface that makes hulls more efficient, which can lead to a smaller carbon footprint.
Marine Antifouling Coating Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Production of Leisure Boats and Cruise Ships
4.1.2 Increase in Ship Repairs and Maintenance Activities
4.1.3 Surging Demand from Oil and Gas Industry
4.2 Restraints
4.2.1 Stringent Government Regulations
4.2.2 Increased Usage of High-standard Durable Products
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Type
5.1.1 Copper-based
5.1.2 Self-polishing (Silver-based)
5.1.3 Hybrid
5.1.4 Other Types
5.2 Application
5.2.1 Hull Coatings
5.2.2 Tank Coatings
5.2.3 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis**/Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Akzo Nobel N.V.
6.4.2 Axalta Coatings Systems
6.4.3 BASF SE
6.4.4 Boero
6.4.5 Chugoku Marine Paints, Ltd.
6.4.6 Hempel A/S
6.4.7 Jotun
6.4.8 Kansai Paint Co. Ltd.
6.4.9 Lanxess
6.4.10 Nippon Paint Marine Coatings Co. Ltd.
6.4.11 PPG Industries Inc.
6.4.12 RPM International Inc.
6.4.13 The Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Expenditure on Luxury Goods
7.2 New Innovative Coatings and Application Technology
Marine Antifouling Coating Industry Segmentation
Anti-fouling coatings are a type of coating that is put on the outer (outboard) layer of a ship or boat's hull to stop the growth of subaquatic organisms that stick to the hull and can hurt the performance and durability of the vessel and make it harder to move. It also acts as a barrier against corrosion on metal hulls that may degrade and weaken the metal or improve the flow of water past the hull of a fishing vessel. The marine anti-fouling coatings market is segmented by type, application, and geography. By type, the market is segmented into copper-based, self-polishing, hybrid, and other types. By application, the market is segmented into hull coatings, tank coatings, and other applications. The report also covers the market size and forecasts for marine anti-fouling coatings in 15 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of revenue (USD million).
| Type | |
| Copper-based | |
| Self-polishing (Silver-based) | |
| Hybrid | |
| Other Types |
| Application | |
| Hull Coatings | |
| Tank Coatings | |
| Other Applications |
| Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Marine Antifouling Coating Market Research FAQs
What is the current Marine Anti-fouling Coatings Market size?
The Marine Anti-fouling Coatings Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Marine Anti-fouling Coatings Market?
PPG Industries Inc., Jotun, BASF SE, Hempel A/S and Akzo Nobel NV are the major companies operating in the Marine Anti-fouling Coatings Market.
Which is the fastest growing region in Marine Anti-fouling Coatings Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Marine Anti-fouling Coatings Market?
In 2024, the Asia-Pacific accounts for the largest market share in Marine Anti-fouling Coatings Market.
What years does this Marine Anti-fouling Coatings Market cover?
The report covers the Marine Anti-fouling Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Marine Anti-fouling Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Marine Antifouling Coating Industry Report
Statistics for the 2024 Marine Antifouling Coating market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Marine Antifouling Coating analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
