Statistics for the 2023 & 2024 Marine Anti-fouling Coatings market trends, created by Mordor Intelligence™ Industry Reports. Marine Anti-fouling Coatings trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.
Market Trends of Marine Anti-fouling Coatings Industry
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.
Understand The Key Trends Shaping This Market
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.
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