Antifouling Coating Market size was 84.4 tons in 2014 and is expected to surpass 130.0 kilo tons during the forecast period. Antifouling Coating Market is anticipated to witness considerable growth on account of its rising demand of underwater surfaces in shipping vessels and hulls as it provides superior polishing effect and smoothness. To improve the performance and durability of the vessel and to avoid unwanted growth of sub-aquatic organisms, antifouling coatings are used as specialized paints and applied to the hull of a ship. Growing consumption in passenger ships, commercial vessels, cargo, yachts, conventional offshore drilling rigs and Floating Production Storage & Offloading (FPSO) is anticipated to boost industry growth from 2015 to 2022.
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The key driving factors responsible for the growth of Antifouling
Coating market :
Preference condition-based
monitoring over breakdown maintenance coupled with increasing popularity in
shipping segment is projected to play a vital role in the products’ growing prominence
and demand. Additionally, superior properties that act as a shielding agent
against corrosion, external contamination and fouling is expected to fuel
market growth.
Application Insights
In 2014, Antifouling coatings
were primarily used in shipping vessels, contributing to more than 80% of
overall volume. These paints extend the dry-docking interval and provide direct
fuel saving by protecting hulls from fouling organisms and corrosion.
Production platforms & drilling rigs are projected witness market growth,
at an estimated CAGR of 8.0% by revenue, over the forecast period. Companies
functioning in oil & gas sector are continuously investing in the market
for The FPSO vessels and thereby this is expected to serve market growth.
Regional Outlook
In 2014, Asia-Pacific was the
dominant player accounting for nearly 85% of the overall volume in 2014. South
Korea, Japan, China, Philippines and Taiwan are major hubs for shipbuilding
activities. This is anticipated to lead to the dominance of Asia-Pacific in the
shipbuilding segment, thus raising demand for antifouling paints. Furthermore,
growing expenditure related to the production & exploration of crude oil
& natural gas in India, Thailand and China, India are projected to further
propel demand for these paints in production platforms and drilling rigs.
China, Taiwan, Philippines and
South Korea, Taiwan are anticipated to witness substantial gains on account of
presence of a large number of shipbuilding producers. In addition, the
emergence of India and Australia as production units of shipping vessels on
account of regulatory provisions for encouraging new investments and funding at
the domestic level is estimated to expand the market size. The presence of
stringent rules and policies to monitor the use of biocides in agriculture and
water treatment, personal care and marine applications by the European
Commission and EPA is expected to impede antifouling coatings demand from 2015
to 2022.
In September 2013, the Government
of India introduced Draft National Chemical Policy, to uplift the country’s
domestic throughput in the chemical industry to 6% by 2020 from 3% in 2014.
Favourable government programs along with growing shipping sector in India is
anticipated to present new opportunities in the next seven years. Europe’s
Antifouling Coating Market, on the other hand, crossed 6.0 kilo tons in 2014.
The market is expected to witness appositive impact owing to high penetration
of yachts manufacturers in UK and Italy.
In 2014, MEA antifouling coatings
market was estimated at USD 22.3 million. With the capital expenditure on a
rise majorly attributing to development of offshore vessels in Nigeria, Angola
and the market is expected to escalate the usage of this product over the
coming years.
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