The report "Antifouling
Paints and Coatings Market by Type (Copper-Based, Self-Polishing, Hybrid,
Others), Application (Shipping Vessels, Drilling Rigs & Production
Platforms, Others), Region (APAC, Europe, North America, MEA, Latin America) -
Global Forecast to 2021", The global Antifouling Paints & Coatings
Market is projected to reach USD 9.22 Billion by 2021, at a CAGR of 8.6% from
2016 to 2021. High demand for antifouling paints & coatings from the
shipping industry is expected to drive the growth of the market in near future.
The global antifouling paints
& coatings market is projected to reach USD 9.22 Billion by 2021, at a CAGR
of 8.6% between 2016 and 2021. This growth is mainly attributed to the
increasing demand of antifouling paints and coatings from the shipping
industry and rising concerns toward reduction in fuel consumption. These
coatings play a key role to reduce fouling & corrosion, extend the vessel's
life & efficiency, reduce operational costs, and avoid marine accidents
& expensive repairs.
Shipping vessels was the
fastest-growing application segment of the global antifouling paints &
coatings market
Shipping vessels segment
contributed the largest share to the antifouling paints & coatings market
in 2015, and is projected to be the fastest-growing application segment from
2016 to 2021. This growth can be mainly attributed to the increased demand
of antifouling paints & coatings, as they provide smoothness and
superior polishing effect to hulls and underwater surfaces of shipping vessels.
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Copper-based antifouling
paints & coatings was the largest segment of the antifouling paints &
coatings market
Based on type, the antifouling
paints & coatings market has been segmented into copper-based,
self-polishing copolymer, hybrid, and others. Copper-based was the largest
segment of the market in 2015. Copper-based antifouling paints & coatings
are environment friendly, as they ensure foul-free surfaces of shipping
vessels. They also help in saving fuel, thereby reducing the emission of
greenhouse gases.
Asia-Pacific was the largest
market for global antifouling paints & coatings market in 2015, globally
Asia-Pacific was the largest
market for antifouling paints & coatings market in 2015, owing to the rise
in demand of antifouling paints & coatings in this region. This increased
demand can be attributed to the growing number of ship building activities in
the region. China, Korea, and Japan are the leading countries in the ship
building industry in Asia-Pacific. Low cost of raw materials and labor, as well
as the introduction of advanced products is expected to drive the growth of the
antifouling paints & coatings market in these countries.
Key players operational in the
antifouling paints & coatings market include AkzoNobel N.V. (Netherlands),
Hempel A/S (Denmark), BASF SE (Germany), PPG Industries (U.S.), The
Sherwin-Williams Company (U.S.), Jotun (Norway) and Chugoku Marine Paints, Ltd.
(Japan).
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