The global Antifouling
Coating Market is expected to reach USD 2.43 billion by 2022, according to a
new report by Grand View Research, Inc. Antifouling coatings are applied in
order to increase the durability of hulls and underwater surfaces of marine vessels
including passenger ships, cargoes, yachts and drilling rigs. Increasing number
of merchant fleets on account of improvement of ship-based logistics in
emerging markets including India, Brazil and Middle East countries is expected
to drive market growth for coatings. Rising importance of Floating Production
Storage Offloading (FPSO) in upstream oil & gas sector in light of
increasing requirement for integrated compact systems in deep water offshore
reserves is expected to increase the incorporation of antifouling paints.
Antifouling coatings
demand in shipping vessels was 71.0 kilo tons in 2014. However, drilling rigs
& production platforms are expected to witness significant gains over the
forecast period on account of expansion of offshore natural gas production
capacity in Brazil, Saudi Arabia, Oman, China and India.
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Further
key findings from the report suggest:
Global antifouling
coatings demand was 84.3 kilo tons in 2014 and is expected to exceed 130 kilo
tons by 2022, growing at a CAGR of over 5.0% from 2015 to 2022.
Demand in drilling rigs
& production platforms exceeded 13 kilo tons in 2014. Positive offshore oil
& gas industry outlook in Brazil, Nigeria, Angola, China and Malaysia in
light of regulatory support to promote foreign investments at domestic level is
expected to fuel coatings demand.
Asia Pacific is
expected to witness fastest growth, in terms of volume, at a CAGR of 6.0% from
2015 to 2022. The government of India announced incentives for increasing
output of shipbuilding at a domestic level in November 2015, which is expected
to open new markets.
North America
Antifouling Coating Market size was 2.36 kilo tons in 2014 and is expected to
witness growth over the forecast period. Increasing production of
unconventional sources such as shale gas and tight oil in the U.S. and Canada
in light of technological innovation in hydraulic fracturing is expected to
promote the importance of FPSO vessels and may fuel demand.
Key manufacturers
include PPG Industries, Jotun A/S, AkzoNobel N.V., Hemepl A/S, Sherwin
Williams, Kansai Paints and Nippon Marine. Expansion of application sectors in
major markets including China and Russia has forced manufacturers to establish
production facilities in vicinity. Industry participants are expected to
increase R&D expenditure for the development of eco-friendly products for
increasing their presence and adhering to numerous environment friendly
legislations implemented by regulatory bodies.
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