This market research study presents a detailed segmentation of the global antifouling coatings market by application (vessels and rigs) and by geography (APAC, Europe, North America, and ROW). This market report also presents an analysis of the key drivers and challenges that influence the market growth. The key leading vendors identified in the market are AkzoNobel, Hempel, Jotun, PPG Industries, and Sherwin-Williams.
Technavio’s market research analysts estimate the global antifouling coatings market, to grow at a CAGR of 13% between 2016 and 2020. Antifouling coatings help in improving the durability and performance of the vessel, by reducing growth of organisms on the part of the ship that is under water and prevents corrosion of metal hulls. These boat paints are used in fixed and floating offshore oil rigs. APAC is the largest market for antifouling coatings owing to immense opportunities in the oil and gas industry in the region.
The new market research report from Technavio provides a breakdown and analysis of the antifouling coatings segments by application.
“Of late, the market is witnessing increased consumer preference for eco-friendly products. Rising demand and stringent environmental regulations are encouraging manufacturers of antifouling coatings to develop sustainable and eco-friendly products. Vendors are investing heavily in the development of antifouling paints and coatings that do not contain harmful compounds such as organotin. Antifouling coatings reduce fuel consumption which results in considerable reduction in operation costs. Technological advancements have led to the development of products that provide superior adhesion on damp surfaces, saving time and money surface preparation,” says Chandrakumar BJG, Lead Analyst, Chemicals & Materials, Technavio Research
The vessel segment dominates the global antifouling coatings market and accounted for a market share of nearly 82%. However, the rigs segment is expected to grow faster than the vessels segment owing to immense opportunities and technological advances in the oil and gas industry. The rigs segment is expected to account for close to 18% of the global antifouling coatings market in 2020.
The leading vendors in the global antifouling coatings market are AkzoNobel, Hempel, Jotun, PPG Industries, and Sherwin-Williams. The market is moderately competitive with the presence of only a few players. The leading vendors in the market are planning to adopt eco-friendly methods of production owing to stringent environmental regulations and increased awareness about sustainability.
A more detailed analysis is available in the Technavio report, Global Antifouling Coatings Market 2016-2020.
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