Antifouling Paints & Coatings Market worth 9.22 Bn USD by 2021

Thursday 16 June 2016, Amsterdam

The report, now available on ASDReports, "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.

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.

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).