Antifouling Coating Market Report Includes Top Companies(PPG Industries, Jotun, Sherwin-Williams, AkzoNobel, BASF, Hempel Group, Archer Daniels Midland, Nippon Paint & Kansai Paint) Regional Growth Overview and Share

The antifouling coatings market is growing with the expansion of global trade through sea routes, the number of container ships, bulk carrier ships and cargo ships manufactured have increased, which in turn widens the scope of the antifouling coatings market in Asia-Pacific. The key countries contributing to the antifouling coating industry in Asia-Pacific region are China, South Korea and Japan.

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Antifouling coatings are coatings or paints that are applied to the hull of a boat, yacht or ship to prevent corrosion of metallic hulls and to decrease the expansion of organisms on the water submerged surfaces. The performance and durability of vessel can be improved by using antifouling coatings.

Growth of organisms affects the performance and profitability of the ships or yachts in many ways, including decrease in the maximum speed of the ships and severe damage overtime by some marine growth such as shipworms. Also, harmful marine organisms may get transported by ships to other areas. One of the major challenges faced by antifouling coatings market is predictable decline in the shipbuilding industry.

Opportunities in the market lie with the growth in oil and gas industry. Upcoming technology and advancement in antifouling coatings industry owing to environmental focus amongst ship owners and shipyard clients has led to the search for biologically inspired antifouling strategies which would impact the future of antifouling coating market development.

One of the major challenges faced by antifouling coatings market is predictable decline in the shipbuilding industry. The market has also been witnessing the growing consumer preference for eco-friendly products due to which strict environmental regulations have been imposed that poses a challenge to the growth of this market. Also, the volatility in price of Raw Materials hinders to the growth of the anti-fouling coating market.

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Some of the key players in the industry include PPG Industries Inc., Jotun, Sherwin-Williams Company, AkzoNobel N.V., BASF SE, Hempel, Archer Daniels Midland Company, Chugoku Marine Paints LTD, Advance Marine Coatings AS, Kansai Paint and Nippon Paint Holdings Co. Ltd among others.

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