Antifouling Coatings Market Strategies and Forecasts | 2024
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The antifouling coatings market has gained momentum due to rising sea trade activities, which has led to a rise in the number of ships. The various types of vessels using antifouling coatings are bulk carriers, cargo ships, and container ships.
The research report on the global antifouling coatings market provides a thorough analysis of the overall market and the answers pertinent to questions about the scope of the market. The report aims to explain the competitive scenario and the nature of the vendor landscape to the readers through well-researched chapters. Furthermore, the document contains Porter’s Five Forces Analysis and SWOT analysis to highlight the various factors responsible for the growth or decline of the overall antifouling coatings market.
Poor output of vessels due to the growth of organisms is the primary driver of the global antifouling coatings market. A drop in speed not only slows down the time taken for transportation, but also increases the risk of goods perishing in transit. The possibility of corrosion of metallic coating and the chances of shipworms causing decay to the goods prompt ship manufacturers to use antifouling coatings. Furthermore, the threat of marine organisms being transported out of their ecosystems and the potential hazard of this to the marine life is fueling demand for these coatings.
The new-age antifouling coatings contain special chemicals such as biocides, organotin compounds, copper, and synthetic chemical compounds. Unfortunately, these are known to have a negative impact on the environment. For instance, usage of paints containing tributyltin has been banned due to high level of toxicity. Companies in this market are also looking at ways to reduce the use of copper in antifouling coatings, as copper too has adverse effects on marine flora and fauna.
On the other hand, players are looking at using slime for making antifouling paints that are friendlier to marine life. Technological advancements and increasing investments in research and development are likely to create several growth opportunities in the market in the near future. The burgeoning oil and gas industry is also expected to offer newer growth platforms to the global antifouling coatings market.
Asia Pacific dominates the global antifouling coatings market due to the massive shipbuilding industries in South Korea, Japan, Taiwan, and the Philippines. Rise of the shipbuilding industry in Asia Pacific is expected to keep the performance of the antifouling coatings market steady. Demand for antifouling coatings is also expected to rise in this region due to increasing expenditure on exploration and production of natural gas and crude oil in Thailand, India, and China.
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The top players in the global antifouling coatings market are PPG Industries, Inc., BASF SE, AkzoNobel N.V., Hempel, Archer Daniels Midland Company, Nippon Paint Holdings Co. Ltd., Jotun, Sherwin-Williams Company, Chugoku Marine Paints Ltd., Kansai Paint, and Advance Marine Coatings AS, among others. These companies focus on developing eco-friendly coatings from palm oil to reconcile the issue of rising environmental concerns and the need to safeguard the vessels.
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