According to the DataM Intelligence’s latest research the global antifouling coatings market is expected to grow at a high CAGR of 4.7% during the forecasting period 2023-2030. Antifouling coatings are applied to boats, yachts, or ships to inhibit the development of organisms on the hull and prevent corrosion. Such coatings contribute to the vessel's longevity and performance. These coatings are also employed in offshore oil rigs, both permanent and floating.
One of the major trends expected to contribute to the global antifouling coatings market's growth is rapid technological advancements. Companies invest heavily in R&D to further enhance antifouling coatings' efficiency, increasing their demand from end-users.
DataM Intelligence’s report on the antifouling coatings market provides insightful analysis of the latest trends and developments in the market. It outlines the current market dynamics and provides detailed insights into the market growth, revenue opportunities, and key players. Our report provides an accurate assessment of the market size and opportunities and explores the potential impact of the latest trends and developments.
Exploring Market Drivers and Trends
The two key drivers of the global antifouling coatings market are stringent laws controlling the shipbuilding sector and the expanding oil and gas industry. Its expansion is aided by urbanization and rising demand for oil and gas from the transportation sector. Antifouling coatings are commonly utilized in rigs to maintain and preserve equipment and structural structures. Drilling firms are increasing their rig fleets. This is causing a rise in the use of antifouling coatings, supporting market expansion.
Market Growth Opportunity
- The expansion of the oil and gas sector provides market opportunities. Due to the environmental emphasis of ship owners and shipyard customers, emerging technology and innovation in the antifouling coatings industry have led to the hunt for biologically inspired antifouling techniques, which will affect the future of antifouling coating market growth.
Market Restraint
The price volatility of major basic materials used in manufacturing is one of the factors acting against the global antifouling coatings market increasing throughout the projected period. The saturated marine coatings industry is expected to impede new competitors. While the use of coating technology is predicted to increase output, the high manufacturing costs are expected to hinder the market.
Market Key Players
The key players operating in the antifouling coatings market include
- AkzoNobel NV
- PPG Industries
- The Sherwin Williams Company
- Hempel A/S
- Jotun A/S
The major players are adopting several growth strategies such as platform launches, acquisitions, licensing, mergers and collaborations, which are contributing to the growth of the antifouling coatings market globally.
