Global Antifouling Paints and Coatings Market Report and Forecast 2024-2032

Global Antifouling Paints and Coatings Market Outlook

The global antifouling paints and coatings market size reached approximately USD 9.31 billion in 2023. The market is further projected to grow at a CAGR of 8.9% between 2024 and 2032, reaching a value of USD 20.02 billion by 2032.

Key Trends in the Market

Antifouling paints and coatings are used on the underwater surfaces of the ships to prevent the growth of sea life including molluscs and algae, among others, that attach themselves to the hull of the shipping vessels, yachts, and fishing boats. They are often applied as one of the components in multi-layered coating systems and also act as a barrier against corrosion.

• The rising investments and emphasis on enhancing the durability of the shipping vessels by providing them protection against corrosion and reducing frictional resistance is aiding the antifouling paints and coatings market growth. These paints and coatings also reduce fuel consumption as they prevent the aquatic organisms from attaching to the underwater surface of the vessels.

• The growing adoption of condition-based monitoring by the shipping industry is providing lucrative growth opportunities to the market. This predictive maintenance strategy monitors the conditions of the ships by using different types of sensors for extracting data and monitoring assets real-time.

• The development of eco-friendly antifouling paints and coatings is supporting the market expansion. Utilisation of marine friendly coatings and paints ensures that the aquatic environment and animals are not adversely affected.

Global Antifouling Paints and Coatings Market Analysis

On the basis of type, the market is divided into copper-based, self-polishing copolymer, and silicone elastomers, among others. Based on application, the market is classified into shipping vessels, drilling rigs and production platforms, fishing boats, and yachts and other boats, among others.

On the basis of region, the antifouling paints and coatings market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• PPG Industries, Inc. 

• Hempel A/S 

• The Sherwin-Williams Company 

• Jotun A/S 

• Nippon Paint Marine Coatings Co., Ltd. 

• LANXESS AG 

• Gruppo Boero 

• Kansai Paint Marine Co., Ltd.     

• RPM International Inc. 

• Chugoku Marine Paints, Ltd. 

• Others

Market Share by Application

Shipping vessels are anticipated to account for a significant antifouling paints and coatings market share. These paints and coating enhance the functioning and durability of the shipping vessels by slowing the growth and facilitating the detachment of subaquatic organisms attached to the hull. They also aid in reducing fuel consumption by decreasing frictional resistance. Antifouling paints and coatings also prevent the build-up of microorganisms, protecting marine habitats and protecting water bodies from contamination.

Market Share by Region

The Asia Pacific is anticipated to account for a significant share of the market in the coming years. This growth can be attributed to the increasing shipbuilding activities in countries including Taiwan, China, and Japan, among others. The increasing investments on production and exploration of natural gas and crude oil is bolstering the antifouling paints and coatings market demand. The utilisation of antifouling paints and coatings is further increasing in the Asia Pacific to enhance the durability and performance of the vessels.

Competitive Landscape

PPG Industries, Inc., headquartered in Pennsylvania, United States, is involved in the development and delivery of antifouling coatings and paints. The company is dedicated towards solving the biggest challenges faced by their customers by providing them with solutions created with creativity and dedication.

Hempel A/S, headquartered in Lyngby, Denmark, is one of the leading suppliers of decorative, antifouling, protective, and marine paints and coatings for various industries across the globe. The products delivered by the company aid in minimising maintenance costs and improving aesthetics.

The Sherwin-Williams Company, headquartered in Ohio, United States, is involved in the manufacture and sale of coatings, paints, floorcoverings, and products for retail and industrial customers. The company’s product portfolio includes Decorative paints, sealants, and antifouling coatings, among others.

Other antifouling paints and coatings market key players include Jotun A/S, Nippon Paint Marine Coatings Co., Ltd., LANXESS AG, Gruppo Boero, Kansai Paint Marine Co., Ltd., RPM International Inc., and Chugoku Marine Paints, Ltd., among others.

Key Highlights of the Report