The global Antifouling Coating Market is expected to reach USD 2.43 billion by 2022, according to a new report by Grand View Research, Inc. Antifouling coatings are applied in order to increase the durability of hulls and underwater surfaces of marine vessels including passenger ships, cargoes, yachts and drilling rigs. Increasing number of merchant fleets on account of improvement of ship-based logistics in emerging markets including India, Brazil and Middle East countries is expected to drive market growth for coatings. Rising importance of Floating Production Storage Offloading (FPSO) in upstream oil & gas sector in light of increasing requirement for integrated compact systems in deep water offshore reserves is expected to increase the incorporation of antifouling paints.
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Further key findings from the report suggest:
• Global antifouling coatings demand was 84.3 kilo tons in 2014 and is expected to exceed 130 kilo tons by 2022, growing at a CAGR of over 5.0% from 2015 to 2022.
• Demand in drilling rigs & production platforms exceeded 13 kilo tons in 2014. Positive offshore oil & gas industry outlook in Brazil, Nigeria, Angola, China and Malaysia in light of regulatory support to promote foreign investments at domestic level is expected to fuel coatings demand.
• Asia Pacific is expected to witness fastest growth, in terms of volume, at a CAGR of 6.0% from 2015 to 2022. The government of India announced incentives for increasing output of shipbuilding at a domestic level in November 2015, which is expected to open new markets.
• North America Antifouling Coating Market size was 2.36 kilo tons in 2014 and is expected to witness growth over the forecast period. Increasing production of unconventional sources such as shale gas and tight oil in the U.S. and Canada in light of technological innovation in hydraulic fracturing is expected to promote the importance of FPSO vessels and may fuel demand.
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Grand View Research has segmented the global Antifouling Coating Market by application and region:
Application Outlook (Volume Tons, Revenue, USD Million, 2012 - 2022)
• Shipping Vessels
• Drilling Rigs & Production Platforms
Regional Outlook (Volume Tons, Revenue, USD Million, 2012 - 2022)
• North America
• Asia Pacific
• Latin America
• Middle East Africa (MEA)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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