Antifouling Coatings Market To Reach $16.40 Billion By 2030

Antifouling Coatings Market Growth & Trends

The global antifouling coatings market size is expected to reach USD 16.40 billion by 2030, registering a CAGR of 8.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. New developments in ship-based logistics services in emerging economies including Middle East countries, Brazil, and India is estimated to fuel market growth for these coatings. Increasing need for embedded compact systems as prerequisite in deep water offshore reserves coupled with rising importance for Floating Production Storage Offloading (FPSO) in upstream oil & gas sector is anticipated to result in an up surging demand for antifouling paints.

Demand for global antifouling coatings was 84.3 kilo tons in 2014 and is projected to surpass 130.0 kilo tons in the next seven years. It is expected to grow at a CAGR exceeding 5.0% in the forecast period. Furthermore, demand for antifouling paints in shipping vessels was approximately 71.0 kilo tons in 2014. Production platforms and drilling rigs are projected to gain prominence attributing to the expansion of offshore natural gas production capacity in Saudi Arabia and Brazil over the forecast period.

Support from regulatory bodies in countries including China, Angola, Nigeria, Malaysia, and Brazil, in an attempt to encourage foreign investments at a national level is expected to have a positive impact on the offshore oil & gas market. In 2014, demand for production platforms & drilling rigs was over 13.0 kilo tons. In 2014, antifouling coatings accounted for nearly 80.0% of the total market share by volume owing to increasing use in shipping vessels due to their ability to save fuel from fouling organisms and extension of dry docking interval.

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Antifouling Coatings Market Report Highlights

• Copper-based antifouling paints segment dominated the global industry and accounted for a revenue of 45.8% in 2023. The segment is primarily driven by growth in new shipbuilding and repair activities along with increasing demand for the leisure boat market.

• The hybrid antifouling paints segment is anticipated to witness the fastest CAGR of 8.5% during the forecast period. Rising environmental concerns, advanced performance requirements, and growing awareness about adoption of sustainable solutions drive the forecasted growth.

• Shipping vessels segment dominated the market and accounted for revenue of 30.8% in 2023. The growth is driven by increasing demand for global trade and transportation.

• Fishing boats segment is expected to witness a significant CAGR over the forecast period. The growth is attributed to increasing demand for seafood and fishing activities.

• Asia Pacific antifouling coatings market held the largest revenue share of the global industry and accounted for 70.3% in 2023.

Antifouling Coatings Market Segmentation

Grand View Research has segmented the global antifouling coatings market on the basis of on product, application, and region:

Antifouling Coatings Product Outlook (Revenue, USD Million, Volume Tons, 2018 - 2030)

• Copper-based Antifouling Paints 

• Hybrid Antifouling Paints

• Self-polishing Copolymer

• Others

Antifouling Coatings Application Outlook (Revenue, USD Million, Volume Tons, 2018 - 2030)

• Fishing Boats

• Drilling Rigs & Production Platforms

• Shipping Vessels

• Mooring Lines

• Aquaculture Nets

• Yachts

• Inland Waterways Transport

• Other Boats

Antifouling Coatings Regional Outlook (Revenue, USD Million, Volume Tons, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players in the Antifouling Coatings Market

• Akzo Nobel N.V.

• Jotun

• Hempel A/S

• PPG Industries

• The Sherwin-Williams Company

• Gruppo Boero

• Axalta Coating Systems

• BASF SE

• Nippon Paint Marine Coatings Co., Ltd.

• Kansai Paint Co., Ltd.

• Altex Coatings