LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global antifouling coatings market to grow at a CAGR of more than 13% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global antifouling coatings market for 2017-2021. The report also lists vessels and rigs as the two major application segments, of which the vessels segment accounted for close to 83% of the market share in 2016.
According to Mohd Shakeel Iqbal, a lead analyst at Technavio for paints, coatings, and pigments research, “The global antifouling coatings market is expected to grow due to the increasing ill-effects of biofouling. Antifouling coatings are available in forms that are easy to apply. This is a convenient option for private boat owners. Also, the introduction of eco-friendly components in the composition may reduce the current regulations imposed on the use of antifouling coatings.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global antifouling coatings market:
- Growth in ship building industry
- Impact on performance of vessels
- Development in technology
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Growth in ship building industry
The ship building industry is a major end user for the global antifouling coatings market. The growth rate of this industry which was very slow until 2010, has accelerated due to growth in seaborne trade, increasing global Foreign Direct Investment (FDI) flows and expanding the business of multinational companies.
“Manufacture of new ships and an increase in repair and maintenance of old ships are major growth drivers for the global antifouling coatings market. The increase in demand for offshore vessels, due to rising oil prices, is also responsible for the growth of the ship building industry. These developments will have a positive impact on the growth rate of the global antifouling coatings market,” says Shakeel.
Impact on performance of vessels
Biofouling is a grave issue faced by marine vessels. Different types of antifouling coatings save vessels, rigs, and other equipment from the ill effects of biofouling. Reduced performance, increase in fuel consumption, and environmental pollution for marine species are some of the problems caused due to biofouling. Excess biofouling causes the fuel consumption to increase by more than 25%. Fuel consumption is the major expense in the marine industry. Marine vessels make use of carbon-based fuel, which again causes major harm to the environment. The market is trying to find alternative fuel sources and replace carbon-based fuel. Hence, the increasing number of problems due to biofouling are major growth drivers for the global antifouling coatings market.
Development in technology
The global antifouling coatings market has several types of innovations and variations. Regulations put forth for the safety of the environment are the drivers behind these innovations. Scientists are trying to find new solutions to prevent biofouling that cause the least harm to the marine environment. The development in technology for bringing out eco-friendly antifouling coatings drives the global antifouling coatings market.
Copper compounds are the key components of antifouling components. Copper has a few negative impacts. Several countries have regulated the use of copper in antifouling coatings. However, the lack of any other powerful alternative has rendered copper-based antifouling coatings irreplaceable. Thus, innovation in this market will drive its growth rate. Non-stick foul release coatings, copper-free antifouling coatings, and nano antifouling coatings are some examples of advanced technology.
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