LONDON--(BUSINESS WIRE)--The antifouling coatings market is expected to grow by USD 3.61 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The global shipbuilding industry has grown substantially over recent years. This can be attributed to several factors such as the growth in seaborne trade, increase in FDI flow, and expansion of multinational businesses. Also, the growing demand for offshore vessels, due to rising oil prices is contributing to the growth of the shipbuilding industry. These factors are directly influencing the growth of the global antifouling coatings market.
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As per Technavio, the increasing number of passenger cruises will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Antifouling Coatings Market: Increasing Number of Passenger Cruises
Factors such as growth in the efficiency of port operations and the growing global tourism industry have significantly increased the number of passenger cruises over recent years. This trend is significantly increasing in Asian countries such as China, Japan, South Korea, Vietnam, Malaysia, and Singapore. Also, the largely untapped potential of this sector is encouraging governments across countries such as India to increase the number of passenger ships. These factors are playing a significant role in driving the growth of the global shipbuilding market, which, in turn, is positively influencing the antifouling coatings market.
“Development of eco-friendly antifouling coatings and the increasing number of problems caused due to biofouling will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Antifouling Coatings Market: Segmentation Analysis
This market research report segments the antifouling coatings market by Application (Vessels and Rigs) and Geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the antifouling coatings market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the presence of key players in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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