PUNE, India - According to a new report from MarketsandMarkets, the global anti-fouling coatings market is projected to reach $9.22 billion by 2021, growing at a CAGR of 8.6% from 2016 to 2021. High demand for anti-fouling coatings from the shipping industry is expected to drive growth of the market in the near future.
Shipping vessels accounted for the fastest-growing application segment of the global anti-fouling coatings market. This segment contributed the largest share to the anti-fouling coatings market in 2015, and is projected to be the fastest growing application segment from 2016 to 2021. The growth can be mainly attributed to the increased demand of anti-fouling coatings, as they provide smoothness and superior polishing effect to hulls and underwater surfaces of shipping vessels.
Based on type, the anti-fouling coatings market has been segmented into copper-based, self-polishing copolymer, hybrid and others. Copper-based was the largest segment of the market in 2015. According to the report, copper-based anti-fouling coatings are environment friendly, as they ensure foul-free surfaces of shipping vessels. They also help in saving fuel, thereby reducing the emission of greenhouse gases.
Asia-Pacific was the largest market for anti-fouling coatings in 2015, owing to the rise in demand of anti-fouling coatings in this region. This increased demand can be attributed to the growing number of shipbuilding activities in the region. China, Korea and Japan are the leading countries in the shipbuilding industry in Asia-Pacific. The low cost of raw materials and labor, as well as the introduction of advanced products, is expected to drive the growth of the anti-fouling coatings market in these countries.
For additional information about the report, Antifouling Paints and Coatings Market by Type (Copper-Based, Self-Polishing, Hybrid, Others), Application (Shipping Vessels, Drilling Rigs & Production Platforms, Others), Region (APAC, Europe, North America, MEA, Latin America) - Global Forecast to 2021, visit www.marketsandmarkets.com.