Report Projects Anti-Fouling Coatings Market to Reach $9.22 Billion by 2021
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.