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Antifouling coatings market is growing with the expansion of global trade through sea routes, the number of container ships, bulk carrier ships and cargo ships manufactured have increased, which in turn widens the scope of the antifouling coatings market in Asia-Pacific. The key countries contributing to the antifouling coating industry in Asia-Pacific region are China, South Korea and Japan.
Antifouling coatings are coatings or paints that are applied to the hull of a boat, yacht or ship to prevent corrosion of metallic hulls and to decrease the expansion of organisms on the water submerged surfaces. The performance and durability of vessel can be improved by using antifouling coatings. These coatings are also used in floating and fixed offshore oil rigs. Submerged surfaces in the marine environment are affected by algae, bacteria, diatoms and invertebrates that cause hydrodynamic drag increase resulting in more fuel consumption, and decreased operational range and speed.
Growth of organisms affects the performance and profitability of the ships or yachts in many ways, including decrease in the maximum speed of the ships and severe damage overtime by some marine growth such as shipworms. Also, harmful marine organisms may get transported by ships to other areas.
In modern time, antifouling coatings are formulated by using special chemicals which impede the growth of barnacles, algae, and marine organisms. These special chemicals include organotin compounds, copper, and some other biocides. The commercial ships commonly use an anti-fouling coating that includes synthetic chemical compounds that have harmful effects on the environment. The prohibition on the use of these antifouling coatings led to the exploration for biologically inspired antifouling strategies which may provide with the natural and biomimetic antifouling surface coatings. Biomimetic approaches may well provide new insights into designing and developing surface active and non-toxic antifouling technologies.
The Global Antifouling Coatings market can be categorized into two divisions that include Rigs and Vessels.
Companies are investing a lot in research and development to expand the efficiency of antifouling coatings, which in turn is expected to increase the demand from end-users. Technology advancement worldwide is one of the trends expected to add to the growth of the global antifouling coatings market. Increased demand of oil and gas, increasing population and urbanization are drivers for growth of antifouling coatings market. These are also widely used for the protection of structural infrastructure and machinery in rigs.
One of the major challenges faced by antifouling coatings market is predictable decline in the shipbuilding industry. The market has also been witnessing the growing consumer preference for eco-friendly products due to which strict environmental regulations have been imposed that poses a challenge to the growth of this market. Also, the volatility in price of Raw Materials hinders to the growth of the anti-fouling coating market.
Opportunities in the market lie with the growth in oil and gas industry. Upcoming technology and advancement in antifouling coatings industry owing to environmental focus amongst ship owners and shipyard clients has led to the search for biologically inspired antifouling strategies which would impact the future of antifouling coating market development.
Some of the key players in the industry include PPG Industries Inc., Jotun, Sherwin-Williams Company, AkzoNobel N.V., BASF SE, Hempel, Archer Daniels Midland Company, Chugoku Marine Paints LTD, Advance Marine Coatings AS, Kansai Paint and Nippon Paint Holdings Co. Ltd among others