LONDON–(BUSINESS WIRE)–Oct 7, 2020–
The global antifouling coatings market size is poised to grow by USD 3.61 billion during 2020-2024, progressing at a CAGR of almost 15% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis
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Technavio has announced its latest market research report titled Global Antifouling Coatings Market 2020-2024 (Graphic: Business Wire)
Technological developments will be one of the major factors that will drive antifouling coatings market growth. The global antifouling coatings market is witnessing several innovations that could facilitate the introduction of eco-friendly antifouling coatings. Regulations governing the safety of the environment are further inducing these innovations. For instance, numerous countries have regulated the use of copper in antifouling coatings. Copper compounds are the vital components of antifouling coatings. Adhering to the regulations, vendors have introduced non-stick foul release coatings, copper-free antifouling coatings, and nano antifouling coating into the market, increasing their sales.
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- The major antifouling coatings market growth came from the vessels segment. Antifouling coatings help in increasing the durability and performance of the vessels from getting affected by biofouling. They also help in preventing organisms from leaving their natural surrounding and entering foreign waters. The transportation of these organisms from one place to another may affect their natural life cycle and even the environment. The shipbuilding industry is expected to witness a growth, which is likely to drive the demand for antifouling coatings.
- APAC was the largest antifouling coatings market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The presence of key players in the shipbuilding sector, which is a major end-user of antifouling coatings, will significantly drive antifouling coatings market growth in this region over the forecast period.
- The global antifouling coatings market is fragmented. Akzo Nobel NV, Altex Coatings Ltd., BASF SE, DuPont de Nemours Inc., Hempel AS, Jotun AS, Kansai Paint Co. Ltd., Nippon Paint Holdings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams Co. are some of the major market participants. To help clients improve their market position, these antifouling coatings market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global antifouling coatings market 2020-2024 is expected to have Neutral and At par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here:https://www.technavio.com/report/report/antifouling-coatings-market-industry-analysis
Use of Eco-friendly Components will be a Key Market Trend
The use of eco-friendly components, one of the key antifouling coatings market trends, will also contribute to the growth of this market. Antifouling coatings contain chemicals that harm marine flora and fauna. Stringent regulations against the use of harmful chemicals have been introduced by the governments to safeguard marine environment. Research and experiments are being undertaken to look for alternatives to these harmful chemicals and replace them with eco-friendly ones. The market is expected to witness advancements in the coming years where the antifouling coatings with no biocide will be introduced. Several types of eco-friendly antifouling technologies such as clean core technology, low-density copper technology, ECONEA technology, water-based ablative, and white copper technology are already available in this market. Such factors will drive antifouling coatings market growth.
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Antifouling Coatings Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist antifouling coatings market growth during the next five years
- Estimation of the antifouling coatings market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the antifouling coatings market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of antifouling coatings market vendors
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View market snapshot before purchasing
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Vessels – Market size and forecast 2019-2024
- Rigs – Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- APAC – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume driver- Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Akzo Nobel NV
- Altex Coatings Ltd.
- BASF SE
- DuPont de Nemours Inc.
- Hempel AS
- Jotun AS
- Kansai Paint Co. Ltd.
- Nippon Paint Holdings Co. Ltd.
- PPG Industries Inc.
- The Sherwin-Williams Co.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE: Technavio Research
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PUB: 10/07/2020 01:30 PM/DISC: 10/07/2020 01:30 PM