Smart Antifouling Coatings Market To Grow At CAGR Of 23.80% Through 2032; Growing Seaborne Trade To Propel Growth

Newark, April 08, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global smart antifouling coatings market is expected to grow from USD 470.44 Million in 2023 to USD 3,978.42 Million by 2033, at a CAGR of 23.80% during the forecast period 2024-2033.

The ship operators must ensure that the ship is protected, whether idle for long periods, in active service, or at risk of fluctuation between the two. The antifouling coating provides extended static protection from both soft and hard fouling, and it is considered a must for the shipping fleet worldwide. One study found that in 44% of the vessels surveyed, more than 10% of the underwater hull surface was broadly covered with hard fouling. Hence, it is eventually driving the use of the smart antifouling coating market.

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Competitive Strategy

To enhance their market position in the global smart antifouling coatings market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

. In May 2023: I-Tech AB signed a deal with International Paints Korea, a subsidiary of AkzoNobel, allowing them to use and sell Selektope, a new antifouling product. This was the organization's sixth commercial deal with leading paint manufacturers in the South Korean market. It is helping the organization expand its market share in the Smart Antifouling Coatings market.

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Market Growth & Trends

Based on one of the studies, the volume of the global seaborne trade is estimated to grow by 2.4% in 2023 compared to the previous year. This route is extensively used for trading as the price is much cheaper than transport by rail or air. This lower price is due to the lower maintenance cost of shipping compared to other modes of transportation. In 2021, Asia was the leading loading and discharge cargo centre, accounting for around 42% of exports and 64% of imports. All of these factors are eventually driving the Smart Antifouling Coatings market. Ships, boats, ferries, small watercraft and marine structures like offshore oil rigs use certain types of marine coating above and below the waterline. These factors have eventually driven the market. Based on one of the studies in 2021, China accounted for around 90% of the shipbuilding activities in the world, and the demand for antifouling and anti-corrosive coating is high in this country. It has been found that plants, algae, bacteria, barnacles, etc, can easily get home on marine vessels and structures, and the unwanted organisms can easily settle on the surface in a minute if the surface is not properly coated. These organisms need specific conditions to survive and thrive, like specific temperature ranges, sunlight and suitable surfaces. To avoid this, the antifouling coating can be very suitable, which will eventually propel the growth of the smart antifouling coating market. It has been observed that vessels with heavy bioaccumulation suffer from high fuel costs because of drag and increase in emissions; hence, the protective coating is very important to the marine sector. Smart antifouling paint can be used on the aluminium hull.

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Key Findings

. In 2023, the shipping vessels & dockyard segment dominated the market with the largest market share of 75.34% and market revenue of USD 354.43 Million.

The application segment is divided into shipping vessels & dockyard, drilling ring & production platform and others. In 2023, the shipping vessels & dockyard segment dominated the market with the largest market share of 75.34% and market revenue of USD 354.43 Million. Shipowners in all sectors focus on solutions that help them boost their efficiency.

. In 2023, the offline segment dominated the market with the largest market share of 78.71% and market revenue of USD 370.28 Million.

The distribution channel segment is divided into online and offline. In 2023, the offline segment dominated the market with the largest market share of 78.71% and market revenue of USD 370.28 Million. This significant market share is attributed to leading world suppliers responsible for most of the paint.

Regional Segment Analysis of the Smart Antifouling Coatings Market:

. North America (U.S., Canada, Mexico)
. Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)

The Asia Pacific region occurred as the largest market for the global smart antifouling coatings industry, with a market share of 78.05% and a market value of around USD 367.18 Million in 2023. This market share is attributed to Asia Pacific's contribution to using marine coating for new shipbuilding and repairs. Based on the article from 2015, China was estimated to become the largest shipbuilding country in the world by 2017. In 2015, Japan held around 19.2% of the new shipbuilding share, South Korea had 34.4%, China had 37.2%, Europe had 1.4%, and the rest of the world had around 7.7%. There was an elevated need for marine coatings in the region due to the emergence of China as the key player in the shipbuilding sector, which eventually propelled the smart antifouling coating market in the region.

Key players operating in the global smart antifouling coatings market are:

. I-Tech AB
. Ecocoat
. Sharklet Technologies
. Akzo Nobel NV
. PPG
. Jotun
. Nippon Paint Marine

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Smart Antifouling Coatings market based on below mentioned segments:

Global Smart Antifouling Coatings Market by Application:

. Shipping Vessels & Dockyard
. Drilling Ring & Production Platform
. Others

Global Smart Antifouling Coatings Market by Distribution Channel:

. Online
. Offline

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About the report:

The global smart antifouling coatings market is analysed based on value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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