The global antifouling paints & coatings market was valued at USD 5.61 Billion in 2015 and is projected to reach USD 9.22 Billion by 2021, at a CAGR of 8.6% from 2016 to 2021. This growth can be attributed to the increasing demand from the shipping, onshore, and oil & gas industries. AkzoNobel N.V. (Netherlands), BASF SE (Germany), Chugoku Marine Paints, Ltd. (Japan), Hempel A/S (Denmark), The Sherwin-Williams Company (U.S.), and Jotun (Norway) are some of the leading players in this market.
Key players operational in the antifouling paints & coatings market are focusing on new product launches, mergers & acquisitions, agreements, and expansions to cater to the increasing demand across various industry verticals. AkzoNobel N.V., Hempel A/S, and Jotun reported the largest number of developments in the global antifouling paints & coatings market between 2011 and 2016.
AkzoNobel N.V. is one of the leading manufacturers of antifouling paints & coatings, globally. The company is focused on maintaining its position in the paints, coatings, and specialty chemicals markets through strategies such as new product developments and expansions. For example, AkzoNobel N.V. launched a new antifouling biocide - Intercept 8500 LPP, in April 2016, to strengthen its market position. This launch also helped the company to expand its product line and provide operational, cost, and environmental efficiencies to its customers. In October 2015, the company launched Intertrac®Vision, a consultancy tool, which predicts hull performance. This launch helped the company to expand its product portfolio.
Hempel A/S is another key player in the antifouling paints & coatings market and has presence in several regions across the globe. Hempel offers economical as well as environmentally friendly and cost efficient products and services to help customers in meeting environmental standards. Hempel expanded its product portfolio with the launch of GLOBIC and DYNAMIC in December 2014. Hempel also developed sustainable antifouling coatings in a project sponsored by European Economic Area Grants (EEA) in May 2016. Through this project, Hempel is planning to offer its customers with coatings that are environmentally friendly with reduced vessel emissions capabilities.
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
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