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Oct 5, 2020 9:12 AM ET

Global Antifouling Paints & Coating Market Is Expected to Reach above USD 9.21 Billion in 2021


iCrowd Newswire - Oct 5, 2020

Some of the international key players in the antifouling paints and coating market are BASF S.E, The Sherwin-Williams Company, PPG Industries Inc., Boero Yachtcoatings, Chugoku Marine Paints Ltd, Nippon Paint Marine Coatings Co. Ltd, Kop-Coat Marine Group, Jotun, Hempel A/S, Advance Marine Coatings AS, Akzo Nobel N.V., and Chugoku Marine Paints Ltd among others. These players are set to boost global antifouling paints and coating market in the forecast period.

As per analysts at Zion Market Research, the global antifouling paints and coating market was capitalized at more than USD 5.68 Billion in 2015. The antifouling paints and coating market is likely to cross more than USD 9.21 Billion in 2021 and is likely to develop at a CAGR of slightly more than 8.4% from 2016 to 2021.

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Analysts at Zion Market Research claim that antifouling paints and coatings market is boosted due to wide employment in offshore sector for coating the drilling rigs, shipping vessels, and mooring lines. Rising demand for antifouling paint and coating from the gas & oil sector is likely to boost the antifouling paints and coating market in the years to come. In addition to this, antifouling paints and coating market is bolstered due to superior characteristics such as fouling free. This eliminates external contamination and corrosion, which will help the development of antifouling paints and coating market in the years to come. On the other hand, high employment of antifouling paints and coating might cause adverse effect on the environment, thereby hindering the growth of antifouling paints and coating market. Nevertheless, in-progress research for launch of different coating methods is likely to boost the development of antifouling paints and coating market in the years to come. furthermore, increasing demand from the up-and-coming nations and various end users such as gas & oil sector for the antifouling paints and coating market is expected to offer new avenues in the years to come.

Different mergers and acquisitions carried out market players will tower the development of antifouling paints and coating market. For example, in June 2017, The Sherwin-Williams Company concluded the acquirement of The Valspar Corporation and became a worldwide leader in antifouling paints and coating market.

Rapidly Developing Shipbuilding Sector In Developing Nations To Open New Avenues For The Antifouling paints and coating market In Asia Pacific

Asia Pacific in 2015 ruled the antifouling paints and coating market and was believed to be the highest income generating area all over the globe. Asia Pacific added up for almost 75% of the total share in antifouling paints and coating market in 2015. This was majorly owing to the rapidly developing shipbuilding sector in Taiwan, Japan, the Philippines, China, and Korea.

The global antifouling paints and coating market is segmented as follows:

By Type

By Application

By Region

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Keywords:    Global Antifouling Paints & Coating Market

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