Market World Antifouling Coating Market Research Till 2022 | Page 2

In 2014, Antifouling coatings were primarily used in shipping vessels, contributing to more than 80% of overall
volume. These paints extend the dry-docking interval and provide direct fuel saving by protecting hulls from
fouling organisms and corrosion. Production platforms & drilling rigs are projected witness market growth, at
an estimated CAGR of 8.0% by revenue, over the forecast period. Companies functioning in oil & gas sector are
continuously investing in the market for The FPSO vessels and thereby this is expected to serve market growth.
Regional Outlook
In 2014, Asia-Pacific was the dominant player accounting for nearly 85% of the overall volume in 2014. South
Korea, Japan, China, Philippines and Taiwan are major hubs for shipbuilding activities. This is anticipated to lead
to the dominance of Asia-Pacific in the shipbuilding segment, thus raising demand for antifouling paints.
Furthermore, growing expenditure related to the production & exploration of crude oil & natural gas in India,
Thailand and China, India are projected to further propel demand for these paints in production platforms and
drilling rigs.
China, Taiwan, Philippines and South Korea, Taiwan are anticipated to witness substantial gains on account of
presence of a large number of shipbuilding producers. In addition, the emergence of India and Australia as
production units of shipping vessels on account of regulatory provisions for encouraging new investments and
funding at the domestic level is estimated to expand the market size. The presence of stringent rules and policies
to monitor the use of biocides in agriculture and water treatment, personal care and marine applications by the
European Commission and EPA is expected to impede antifouling coatings demand from 2015 to 2022.
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In September 2013, the Government of India introduced Draft National Chemical Policy, to uplift the country’s
domestic throughput in the chemical industry to 6% by 2020 from 3% in 2014. Favorable government programs
along with growing shipping sector in India is anticipated to present new opportunities in the next seven years.
Europe’s Antifouling Coating Market, on the other hand, crossed 6.0 kilo tons in 2014. The market is expected
to witness appositive impact owing to high penetration of yachts manufacturers in UK and Italy.
In 2014, MEA antifouling coatings market was estimated at USD 22.3 million. With the capital expenditure on a
rise majorly attributing to development of offshore vessels in Nigeria, Angola and the market is expected to
escalate the usage of this product over the coming years.