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The global smart antifouling coatings market was valued at USD 470.44 Million in 2023 and growing at a CAGR of 23.80% from 2023 to 2032. The market is expected to reach USD 3,978.42 Million by 2033. These non-traditional antifouling products are applied to ships and offshore structures in freshwater or sea environments. It helps the ship protect the structure from weakening and keeps it looking good. Global merchant fleets consist of bulk carriers, container ships, tankers, cargo ships, passenger and & cruise ships, etc. 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.
Smart antifouling coatings are smart coatings, also known as intelligent coatings, and these coatings, in general, have specific functionalities and properties that external stimuli, like changes in temperature, pH, light, etc, can trigger. Such coatings are designed for specific functionality like self-healing, colour changes, and corrosion resistance against specific triggering. The leading organizations in this market are trying to stay updated with the latest advancements in coating technology to formulate a high-performance coating that meets customers' needs. Smart antifouling coatings are broadly used for the marine sector, and these are waterproof protective layers applied to surfaces immersed in fresh or saltwater environments. 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. Moreover, the growing maritime trade and surge in maritime activities are increasing the need for effective antifouling coating for smooth sailing and operational efficiency of vessels. As international trade expands, the demand for antifouling coating is growing, eventually driving the smart antifouling coating market. These have broad applications in offshore structures, marine vessels and submerged equipment. It helps extend marine assets' life, maintaining operational efficiency and fuel economy.
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Growing seaborne trade – 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. Americas, Europe, Oceania and Africa are followed in sequence after Asia. Also, in 2021, the top five container exporters accounted for almost half of the traffic: China, the United States, Vietnam, South Korea and Japan. China alone accounted for around 30% of the traffic. All of these factors are eventually driving the Smart Antifouling Coatings market.
Environmental concerns – Developing antifouling coating technologies to improve durability, performance, and eco-friendliness is very important. However, there are limitations in the present technology, like the limited efficiency and applicability, which hinders the market. These coatings could also harm the non-target marine species, which can endanger the aquatic ecosystems. Hence, the regulations and public concerns for the unintentional environmental impact are acting as restraints for the growth of the smart antifouling coating market.
Growing cruise sector– The cruise sector of the world has observed continuous growth for the last three decades, but it was interrupted in 2020 due to the COVID-19 pandemic. However, in 2022, the occupancy rates improved to approximately 78%, with around 20.4 million people taking cruises. It has been observed that despite the COVID-19 pandemic and the slow pace of recovery, marine and coastal tourism has become the fastest-growing sector in the global economy. This cruise tourism sector has become the fastest-growing segment in the complete travel sector of the world, and there is a variety of cruises to offer these days, propelling the cruise sector. Cruise tourism was a big business sector before COVID-19 in 2020, hosting around 29.7 billion passengers globally. This sector is estimated to grow swiftly in the future in the tourism industry. All these factors will eventually drive the Smart Antifouling Coatings market in the forecasting market.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the largest market for the global smart antifouling coatings market, with a 78.05 % share of the market revenue 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. This market is further growing due to fuel savings and low emissions demand. The shipbuilding sector is also growing in Vietnam, India, and the Philippines, providing a good opportunity for the regional market.
Asia Pacific Region Smart Antifouling Coatings Market Share in 2023 - 80.05%
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The application segment is divided into shipping vessels & dockyard, drilling ring & production platform and others. The shipping vessels & dockyard segment dominated the market, with a market share of around 75.34% in 2023. This high market share is attributed to the surge in the dry-docking interval, and it also helps save fuel by keeping hulls from fouling organisms. Shipowners in all sectors focus on solutions that help them boost their efficiency.
The distribution channel segment is divided into online and offline. The offline segment dominated the market, with a market share of around 78.71% in 2023. This significant market share is attributed to leading world suppliers responsible for most of the paint. Another factor that supports the share is that the buying of coating is a complex process. There are many factors to consider, like the continuous demand for higher performance to improve the product lifetime and reduce maintenance.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Million) |
| Market size value in 2023 | USD 470.44 Million |
| Market size value in 2033 | USD 3,978.42 Million |
| CAGR (2024 to 2033) | 23.80% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Application and Distribution Channel |
Asia Pacific region emerged as the largest market for the smart antifouling coatings.
The market's growth will be influenced by growing seaborne trade.
Environmental concerns hamper the market growth.
Growing cruise sector will provide huge opportunities to the market.
Key players are I-Tech AB, Ecocoat, Sharklet Technologies, Akzo Nobel NV, PPG, Jotun and Nippon Paint Marine among others.
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:
Global Smart Antifouling Coatings Market by Distribution Channel:
Global Smart Antifouling Coatings by Region:
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