According to IMARC Group’s latest report, titled “Antifouling Paints and Coatings Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global antifouling paints and coatings market reached a value of US$ 15 Billion in 2020. Looking forward, the market is expected to grow at a CAGR of around 9% during 2021-2026.
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Antifouling paints and coatings are paints produced, especially for hulls of ships and offshore structures for protection against sub-aquatic organisms. They are made using resins, pigments, cuprous oxides, and biocides, which restricts the growth of the harmful marine organisms. Few major antifouling paint types are soft-bottom, hard-bottom, and ablative antifouling paints. They are applied at the bottom of the boats, yachts, and ships to enhance the water flow passing the hull, which reduces fuel consumption by minimizing the drag and increasing the durability and aesthetics of the ship.
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The burgeoning marine and shipbuilding industries across the globe augment the antifouling paints and coatings market. Additionally, improved vessel durability and corrosion prevention activities further escalate the market growth. These paints and coatings are widely used to paint drilling rigs, production platforms, shipping vessels, and underground waterways transport for minimizing frictional resistance and damage from harmful organisms. Furthermore, the advent of eco-friendly antifouling products also impels product demand. The increasing need for friction and metal-free, and silicone- and fluoro-resin-based antifouling variants further strengthen market growth. The rising ownership of leisure boats and elevating demand for floating production storage and offloading (FPSO) vessels in the oil and gas sector are further anticipated to drive the industrial growth.
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