The Global Anticorrosion and Antifouling Paints Market was valued at US$ 33.20 Billion in 2022 and is expected to reach US$ 54.20 Billion by the end of 2030, at a CAGR 6.10% from 2023 to 2030.
Anti-corrosion paints defined as corrosion-resistant coatings which are designed to prevent or slow down the process of corrosion on metal surfaces including ships, bridges, pipelines, and industrial equipment. Antifouling paints are used mainly on the hulls of ships & boats to prevent the attachment and growth of marine organisms like barnacles, algae. The accumulation of fouling organisms can reduce a vessel's performance & increase fuel consumption.
Market Drivers
The significant expansion of the marine and shipbuilding sectors globally is a primary driver for the antifouling and anticorrosion paints market. The increased construction and maintenance of vessels and offshore structures necessitate the use of antifouling paints to prevent fouling and improve durability.
Also, the focus on enhancing vessel durability and preventing corrosion is driving the demand for antifouling and anticorrosion paints market. These products play a crucial role in protecting ships, drilling rigs, and production platforms from the damaging effects of marine fouling.
Furthermore, antifouling paints help improve fuel efficiency by reducing the drag caused by fouling organisms on the hull of ships and vessels. This aspect is crucial for cost savings and environmental considerations.
Moreover, the oil and gas industry's need for floating production storage and offloading (FPSO) vessels is boosting the market. FPSO vessels require effective antifouling solutions to operate efficiently in offshore environments.
Market Restraints
The cost of raw materials used in the production of anticorrosion and antifouling paints, such as resins, pigments, and solvents, is relatively high. This can make anticorrosion and antifouling paints expensive for some consumers.
The anticorrosion and antifouling paints market is highly competitive, with numerous players vying for market share. This competition can limit the profitability of individual companies and affect overall market growth.
Market Segmentation
The scope of the Global Anticorrosion and Antifouling Paints Market covers segmentation based on By Product Type, By Application, By Raw Materials and by region. Based on product type, market is segmented into Anticorrosion Paints (Water-Based Anticorrosion Paints, Solvent-Based Anticorrosion Paints, Powder Coatings for Corrosion Protection, Other Specialty Anticorrosion Coatings), Antifouling Paints (Self-Polishing Copolymer Antifouling Paints, Controlled Depletion Antifouling Paints, Copper-Based Antifouling Paints, Non-Biocidal (Silicone) Antifouling Paints).
Based on application, the market is segmented into Marine (Commercial Shipping, Recreational Boating, Navy and Defence Vessels), Industrial (Oil & Gas, Power Generation, Chemical Processing, Infrastructure (Bridges, Pipelines)).
Based on raw materials, the market is segmented into Existing Raw Materials (Epoxy Resins, Polyurethane Resins, Bio-based Materials, Others), New Raw Materials (Nanomaterials, Smart Coatings, Photocatalytic Coatings).
Regional Analysis
The global anticorrosion and antifouling paints market is segmented into mainly 5 regions including North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Asia Pacific is expected to account for the largest market over the forecast period with a growing CAGR of 6.20% in Global Anticorrosion and Antifouling Paints Market. Due robust industrialization, infrastructure development, and increased maritime activities.
Furthermore, North America is projected to account for a significant share over the forecast period due to infrastructure maintenance and expansion, stringent environmental regulations, and the need to protect assets from corrosion in various industries.
Key Players
The research report thoroughly analyses the most significant recent advancements by the top players and innovation profiles in the global anticorrosion and antifouling paints market comprising: PPG Industries, Inc, AkzoNobel N.V., The Sherwin-Williams Company, Jotun A/S, Kansai Paint Co., Ltd., RPM International Inc., Hempel A/S, Nippon Paint Holdings Co., Ltd., Carboline, BASF SE, MCU Coating International, Armorthane, etc.
Key Strategies
In June 2023, Sherwin-Williams Protective & Marine has unveiled a groundbreaking solution to combat the critical issue of corrosion under insulation (CUI) with its latest innovation: the Heat-Flex CUI-mitigation coatings series. This product line introduces Heat-Flex ACE (Advanced CUI Epoxy), an ultra-high-solids epoxy novolac enhanced with specialized chemicals for superior CUI mitigation. According to the company, this coating stands out as the most effective solution for addressing CUI compared to any other available formulation.
In February 2023, Nippon Paint has announced plans to expand their coatings production to Vietnam. The expansion comes in response to the Vietnamese government’s investment in the shipbuilding sector, as well as declaring the country’s maritime industry a “priority sector.”
Market Taxonomy
Global Anticorrosion and Antifouling Paints Market
