Demand from Oil and Gas Industry Will Significantly Propel the Global Antifouling Coatings Market Through 2020, Says Technavio
By Business Wire News
By Business Wire News
According to the latest research report released by Technavio, the global antifouling coatings market is expected to grow at a CAGR of about 13% until 2020.
This report titled ‘Global Antifouling Coatings Market 2016-2020‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. The report presents the market with segmentations based on application and geography.
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“Offshore oil rigs are the key to exploration and extraction of oil and natural gas. Antifouling coatings are used in rigs to increase performance and durability. Expansion of the oil and gas industry due to increased exploration of oil and gas is expected to increase the demand for rigs, opening up immense opportunities in the market,” said Chandrakumar Badala Jaganathan, one of Technavio’s lead industry analysts for chemicals and materials.
“To differentiate their products and introduce eco-friendly solutions, manufacturers of antifouling coatings are developing new marine coating technologies. Vendors are investing heavily in the development of antifouling paints and coatings that do not contain harmful compounds such as organotin. Antifouling technology remains a key focus area for the marine industry, where savings on fuel can result in considerable reduction in operation costs,” added Chandrakumar.
Some of the other driving forces behind the growth of the global antifouling coatings market are as follows:
- Demand from oil and gas industry
- Extensive use in marine equipment
- Development of sustainable solutions
Demand from oil and gas industry
The rapid growth of the oil and gas industry is one of the major drivers in the global antifouling coatings market. Urbanization and the increasing demand for oil and gas from the transportation industry contributes significantly to the growth of this market. Antifouling coatings are widely used for the maintenance and protection of machinery and structural infrastructure in rigs. Drilling contractors are expanding their fleets of rigs. It is therefore leading to an increased adoption of antifouling coatings, fueling the growth of the market.
Extensive use in marine equipment
Stringent regulations governing the shipbuilding industry and increasing cost of maintenance of ships and marine equipment are prompting ship owners and drilling contractors to use antifouling coatings. Antifouling coatings reduce fuel consumption, improve the life of vessels, and enable compliance with environmental regulations. Companies in the marine infrastructure and natural gas industries are implementing extensive maintenance programs to increase the longevity of their assets, driving the demand for antifouling coatings. Shipbuilding companies are increasing their revenue by implementing maintenance programs. For instance, Daewoo the second largest shipbuilding company grew by 4.5% during 2009-2014.
Development of sustainable solutions
Stringent government regulations and campaigns by environmental activists are forcing vendors to manufacture sustainable and eco-friendly antifouling coatings. Copper, which is widely used in antifouling coatings has been found to be detrimental to marine life. Modern antifouling coatings have reduced or eliminated the use of copper and other harmful materials. While stringent environmental regulations make it more challenging for vendors to deliver coatings that perform, aggressive R&D initiatives to meet the regulatory criteria acts as an important driver for this market. The trend will likely lead to the launch of new products in the antifouling coatings sector during the forecast period.
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