Antifouling paints and coatings are used to protect the surfaces of ships, boats, and other marine structures from the growth of organisms such as barnacles, algae, and mollusks. These organisms can cause biofouling, leading to increased fuel consumption, reduced speed, and increased maintenance costs.

The global antifouling paints & coatings market was valued at USD 5.61 Billion in 2015 and is projected to reach USD 9.22 Billion by Upcoming years , at a CAGR of 8.6%. The demand for antifouling paints and coatings is influenced by various factors, including the growth of the maritime industry, increasing international trade, and the need for efficient vessel operations. Additionally, regulations and environmental concerns have driven the development of environmentally friendly antifouling solutions. The market is also likely to witness advancements in technology and product innovation to meet stricter environmental regulations and improve performance.

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Key players operational in the antifouling paints & coatings market are focusing on new product launches, mergers & acquisitions, agreements, and expansions to cater to the increasing demand across various industry verticals. AkzoNobel N.V., Hempel A/S, and Jotun reported the largest number of developments in the global antifouling paints & coatings market.

AkzoNobel N.V. is one of the leading manufacturers of antifouling paints & coatings, globally. The company is focused on maintaining its position in the paints, coatings, and specialty chemicals markets through strategies such as new product developments and expansions. For example, AkzoNobel N.V. launched a new antifouling biocide - Intercept 8500 LPP, in April 2016, to strengthen its market position. This launch also helped the company to expand its product line and provide operational, cost, and environmental efficiencies to its customers.

Hempel A/S is another key player in the antifouling paints & coatings market and has presence in several regions across the globe. Hempel offers economical as well as environmentally friendly and cost efficient products and services to help customers in meeting environmental standards.

Asia-Pacific was the largest market for global antifouling paints & coatings market in 2015, globally

Asia-Pacific was the largest market for antifouling paints & coatings market in 2015, owing to the rise in demand of antifouling paints & coatings in this region. This increased demand can be attributed to the growing number of ship building activities in the region. China, Korea, and Japan are the leading countries in the ship building industry in Asia-Pacific. Low cost of raw materials and labor, as well as the introduction of advanced products is expected to drive the growth of the antifouling paints & coatings market in these countries.

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Shipping vessels was the fastest-growing application segment of the global antifouling paints & coatings market

Shipping vessels segment contributed the largest share to the antifouling paints & coatings market in 2015, and is projected to be the fastest-growing application segment from 2016 to 2021. This growth can be mainly attributed to the increased demand of antifouling paints & coatings, as they provide smoothness and superior polishing effect to hulls and underwater surfaces of shipping vessels.

Copper-based antifouling paints & coatings was the largest segment of the antifouling paints & coatings market

Based on type, the antifouling paints & coatings market has been segmented into copper-based, self-polishing copolymer, hybrid, and others. Copper-based was the largest segment of the market in 2015. Copper-based antifouling paints & coatings are environment friendly, as they ensure foul-free surfaces of shipping vessels. They also help in saving fuel, thereby reducing the emission of greenhouse gases.