Antifouling Coatings Market – Actionable Research on COVID-19 | Technological Developments to Boost the Market Growth
The global antifouling coatings market size is poised to grow by USD 3.61 billion during 2020-2024, progressing at a CAGR of almost 15% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis
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Technavio has announced its latest market research report titled Global Antifouling Coatings Market 2020-2024 (Graphic: Business Wire)
Technological developments will be one of the major factors that will drive antifouling coatings market growth. The global antifouling coatings market is witnessing several innovations that could facilitate the introduction of eco-friendly antifouling coatings. Regulations governing the safety of the environment are further inducing these innovations. For instance, numerous countries have regulated the use of copper in antifouling coatings. Copper compounds are the vital components of antifouling coatings. Adhering to the regulations, vendors have introduced non-stick foul release coatings, copper-free antifouling coatings, and nano antifouling coating into the market, increasing their sales.
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The major antifouling coatings market growth came from the vessels segment. Antifouling coatings help in increasing the durability and performance of the vessels from getting affected by biofouling. They also help in preventing organisms from leaving their natural surrounding and entering foreign waters. The transportation of these organisms from one place to another may affect their natural life cycle and even the environment. The shipbuilding industry is expected to witness a growth, which is likely to drive the