Marine Antifouling Coatings Market Trends

Growth Drivers

• Environmental regulations and sustainability objectives: The marine industry is increasing its focus on reducing emissions by using eco-friendly marine antifouling coatings. The latest trend in product development has been toward the development of biocide-free and low-toxicity products as regulatory demands increase. For example, in August 2024, Hempel launched an advanced two-layer coating system under the name, Hempaguard Ultima. Drawing from the success of Hempaguard X7, featuring more than 4,000 applications and certified by DNV, Hempaguard Ultima answers customer needs for meeting progressive environmental regulations. 
• Growing global seaborne trade: The increase in international trade has boosted the demand for antifouling coatings since more protection is needed to maintain efficiency. This further suggests that with increased shipping, the demand for coatings that can increase the life of vessels while minimizing costs is anticipated to rise by the end of 2035. Consolidation of the trade routes and competitiveness raises awareness in the search for sustainable coatings that support environmental objectives, further fueling the marine antifouling coatings market growth.
• Technological advances in coating formulations: Technological innovations are driving improvements in the efficiency and durability of antifouling coatings. Companies are increasingly investing in research to develop longer-lasting protection with reduced environmental impact. In May 2023, Chugoku Marine Paints Ltd. launched SEAFLO NEO CF PREMIUM, a new antifouling coating based on unique polymer technology that extends service life and supports fuel savings. Such advancements are essential to meet the growing demands of the shipping industry.

Challenges

• High research and development costs: Advanced marine antifouling coatings formulations require heavy R&D investment, which may be the major entry barrier to this marine antifouling coatings market, especially for small-scale participants. Increasing demand for more innovative products that are compliant with environmental laws adds to the financial burden. Furthermore, strict regulations regarding the use of biocides demand further research into alternatives, thus increasing costs. 

• Environmental and health-related concerns: Despite the developments, certain antifouling coatings pose a danger to the environment and human health due to the inhalation of toxic substances. In the last few years, regulatory pressures have increased to eliminate harmful biocides, and this can reduce product offerings. The European Chemicals Agency (ECHA) proposed further restrictions on various biocides used in antifouling coatings in June 2023, forcing companies to seek other alternatives for effective and environmentally friendly solutions.