Smart Antifouling Coatings Market by Type (Organic, Inorganic, Hybrid), by Function (Standard, Integrated Antifouling, And Anticorrosion Coatings), by Application (Shipping Vessels, Drilling Rigs, and Production Platforms), by Material (Nanocomposite, Bioinspired, Epoxy-Based Antifouling Coatings, Amphiphilic Polymers Based, Inhibitor Based, Others), and by Geography (North America, Europe, Asia Pacific, Latin America, and MEA) and forecast to 2029

Smart Antifouling Coatings Market size was valued at USD 6,276.7 million in 2022 and is expected to grow at a 23.3% CAGR from 2023 to 2029. The smart antifouling coating helps to prevent marine plants and organisms from damaging the boat hulls. Antifouling coatings work by continuously releasing bioactive ingredients such as Triorganotin compounds which prevent organisms from attaching to boats. Whereas these chemicals or bioactive ingredients are harmful to the marine life. The increasing demand for eco-friendly and sustainable solutions and increasing demand for non-toxic and biodegradable materials in antifouling coatings are expected to drive the growth of smart antifouling coatings market over the forecast period. In addition, the use of antifouling coatings can reduce the drag and improve the performance of ship, resulting in lower fuel consumption and emission which is expected to boost the growth of the smart antifouling coatings market at a significant rate. However, the factors like high cost of development and production, requirement of advanced technologies and materials, and lack of standardization and regulations in this industry are expected to hinder the growth of the smart antifouling coatings market over the forecast period. Moreover, the continuous development of new materials and technologies which can improve performance and reduce cost, and growing awareness of people regarding the benefits of non-toxic and biodegradable smart antifouling coatings are anticipated to open a tremendous opportunity to the market players and manufacturers in this growth of the smart antifouling coatings market in the forecast years. Geographically, North America region held the major market share in 2022 and is expected to dominate the global smart antifouling coatings market in the forecasted years.

Smart Antifouling Coatings Market Key Developments:

• In April 2022, The Sherwin-Williams Company acquired the Sika AG’s European industrial coatings business.