Global Biocide-free Coatings Market Size to Grow At 8.6% CAGR From 2023 to 2030

Global Biocide-free Coatings Market Analysis (2023 - 2030)

As per our research report, the Global Biocide-free Coatings Market Size is estimated to be growing at a CAGR of 8.6% from 2023 to 2030.

Operations in several industries, including oil and gas, automotive, and aerospace, are adversely hampered by the Covid-19 epidemic. As a result, "stay at home instructions" or a lockdown were issued by the majority of countries. Additionally, a long-term impact of the COVID-19 pandemic is anticipated. Because of this, the market for biocide-free coatings isn't growing. The rapid spread of the coronavirus has had a big impact on international markets since major economies are presently in absolute lockdown due to the outbreak. This harsh lockout has suddenly caused the consumer market to show no interest in purchasing biocide-free coatings. One of the main difficulties the sector is facing is the closing of numerous enterprises. The global crisis, which affected many industries, including the coatings business, halted market growth for biocide-free coatings.

Growing environmental awareness and stringent environmental restrictions from developed and developing countries are what are driving the need for green solution coatings. The value-added that comes with better levels of performance is, however, growing as a result of the rules. Governments everywhere are emphasizing green practices more and more to reduce the harm that chemicals do to the environment, human health, and marine life. For instance, in 2018, the US state of Washington outlawed the use of copper in hull paint. However, it is more probable that the leading players in the global market would offer coatings that follow industry standards and environmental regulations.

Foul release coatings for use on ships were first introduced in the early 1990s, but despite early enthusiasm for the product, they have only had a small market share due to their high cost and inferior performance when compared to biocidal marine coatings. Coatings without biocides are now popular. Accelerated breakthroughs based on nano chemistry have made it feasible to produce eco-friendly coatings with improved foul release performance and antifouling characteristics; this will cause the market demand for biocide-free coatings to expand over the course of the projection period.

The world's two largest economies, the US and China, as well as geopolitical upheaval, international trade disputes, and overall macroeconomic performance, are the primary reasons for the current uncertain economic conditions. The ongoing COVID-19 outbreak will have a detrimental effect on people's lives, businesses, and industries in 2020. The pandemic's rapid expansion has had a huge impact on global shipping markets because of the lockdown and low demand for commodities from developed and rich nations. Additionally, due to geopolitical tensions between the US, Iraq, Iran, and Saudi Arabia, the price of crude oil declined in 2020.

Given that most coatings contain components sourced from crude oil, the fluctuation in crude oil prices throughout the world will make it difficult for this industry to grow during the anticipated period.

Several organizations, like the California Air Resources Board and the US Environmental Protection Agency, have set various laws and recommendations to reduce the carbon footprint and VOC emissions from coatings. For instance, the EPA's control technique guidelines (CTGs) limit VOC emissions from coatings for a range of companies, particularly in areas with higher-than-normal concentrations of atmospheric ozone. Regulations apply to coatings' VOC emissions. To further minimize VOC emissions from coatings, the Ozone Transport Committee (OTC) in the eastern United States has established environmental standards for thirteen states, including New England, New York, Pennsylvania, Delaware, New Jersey, Maryland, and Washington, D.C. Growing environmental concerns have led to stricter regulations governing VOC emission from coatings, which might limit business growth.

KEY MARKET INSIGHTS:

Based on the type, Self-polishing coatings (SPCs) held a market share of more than 80% of the global market in 2021 due to their extensive use in marine ship coating. Although the strict environmental regulations in the US and Europe and the presence of volatile organic compounds (VOCs) in the coating drive demand for SPC anti-fouling release coating, this market segment is anticipated to grow at the fastest rate in the global biocide-free coatings market during the forecast period.
Based on the application, the market for biocide-free coatings on shipping vessels, which accounted for more than 30% of total market revenue in 2021, is anticipated to grow at a CAGR of 3.86 percent over the course of the forecast period. Drilling rigs and production platforms are expected to have revenue growth between 2023 and 2030 at a CAGR of 8.0%.
Based on the region, with over 85% of the global market share, the APAC region dominated the biocide-free coatings market in 2021.
Companies playing a leading role in the Global Biocide-free Coatings market profiled in this report are BASF SE, Hempel A/S, PPG Industries, Kansai Paint Co., Ltd., Jotun, Axalta Coating Systems

Global Biocide-free Coatings Market Segmentation:

By Type

Copper-based
Self-Polishing Copolymer
Hybrid
Others

By Application

Shipping Vessels
Drilling Rigs & Production Platforms
Fishing Boats
Yachts & Other Boats
Inland Waterways Transport
Mooring Lines

By Region

North America
Europe
Asia-Pacific
South America
Middle East and Africa

For More Info, Request Sample Copy Of This Report @ https://virtuemarketresearch.com/report/biocide-free-coatings-market/request-sample