Antifouling Agent Market Size, Share and Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI326
Antifouling agent market size is set to witness robust growth from 2021 to 2027 on account of the growing penetration in commercial ships. The rise in environmental concerns related to the use of synthetic chemical compounds has made way for stringent environmental regulations and new solutions to cut down fuel consumption while offering enhanced operational efficiencies. The rising emphasis on eco-friendly alternatives along with the continuous advancements in R&D activities of natural materials is expected to fuel the market growth.
Increasing usage in fishing nets to limit algae growth and the higher adoption of biomimetics for newer innovations in non-toxic antifouling technologies are other impact rendering factors for the industry expansion.
Marine antifouling agent industry is likely to gain remarkable momentum with the rise in instances of shipbuilding activities and the inclining need to prevent corrosion. The higher prevalence of hydrodynamic drag caused due to bacteria, and algae, together with the increasing concerns over fuel consumption and operational speed will further drive the antifouling agent market demand spurt.
With regards to application, the antifouling agent market is classified into drilling rigs & production platforms and shipping vessels. The revenue share from shipping vessels will reach a significant rate with the increasing adoption of the agents to optimize the performance and strength of the vehicles. For instance, in June 2021, the new self-polishing antifouling paint from Nippon Paint Marine, FASTAR XI, will be applied to five of Turkey’s Iskenderun ship management vessels to offer around 8% reduction in fuel consumption and CO2.
The antifouling agent market penetration from drilling rigs & production platforms will expand with the consistent production and exploration activities related to natural gas and crude oil as well as the higher expenses on Floating Production & Offloading (FPSO) vessels.
Based on regional segmentation, Europe is projected to be a prominent shareholder in the antifouling agent industry given the rise in the number of yacht manufacturers and recreational activities in the region. According to the European Boating Industry, around 48 million European citizens regularly partake in recreational marine activities.
Asia Pacific is slated to expand through 2021-2027 with the growing production of shipping vessels, ease of access to raw materials, and higher government support in the region.
Kansai Paint, PG Industries, Jotun, Sherwin-Williams, Advance Marine Coating, and Hempel (Hempel Holding A/S) are few prominent firms contributing to the antifouling agent market share to a considerable extent.
Innovations as well as marketing and growth strategies, such as partnerships and acquisitions, capacity expansions are some of the leading initiatives employed by the manufacturers of antifouling agents to strengthen their position within the business landscape.
For instance, in January 2021, Nippon Paint Holdings Co., Ltd., introduced a self-polishing and industry-first antifouling coating, FASTAR, which functions on nanotechnology-based hydrolysis. The product offers enhanced vessel efficiency and environmental impact reduction.
In another instance, in December 2020, AkzoNobel acquired high-quality anti-fouling coatings supplier, New Nautical Coatings for an undisclosed deal. The collaboration helped the company to extend its presence across the yacht coatings market in North America.
Impact of COVID-19 on antifouling agent market trends
The COVID-19 pandemic significantly flattened the global economic curve and contributed to major operational changes within numerous businesses with the imposition of containment drives and lockdown policies. Ship owners and cruise operators are also bearing the brunt of the negative effects of the pandemic considering the suspension of several services and announcement of void sailings. The idle state of the containerships has also led to operational challenges and the unusually decreasing demand.
This has positively impacted the adoption of antifouling agents to protect vessels that are idle for long-duration, given the greater risk of hydrodynamic drag coatings and the inefficiency of the coatings to deter the marine organisms. On account of this, numerous antifouling coating makers are making huge investments in R&D activities to come with new antifouling coatings products and bringing enhancements to the existing products.
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