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Antifouling Agent Market size is set to witness robust growth from 2023 to 2032 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 market growth. Increasing usage of 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.
General inflation witnessed in the last few quarters has hit every industry hard, and the antifouling agent market is no exception to this ongoing trend. The considerable hikes in raw material prices and other commodities, including energy, utilities, petroleum, etc., have resulted in the increasing costs of the end product, which is sufficient to deter consumers.
Besides, high prices of branded and high-quality antifouling paints and coatings encouraged customers to choose down-trading, significantly hampering the industry revenue streams. This apart, the ongoing conflict between Ukraine and Russia has deeply impacted industry value chains, which is poised to impede market growth in the years to come.
The marine antifouling agent market is likely to gain remarkable momentum through 2032 with the rise in shipbuilding activities and the escalating need to prevent corrosion. The higher prevalence of hydrodynamic drag caused due to bacteria and algae, coupled with the increasing concerns over minimizing fuel consumption and enhancing the operational speed of ships and boats, will further drive the antifouling agent industry demand.
The antifouling agent industry classified into drilling rigs & production platforms and shipping vessels. The revenue share from shipping vessels is expected to grow substantially through 2032 with the increasing adoption of 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.
Kansai Paint, PPG Industries, Jotun, The Sherwin-Williams Company, Advance Marine Coating, and Hempel (Hempel Holding A/S) are a few prominent firms contributing to the antifouling agent market share to a considerable extent.