Antifouling Agent Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023
Report ID: GMI326
Antifouling agent market size was over 85 kilo tons in 2015, and is expected to exceed 125 kilo tons by 2023, growing at a CAGR of more than 4.5% from 2016 to 2023.
Middle East and Africa (MEA) antifouling agent market size was valued at more than USD 20 million in 2015 and is anticipated to increase further due to increase in capital expenditure for the offshore vessels development in Nigeria, Saudi Arabia, and Angola.
Europe antifouling agent market demand was above 5 kilo tons in 2015. Countries including the UK and Italy where high penetration of yacht manufacturers is noted is likely to be among the key factors to drive the demand in the region.
U.S. antifouling agent market size witnessed demand of more than 2.5 kilo tons in 2015 and is projected to observe significant growth over the forecast period. Increase in unconventional sources production such as tight oil and shale gas in Canada and the U.S. is expected to favorably impact the industry.
Asia Pacific accounted for over 82% of the overall share in 2015. Marine industry growth in China, South Korea, Japan, Philippines, and Taiwan is likely to foster demand in the region. India and Australia emerging as manufacturing hubs for shipping vessels due to government support for promoting investments at the domestic level is anticipated to augment growth.
Marine antifouling agent market size may witness strong growth over the forecast period. These coatings or paints are applied to marine vessels in order to prevent corrosion; it also helps to improve performance and durability of vessel. Submerged surfaces are affected by bacteria, algae, invertebrates, and diatoms that increase hydrodynamic drag resulting in decreased operational speed & range, and additional fuel consumption. Sometimes, damaging marine organisms get transferred by ships to other areas.
Special chemicals such as organotin compounds, biocides and copper are used to formulate these agent coatings which help in preventing the growth of marine organisms. Protection against corrosion, fouling, and external contamination coupled with increasing condition-based monitoring trend over non-consistent preservation in shipping industry is likely to propel demand.
Antifouling agent market applications are segmented in to shipping vessels and drilling rigs & production platforms. Shipping vessels accounted for over 75% of the global volume in 2015. These paints and coatings are applied in order to enhance vessel performance and strength.
Drilling rigs & production platforms segment is anticipated to grow at a significant rate due to increase in spending for Floating Production & Offloading (FPSO) vessels by the oil & gas industry. Growth in production and exploration of natural gas & crude oil in India, China, and Thailand is likely to be among the key factors to drive demand in the region.
Increase in industries’ preference for eco-friendly products owing to stringent environmental regulations is likely to restrain the industry. Moreover, the raw material price fluctuation is anticipated to impact the antifouling agent market price trend.
Commercial ships mainly use coatings that consist of synthetic chemical compounds which can harm the environment. The prevention on the use of these coatings led to biologically derived antifouling options which may help to provide the biomimetic and natural antifouling surface coatings. Biomimetic method is likely to promote innovations into developing and designing of non-toxic antifouling technologies.
Antifouling agent market share consist of PPG Industries, AkzoNobel, Sherwin-Williams, Jotun, Hempel, Advance Marine Coating, Nippon Paint, and Kansai Paint, In August 2015, Jotun launched new production facility in Rio de Janeiro, Brazil specifically for marine coatings. This manufacturing unit is projected to generate over 9 million liters of marine coating products, together with antifouling products.
In 2014, Hempel launched two products for shipyard buildings and dry dockings with the focus on fuel savings. New product development is projected to be a key success factor for companies operating in the industry. In 2011, Biomimetics-Innovation-Centre (B-I-C) produced a palm seed derived non–toxic antifouling coating. R&D commencement to formulate coatings from natural materials such as palm oil is anticipated to create new growth opportunities.
What Information does this report contain?
Request for Customization
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability
Why Global Market Insights?Comprehensive Research
- All-inclusive coverage
- In-depth and granular data (ex: information for 8 to 15 countries, with clients open to add to this list, in each report)
- Penetrative insights & latest trends
- Offers holistic understanding of the market
- Unique methodology
- Iterative in nature to eliminate errors
- Detailed methodology, scope, assumptions and data sources available for reference
- Committed to making a positive difference for our clients
- Given the nature of this industry, we are committed to ensure that our clients get maximum return on their investment in our services
- Every purchase comes with an option to obtain additional information:
- up to 10% of the original cost
- 45-minute analyst tele-call to obtain further clarity on the market.
- Global Market Insights, Inc. strictly adheres to PCI-DSS security norms.
- Only PCI-DSS compliant payment methods used for highest level of client data security
Connect with our sales team