Antifouling Agent Market Growth, Industry Trends and Forecasts, 2016 to 2024A Chapter by Markets InsightsThe global antifouling agent market surpassed 84 kilo tons in 2015. It is expected to exceed 131 kilo tons by 2024. The industry is likely to grow at a CAGR of about 4.5% from 2016 to 2024The size of
the worldwide antifouling agent
market in 2015 was nearly 84 kilo tons. Ongoing trends suggest that it
will grow at a CAGR of about 4.5% during the forecast period (2016 to 2024).
Demand for antifouling agents (paints & coatings) in the shipping industry
will drive this market.
Antifouling
agents are specialized paints & coatings used on the hulls of ships. These
agents provide vessels with the required smoothness and polished effect.
Submerged surfaces of boats and rigs attract algae, bacteria, barnacles,
diatoms, and shellfish, which increase hydrodynamic drag. These organisms not
only damage the vessel body, but also increase fuel consumption and decrease
maneuverability. Such conditions lead to safety hazards. Paints & coatings
enhance the strength and performance of vessels by controlling the growth of
these sub-aquatic organisms.
Antifouling
agents are made of biocides, organotin compounds, and copper. These materials
protect the vessel from external fouling, contaminations, and corrosion. Rapid
growth in the oil & gas industry is set to bolster the growth prospects of
the antifouling agent industry.
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Stringent
environmental regulations by the Environmental Protection Agency (EPA) and the
European Commission are nudging market players to adopt eco-friendly
alternatives. Such a development could inhibit industrial growth. Moreover, the
volatile prices of raw materials can negatively impact the global product
price, thereby hampering industrial growth.
The industry
is segmented into applications, types, and regions. Applications comprise
shipping vessels and drilling rigs & production platforms. Shipping vessels
contributed to around 80% of the global volume in 2015. However, drilling rigs
& production platforms will exhibit considerable growth owing to high
investments by oil & gas industries. These investments are mainly directed
towards the development of Floating Production Storage & Offloading (FPSO)
vessels.
Types
encompass copper-based, hybrid, self-polishing, and other. Copper-based
antifouling agents is expected to continue its dominance during the forecast
period. Its demand can be attributed to its eco-friendly properties.
Regions
are divided into North America, Europe, Asia Pacific, Latin America, and the
Middle East & Africa (MEA). Asia Pacific held a share of more than 80% in
2015. Growth of the shipbuilding industry in countries, such as Taiwan, China,
South Korea, Philippines, and Japan, can boost demand in the region. Moreover,
the supply of cheap raw materials & labor contributes to the industry in
these countries.
Australia and
India are the upcoming ship manufacturing centers in the global market. This
owes to the increased governmental support being extended to these
markets. Favorable policies and a constructive outlook towards the
shipping sector are anticipated to create opportunities for further growth.
Rise in the production of unconventional energy sources, such as shale gas and
tight oil in Northern America will also support the industry.
Europe held a
demand capacity exceeding 5 kilo tons in 2015. Italy and the United Kingdom are
witnessing robust growth on account of an increase in yacht
manufacturers. MEA was valued at USD 20 million in 2015. The market can
register high growth because of offshore vessels development in countries like
Saudi Arabia, Angola, and Nigeria.
The prominent
competitors of the antifouling agent market are Advanced Marine Coating,
AkzoNobel, Hempel, Jotun, and PPG Industries. Companies engage in acquisitions,
expansions, partnerships, launch of new technology & product, and research
& development to expand their respective businesses.
Browse Related Category Market Reports@ https://www.hexaresearch.com/research-category/paints-coatings-and-printing-inks-industry
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1 Review Added on December 16, 2016 Last Updated on December 16, 2016 Tags: antifouling agent market, antifouling agent market size, antifouling agent market share, antifouling agent market analysi, antifouling agent market trends, antifouling agent market growth AuthorMarkets InsightsFelton, CAAboutAbout Us: Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer c.. more..Writing
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