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.
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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.
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.
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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.
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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.
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