Antifouling Agents Market Overview and Regional Outlook Study 2019–2027

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Antifouling Agents Market: Introduction

• Antifouling agents are coatings and specialized paints that are used on the hulls of ships. They are made of organotin compounds, biocides, and copper. Submerged surfaces of marine vessels are affected by algae, bacteria, diatoms, and invertebrates that increase drag. This results in decreased operational speed and range, and increased fuel consumption.
• Sometimes, harmful marine organisms get transferred by ships to other areas. This can lead to safety hazards. Antifouling agents enhance durability, strength, and performance of marine vessels by inhibiting corrosion and growth of sub-aquatic organisms.

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Key Drivers of Antifouling Agents Market

• Rise in demand for solutions that minimize speed loss and thus reduce fuel consumption and improve operational efficiency of marine vessels is driving the antifouling agents market. Antifouling agents have emerged as the top choice for protection of marine vessels.
• Increase in production and exploration of crude oil and natural gas in countries such as China, India, and Thailand and growth in usage of antifouling agents in marine vessels are likely to boost the demand for antifouling agents
• Rise in demand for drilling rigs and production platforms led by the increase in spending on floating production and offloading (FPSO) vessels by the oil & gas industry is expected to propel the antifouling agents market in the near future
• Protection against fouling, external contamination, and corrosion; and increase in condition-based monitoring trend over non-consistent preservation in the shipping industry are anticipated to augment the demand for antifouling agents

Marine and Oil & Gas End-use Segments to Dominate Global Antifouling Agents Market

• Rise in demand for oil and gas is projected to propel the demand for antifouling agents in the near future. High growth rate of floating production and offloading FPSO vessels, and application of antifouling coating in these vessels are likely to spur the demand for antifouling agents during the forecast period.
• Growth in shipbuilding activities is estimated to positively impact the antifouling agents market. Emergence of various applications of antifouling agents such as fuel saving and maintenance of efficiency by avoiding growth of fouling agents are projected to propel the demand for antifouling agents in automotive industries in the next few years.

Antifouling Agents Market: Restraints

• Increase in preference of eco-friendly alternatives due to stringent government policies and rise in environmental concerns are expected to hamper the market during the forecast period

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Antifouling Agents Market Opportunities

• Increase in demand for antifouling agents, led by the rise in demand of marine vessels such as yacht and powerboats that are used for recreational purposes, is anticipated to drive the market in the near future
• Rise in usage of antifouling agents in fishing nets to avoid the growth and adhesion of algae, microorganism larvae, and other sea creatures is estimated to provide lucrative opportunities to the antifouling agents market in the near future
• Synthetic chemical compounds that are currently being used are harmful to the environment. Restrictions on usage of these coatings and development of antifouling options through the biomimetic method and natural antifouling agents are expected to propel the market during the forecast period

    Asia Pacific Expected to Hold Significant Share of Antifouling Agents Market

• In terms of region, the antifouling agents market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Asia Pacific dominated the antifouling agents market in 2018. This can be ascribed to the growth of end-use industries such as marine and oil & gas. Increase in manufacturing of shipping vessels in countries such as India and Australia due to government support to increase the countries domestic output in the global chemical industry is anticipated to augment the market.
• The market in North America is estimated to gain traction due to the rise in production of unconventional energy sources such as shale gas and tight oil in production platforms