Global Antifouling Agents Market to Grow at 6.5% In Terms of Revenue during 2021 – 2029: Says Absolute Markets Insights

PUNE, MAHARASHTRA, INDIA, March 25, 2022 /EINPresswire.com/ -- Global Antifouling Agents Market report is a well-thought-out compilation of detailed market development and growth factors optimizing the path of continued growth in terms of exact product data, strategies and market share of the leading companies in this particular market. We follow an iterative model of research methodology to formulate the report that helps decision-makers make an informed investment appraisal. Literature research is conducted using internal and external sources to obtain qualitative and quantitative market information supported by primary research.

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Absolute Markets Insights delivers key insights on the global antifouling agents market. In terms of volume, the global antifouling agents market was sized at 142.86 Kilo Tons in 2020 and is estimated to expand at a CAGR of 6.2% during the forecast period, owing to high rate of biofouling in marine sector, rise in demand for antifouling agents in conjunction with idling of marine vessels during Covid-19 crisis amongst others. Antifouling agents are typically applied as paints and coatings in end-use industries such as marine, renewable energy, oil & gas, power station, water treatment, etc. In 2020, marine emerged as the prominent end-use sector in global antifouling agents market. According to International Maritime Organization (IMO), antifouling paints is consumed more than 70% by cruise and ocean-going ships. High rate of hard biofouling among these marine vessels have spurred the demand for antifouling agents as cost-effective measure, in terms of finance and operations. Moreover, increasing momentum of antifouling in line with performance improvement and fuel efficiency of large marine vessels has further propelled the product demand in marine sector.

Erode antifouling emerged as the prominent type of antifouling measure. It is also known as ablative or soft antifouling. Advantages associated with biocide release, slow erosion in seawater along with cost effectiveness of such measure has driven the segment growth in the recent past. It is preferred by consumers opting for low maintenance options. Apart from erode antifouling, hard antifouling works in similar mechanism by releasing biocide from surface of coatings. However, high shelf life and wear performance of such antifouling type makes it ideal for regular boats driven at brisk pace. Also, high adoption of hard antifouling is observed among consumers with boats moored in fresh water. Moreover, self-polishing co-polymer antifouling are gaining immense popularity among ship owners owing to its advantage of controlled release of biocide. The aforementioned factors have driven the antifouling agents market growth in 2020.

From perspective of antifouling composition, copper-based segment accounted for a dominant share in global antifouling agents market in 2020. The growth of copper based antifouling agents is highly attributed to high efficacy and inexpensive nature of its compounds. Growing environmental concern in conjunction with preserving marine ecosystem led to advent of biocide free, tin free, copper free products. Furthermore, silicone-based antifouling agents have gained prominence among consumers with fast boats as it needs frequent runs to reach peak performance. The demand for various antifouling composition is highly dependent on type of ship and sizes, however, high penetration of copper-based antifouling in marine sector is likely to protract its steady demand in extended run. Decarbonizing targets and idling of fleets have further pushed the end-users to incorporate antifouling agents in their maintenance regime. Stringent shipping regulations coupled with efficiency of new vessels regulated by International Maritime Organization (IMO) under Energy Efficiency Design Index (EEDI) is projected to play vital role in positively influencing the market dynamics of antifouling agents. For instance, in June 2021, Marine Environment Protection Committee (MEPC 76) adopted measures such as Carbon Intensity Indicator (CII) and Energy Efficiency Existing Ship Index (EEXI) to control the risk of biofouling and foster decarbonization. Furthermore, idling of marine vessels during COVID-19 pandemic is one of the major factors contributing in increased demand of antifouling agents.

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The global antifouling agents market is expected to increase substantially during the forecast period, owing to the increasing demand due to increased biofouling of marine vessels during COVID-19 pandemic. Asia Pacific led the antifouling agents market in 2020. High product capacities of antifouling chemicals along with increasing rate of industrialization has fostered the demand in Asia Pacific. Furthermore, growing petroleum products consumption in line with economic recovery is further likely to drive the antifouling agents in North American oil & gas sector. In terms of recent developments, industry participants are highly engaged in product innovation and partnership to cater market requirements. For instance, in June 2021, Chugoku Marine Paints, Ltd launched product namely SEAFLO NEO M1 PLUS. This was intended to introduce hydrolysis antifouling and patented technology in conjunction with biocide namely Selektope. Similarly, in January 2021, Nippon Paint Holdings Co., Ltd. launched product FASTAR which incorporates nanotechnology in their hydrolysis antifouling paints. The aforementioned factors are likely to create lucrative opportunities and competition among industry participants which will subsequently foster the antifouling agents market growth.

Major players operating in the Global Antifouling Agents Market are as follows:

• Akzo Nobel N.V.
• Aquarius Marine Coatings Ltd
• Boero Bartolomeo S.p.A.
• Hempel A/S
• Huisins New Material Technology Co.,Limited
• Hydroton
• Jotun
• Kansai Paint Marine Co.,Ltd.
• KCC CORPORATION
• Nautix
• Nippon Paint Holdings Co., Ltd.
• Nouryon
• PPG Industries, Inc.
• Seajet
• Silicone Solutions
• Soromap Group
• The Sherwin-Williams Company
• Other Market Participants

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Global Antifouling Agents Market: Segmentation

Antifouling Agents Market, by Form
• Liquid
• Spray

Antifouling Agents Market, by Type
• Hard Antifouling
• Erode Antifouling
• Self-Polishing Copolymer

Antifouling Agents Market, by Composition
• Copper Based
• Water Based
• Silicone Based
• Copper Free
• Tin Free
• Biocide Free
• Others

Antifouling Agents Market, by End-Use Industry
• Marine
• Renewable Energy
• Oil & Gas
• Power Station
• Water Treatment
• Others

Antifouling Agents Market, by Region
• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)

Our 402+ Pages Report titled, “Antifouling Agents Market - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021 - 2029”, will include extensive information on the following pointers:

• Global market size and forecast values (2015 – 2029), in terms of revenue (US$ Million) and volume (Kilo Tons) by segments/sub-segments
• Split of the market revenue (US$ Million) and Volume (Kilo Tons) into all the relevant segments & sub-segments across all major regions/countries.
• Years Considered (2015 – 2029)
o Historic Years: 2015 - 2019
o Base Year: 2020
o Forecast Years: 2021 – 2029
• Market Dynamics (Drivers, Restraints, Opportunities and Trends)
• Analysis on Impact of Covid-19: Global Antifouling Agents Market
• Macro-Economic and Micro-Economic Indicators
• Porter’s Five Forces Analysis
• Market determinants and Influencing Factors
• Competitive Benchmarking: Global Presence and Growth Strategies
o Mergers and Acquisitions
o Product Launches
o Investments Trends
o R&D Initiatives
• Market Share Analysis, 2020
• Detailed profiles of major market participants operating in the market, encompassing information pertaining to Company Details, Company Overview, Product Offerings, Key Developments, Financial Analysis, SWOT Analysis and Business Strategies

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