Published On : 29 Jan 2019
The global antifouling agent market is likely to display moderate growth in the forthcoming years. The demand for antifouling agents is largely dependent on the growth of end-use industries.
Shipping is a key end user of antifouling agents. Antifouling agents are specialized paints and coatings used on the hulls of ships. Antifouling agents provide the required smoothness and polished look to vessels. Submerged surfaces of boats and vessels attract sub-aquatic organisms such as bacteria, algae, and shellfish, which impacts hydrodynamic drag. This negatively impacts vessels’ maneuverability and increases fuel consumption. Paints and coatings help to control the growth of sub-aquatic organisms, thereby improving performance of vessels.
Stringent Government Regulations pushing Manufacture of Bio-based Products
Antifouling agents are composed of biocides, copper, and organotin compounds. Antifouling agents protect vessels from external fouling, corrosion, and contamination.
The growth of the oil & gas industry is another key factor anticipated to boost the anti-fouling agent market. Antifouling agents find extensive applications in the oil & gas sector. This includes protection of oil and gas tankers from corrosion, and use of antifouling agents in pipelines for smooth flow.
At present, stringent government regulations for eco-friendly products is having an impact on the antifouling agents market. Accredited environmental protection bodies such as Environmental Protection Agency in the U.S., and the European Commission are compelling the manufacture of bio-based products. Such moves could slow the growth of anti-fouling agents market.
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Furthermore, volatile prices of raw materials could negatively impact the growth of anti-fouling agents market.
Oil Exploration Initiatives stokes Demand in Asia Pacific countries
Some applications of anti-fouling agents are shipping vessels and drilling rigs & production platforms. Shipping vessels holds the leading share in the anti-fouling agent market. However, drilling rigs & production platform is likely to display substantial growth in the years ahead. The growth of drilling rigs & production platform is mainly due to hefty investments by oil & gas industries in FPSO vessels. In addition, extensive initiatives for exploration and production of crude oil and natural gas in countries in Asia Pacific will spur the demand for anti-fouling agents.
Antifouling agents such as paints and coatings also find use in fixed and floating offshore oil rigs. Moreover, natural gas companies are undertaking excessive maintenance initiatives to protect their infrastructure. This is likely to boost the demand for anti-fouling agents.
Among the key regions in the anti-fouling agent market, Asia Pacific is anticipated to emerge as a prominent one. Growth of the shipbuilding industry in China, Japan, India, and Korea is indirectly fueling the anti-fouling agent market in the region. Strong government support and availability of resources are key factors behind the growth of ship building industry in India. This, in turn is anticipated to create lucrative opportunities for anti-fouling agent market in the near future.
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