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.
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
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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
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
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Key Players Operating in Market
Major players operating in the antifouling agents market are focusing on strategies of expansion of manufacturing facilities and sales network, coupled with substantial investments in research and development for the production of antifouling agents. This is estimated to increase the competitiveness in the market. Key players operating in the market include:
- PPG Industries, Inc.
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- Nippon Paint
- Kansai Paint Co.,Ltd.
Antifouling Agents Market: Research Scope
Antifouling Agents Market, by Product Type
- Organotin Compounds
Antifouling Agents Market, by Application
- Shipping Vessels
- Drilling Rigs & Production Platform
- Gas & Oil
Antifouling Agents Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.