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can boost demand in the region. Moreover, the supply of cheap raw materials & labor contributes to the industry in these countries.
Australia and India are the upcoming ship manufacturing centers in the global market. This owes to the increased governmental support being extended to these markets. Favorable policies and a constructive outlook towards the shipping sector are anticipated to create opportunities for further growth. Rise in the production of unconventional energy sources, such as shale gas and tight oil in Northern America will also support the industry.
Europe held a demand capacity exceeding 5 kilo tons in 2015. Italy and the United Kingdom are witnessing robust growth on account of an increase in yacht manufacturers. MEA was valued at USD 20 million in 2015. The market can register high growth because of offshore vessels development in countries like Saudi Arabia, Angola, and Nigeria.
The prominent competitors of the antifouling agent market are Advanced Marine Coating, AkzoNobel, Hempel, Jotun, and PPG Industries. Companies engage in acquisitions, expansions, partnerships, launch of new technology & product, and research & development to expand their respective businesses.
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