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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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