Silyl Acrylate Polymer Market Surpassed USD 3 billion in 2021, likely to Rise at a CAGR of 8.6% from 2022 to 2031: TMR study
There is growing pressure on the marine sector worldwide to lessen its environmental effect. There is an increasing need for antifouling coatings devoid of dangerous contaminants like tributyltin (TBT).
Wilmington, Delaware, United States, Aug. 04, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global market for silyl acrylate polymer was estimated to have acquired a market valuation around US$ 3.3 billion in 2021. The market is likely to grow with a robust 8.6% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 7 billion.
Antifouling coatings traditionally contained dangerous pollutants like tributyltin (TBT). The environmental effects of TBT, however, have led to its restriction in several nations. Safeguarding contaminants are not present in silyl acrylate polymer. It is a less harmful to the environment substitute for conventional antifouling coatings.
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Global Silyl Acrylate Polymer Market: Key Players
There are several major and medium-sized firms operating globally who dominate the SAP market. In all, the top competitors had between 60% and 65% of the silyl acrylate polymer market share in the world in 2022. To strengthen their position in the market and expand their worldwide footprint, key companies concentrate on technical advancements, company expansion through acquisitions, financial restructuring as well as investments, capacity expansion, mergers, and acquisitions.
The silyl acrylate polymer market is dominated by companies like AkzoNobel, Arkema SA, BASF SE, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun A/S, PPG Industries, and Nippon Paint Holdings Co., Ltd. Some developments by the key players in the global market for silyl acrylate polymers are:
- The newest high-performance Intersmooth anti-fouling hull coating by AkzoNobel’s International brand was released in 2021. Next-generation Silyl Methacrylate anti-foulings include Intersmooth 7200Si SPC as well as Intersmooth 7476Si SPC. In order to provide consistent, dependable, and industry-leading antifouling performance throughout the dry-docking cycle, Intersmooth 7476Si SPC was developed. Intersmooth 7200Si SPC as well as Intersmooth 7476Si SPC’s silyl methacrylate technology has been precisely tailored to give a more constant polishing rate to guarantee they work at their peak, giving maintenance along with expense savings to operators.
Using acrylic monomers, silanes, silyl ester, and acrylates, SAP is a self-polishing copolymer. In order to stop the growth of invasive organisms including slime, algae, as well as barnacles, biocides are also added to SAP. It is anticipated that the demand for environmentally friendly anti-fouling coatings and the expansion of the shipbuilding sector would both expand in the coming years and boost the growth in the global SAP market.
People have become more aware of how antifouling coatings affect the environment since the last few years. Ship hulls are protected against marine organism development by antifouling coatings. Coatings used to contain dangerous chemicals like tributyltin (TBT), which had a negative effect on the environment. Several nations have outlawed the use of dangerous chemicals in antifouling coatings.
Silyl acrylate antifouling, a compatible substitute for these contaminants, is now in demand as a result of this. For example, using toxic organotin chemicals in anti-fouling paints on ships is prohibited under the International Convention on the Control of toxic Anti-fouling Systems on Ships (AFS Convention). More than 100 nations have ratified this pact. In the upcoming years, this is anticipated to have a sizable favorable influence on market statistics for silyl acrylate polymer worldwide.
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Key Findings of the Market Report
- The market is divided into two types according to type: metal-containing and metal-free. Over the anticipated term, the metal-free category is expected to rise.
- The market is divided into two categories based on sector: new shipbuilding and repair and maintenance. In the upcoming years, these materials will become more well-known due to their use in the shipbuilding industry.
- The market is divided into four regions based on geography: North America, Europe, Asia Pacific, and Latin America. Asia is likely to create new opportunities in the global SAP industry.
Market Trends for Silyl Acrylate Polymers
- Silyl acrylate polymers without metals are mostly employed in the shipbuilding sector. They are successful in stopping the development of marine creatures. Metal-free silyl acrylate polymers are simple to use and maintain, can tolerate extreme sea conditions, and are ecologically benign.
- The global shipbuilding sector is expected to grow, which will increase the need for environmentally friendly antifouling coatings and, as a result, increase the use of silyl acrylate polymer.
Silyl Acrylate Polymer Regional Market Outlook
- In 2022, Asia Pacific accounted for over 55% of world trade, making it a very profitable market. Several Asian nations have long been significant players in the sector, including China, Japan, India, Korea, Bangladesh, and Korea.
- Asia Pacific’s shipbuilding sector is expanding quickly, particularly in China as well as South Korea. This is increasing demand for SAP, a crucial software program utilized in a variety of shipbuilding applications.
- The rising number of laws passed by governments in the area prohibiting the use of dangerous pollutants in antifouling coatings constitutes one of the major trends in the Asia Pacific silyl acrylate polymer market. SAP is a compatible replacement for them, therefore this is opening up new chances for market expansion.
Global Silyl Acrylate Polymer Market Market Segmentation
- By Type
- Metal Containing
- Metal Free
- By Sector
- Ship Building
- Ship Maintenance
- By Application
- Deep Sea
- Leisure Boats
- Offshore Vessel
- North America
- Asia Pacific
- Middle East & Africa
- South America
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