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Leisure Boat Marine Coating Market Report

RA00066

Leisure Boat Marine Coating Market, by Product (Foul release, Anti-corrosion, Anti-fouling, others), Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026

RA00066

Pages: 110

Feb 2020

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Global Leisure Boat Marine Coating Market Overview 2026:

According to the leisure boat marine coating market analysis by Research Dive, the leisure boat marine coating market forecast will surpass $2,097.6 million by 2026, increasing from $1,230 million in 2018, at a CAGR of 6.9%. Asia-Pacific market is projected to significant growth with highest rate of 7.5% during the forecast period, and it is anticipated to account for $595.7 million, by 2026. Europe market is expected to reach $645.0 million by 2026 and is increasing from $401.0 million in 2018.

Paints are generally used to protect metals and improve the objects appearance. The marine paints paly major role in protecting the boat exteriors surfaces from corrosive effects of weather, high temperature and moisture. The common substances used in the paints such as water paints, poppy oil and linseed oil provide high class finish, attractive color and make the material long lasting.

Market Drivers of Leisure Boat Marine Coating:

Growth in the recreational participants is one of the key factor for the growth of the leisure boat marine coating market

Increasing number of people participating in the recreational activities, such as boating and water based sports, is a significant factor resulting in the leisure boat marine coating market growth. Furthermore, rising in the per capital income of the individual, people are able to maintain leisure boats for recreational activities.  These boats require special coating to protect against corrosion and fouling effect of saltwater. This factor is creating growth opportunities of leisure boat marine coating market in the coming years.

Market Restraints:

Price volatility of products is restraining the growth of leisure boat marine coating market

The global market is majorly restrained by the price volatility of the raw materials. The fluctuation in the raw material price is directly impacting the production cost of the marine boat coatings, which is expected to hamper the growth of the market.

Investment Opportunities in Leisure Boat Marine Coating Market:

Advancements in the antifouling coatings is providing significant investment opportunities for the growth of leisure boat marine coating market

Leisure boat marine coating market developments: 

Technological advancements in the anti-fouling coatings is creating growth opportunities in the leisure boat marine coating market. A self-polishing copolymer is used to reduce the corrosion and biofouling by releasing biocides at constant rate, which is expected to drive the leisure boat marine coating market growth in the near future.

Leisure boat marine coating market, by product

Foul release coating is predicted to be most lucrative till the end of 2026

Leisure boat marine coating market, by product

Source: Research Dive Analysis

Foul release coating generated a revenue of $221.4 million in 2018, and is anticipated to experience a noteworthy rate of 7.7% CAGR; the market is expected to account for $400.6 million by 2026. This is majorly because, foul release coating has good resistance to mechanical damages of the boats against sticking of microorganisms by providing slippery surface.

Anti-fouling coatings held the majority of the leisure boat marine coating market share, which was 41.1% in 2018, is expected to generate $826.5 million by 2026 and is increasing from $509.2 million in 2018. This is because anti-fouling coatings are used to improve the energy efficiency and speed of the boats by preventing organisms building up on the bottom of the boat. Along with anti-fouling, the anti-corrosion coating was accounted for the second largest market size in 2018 and is anticipated to generate revenue of $604.1 million and at a growth rate of 7.3% during the forecast period.

Leisure boat marine coating market, by Region:

Asia-Pacific Leisure Boat Marine Coating Market Overview 2026:

Asia-Pacific market will have enormous opportunities for the market investors to grow during the coming years

Asia-Pacific is projected to experience significant growth with highest rate of 7.5% during the forecast period, and it is anticipated to account for $595.7 million, by 2026,  growing from $333.3 million in 2018. This is majorly due to the growing demand of leisure boats for recreational activities in south east Asia-Pacific countries. Furthermore, increasing the per capital income of individuals in China, Japan and Australia is further expected to drive the market growth during the forecast period.

Europe Leisure Boat Marine Coating Market Summary 2026:

Europe region has dominated the global leisure boat marine coating market size in 2018 and is anticipated to continue its growth with noteworthy growth rate during the projected period. This dominance is attributed to the growing leisure boating and water sports activities. The market for Europe is expected to reach $645.0 million by 2026 and is increasing from $401.0 million in 2018.

Key participants in global leisure boat marine coating market:

Product development and joint ventures are the most common strategies followed by the market players

Key participants in global leisure boat marine coating market

Source: Research Dive Analysis

Top gaining key players of leisure boat marine coating industry are Chugoku Marine Paints, Ltd., DuPont, PPG Industries, Inc., Axalta, NIPSEA GROUP, AkzoNobel, BASF Coatings GmbH, Katradis Marine Ropes Ind. S.A., Baril Coatings, Kansai Paint Co., Ltd., KCC CORPORATION and MCU COATINGS INTERNATIONAL. These key players are continuously concentrating on new product advancements and R&D activities to improve the product quality and performance. For instance, in October 2019, the AkzoNobel is launched recycled paint, which is the first manufacturer to produce recycled paint.

Scope of the Market Report:

Aspect

Particulars

  Historical Market Estimations

  2018-2019

  Base Year for Market Estimation

  2018

  Forecast timeline for Market Projection

  2019-2026

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Product

 

  • Foul release
  • Anti-corrosion
  • Anti-fouling
  • Others

  Key Countries Covered

U.S., Canada, Germany, UK, Italy, Spain, Russia, Japan, China, India, South Korea, Australia, Brazil, Argentina, GCC, and Saudi Arabia

  Key Companies Profiled

  1. Chugoku Marine Paints, Ltd.
  2. DuPont
  3. PPG Industries, Inc.
  4. Axalta
  5. NIPSEA GROUP
  6. AkzoNobel
  7. BASF Coatings GmbH
  8. Katradis Marine Ropes Ind. S.A.
  9. Baril Coatings
  10. Kansai Paint Co.,Ltd.
  11. KCC CORPORATION
  12. MCU COATINGS INTERNATIONAL

Source: Research Dive Analysis


FREQUENTLY ASKED QUESTIONS?
 

A. The global leisure boat marine coating market size was over $1,230.0 million in 2018, and is further anticipated to reach $2,097.6 million by 2026.

A. DuPont, PPG Industries, Inc., AkzoNobel, BASF Coatings GmbH and KCC CORPORATION are some of the key players in the global leisure boat marine coating market.

A. Asia-Pacific possesses great investment opportunities for investors to witness the most promising growth in the coming years.

A. Asia-Pacific leisure boat marine coating market is projected to grow at 7.5% CAGR during the forecast period.

A. Product development and joint ventures are the key strategies opted by the operating companies in this market.

A. DuPont, PPG Industries and AkzoNobel, are investing more on R&D activities for developing new products and technologies.

1. Research Methodology

1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters

1.4.1. Assumptions
1.4.2. Forecast parameters

1.5. Data sources

1.5.1. Primary
1.5.2. Secondary

2. Executive Summary

2.1. 360° summary
2.2. Product trends

3. Market overview

3.1. Market segmentation & definitions
3.2. Key takeaways

3.2.1. Top investment pockets
3.2.2. Top winning strategies

3.3. Porter’s five forces analysis

3.3.1. Bargaining power of consumers
3.3.2. Bargaining power of suppliers
3.3.3. Threat of new entrants
3.3.4. Threat of substitutes
3.3.5. Competitive rivalry in the market

3.4. Market dynamics

3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities

3.5. Technology landscape
3.6. Regulatory landscape
3.7. Patent landscape
3.8. Pricing overview

3.8.1. By product
3.8.2. By region

3.9. Market value chain analysis

3.9.1. Stress point analysis
3.9.2. Raw material analysis
3.9.3. Manufacturing process
3.9.4. Distribution channel analysis
3.9.5. Operating vendors

3.9.5.1. Raw material suppliers
3.9.5.2. Product manufacturers
3.9.5.3. Product distributors

3.10. Strategic overview

4. Animal Feed Micronutrients Market, by Product 

4.1. Foul release

4.1.1. Market size and forecast, by region, 2018-2026
4.1.2. Comparative market share analysis, 2018 & 2026

4.2. Anti-corrosion

4.2.1. Market size and forecast, by region, 2018-2026
4.2.2. Comparative market share analysis, 2018 & 2026

4.3. Anti-fouling

4.3.1. Market size and forecast, by region, 2018-2026
4.3.2. Comparative market share analysis, 2018 & 2026

4.4. Others 

4.4.1. Market size and forecast, by region, 2018-2026
4.4.2. Comparative market share analysis, 2018 & 2026

5. Animal Feed Micronutrients Market, by Region

5.1. North America

5.1.1. Market size and forecast, by product, 2018-2026
5.1.2. Market size and forecast, by country, 2018-2026
5.1.3. Comparative market share analysis, 2018 & 2026

5.1.4. U.S.

5.1.4.1. Market size and forecast, by product, 2018-2026
5.1.4.2. Comparative market share analysis, 2018 & 2026

5.1.5. Canada

5.1.5.1. Market size and forecast, by product, 2018-2026
5.1.5.2. Comparative market share analysis, 2018 & 2026

5.2. Europe

5.2.1. Market size and forecast, by product, 2018-2026
5.2.2. Market size and forecast, by country, 2018-2026
5.2.3. Comparative market share analysis, 2018 & 2026

5.2.4. Germany 

5.2.4.1. Market size and forecast, by product, 2018-2026
5.2.4.2. Comparative market share analysis, 2018 & 2026

5.2.5. UK

5.2.5.1. Market size and forecast, by product, 2018-2026
5.2.5.2. Comparative market share analysis, 2018 & 2026

5.2.6. France

5.2.6.1. Market size and forecast, by product, 2018-2026
5.2.6.2. Comparative market share analysis, 2018 & 2026

5.2.7. Spain

5.2.7.1. Market size and forecast, by product, 2018-2026
5.2.7.2. Comparative market share analysis, 2018 & 2026

5.2.8. Italy

5.2.8.1. Market size and forecast, by product, 2018-2026
5.2.8.2. Comparative market share analysis, 2018 & 2026

5.2.9. Rest of Europe

5.2.9.1. Market size and forecast, by product, 2018-2026
5.2.9.2. Comparative market share analysis, 2018 & 2026

5.3. Asia Pacific

5.3.1. Market size and forecast, by product, 2018-2026
5.3.2. Market size and forecast, by country, 2018-2026
5.3.3. Comparative market share analysis, 2018 & 2026

5.3.4. China

5.3.4.1. Market size and forecast, by product, 2018-2026
5.3.4.2. Comparative market share analysis, 2018 & 2026

5.3.5. India

5.3.5.1. Market size and forecast, by product, 2018-2026
5.3.5.2. Comparative market share analysis, 2018 & 2026

5.3.6. Australia

5.3.6.1. Market size and forecast, by product, 2018-2026
5.3.6.2. Comparative market share analysis, 2018 & 2026

5.3.7. Rest of Asia Pacific

5.3.7.1. Market size and forecast, by product, 2018-2026
5.3.7.2. Comparative market share analysis, 2018 & 2026

5.4. LAMEA

5.4.1. Market size and forecast, by product, 2018-2026
5.4.2. Market size and forecast, by country, 2018-2026
5.4.3. Comparative market share analysis, 2018 & 2026

5.4.4. Latin America

5.4.4.1. Market size and forecast, by product, 2018-2026
5.4.4.2. Comparative market share analysis, 2018 & 2026

5.4.5. Middle East 

5.4.5.1. Market size and forecast, by product, 2018-2026
5.4.5.2. Comparative market share analysis, 2018 & 2026

5.4.6. Africa

5.4.6.1. Market size and forecast, by product, 2018-2026
5.4.6.2. Comparative market share analysis, 2018 & 2026

6. Company profiles

6.1. Chugoku Marine Paints, Ltd. 

6.1.1. Business overview
6.1.2. Financial performance
6.1.3. Product portfolio
6.1.4. Recent strategic moves & developments
6.1.5. SWOT analysis 

6.2. DuPont

6.2.1. Business overview
6.2.2. Financial performance
6.2.3. Product portfolio
6.2.4. Recent strategic moves & developments
6.2.5. SWOT analysis

6.3. PPG Industries, Inc.

6.3.1. Business overview
6.3.2. Financial performance
6.3.3. Product portfolio
6.3.4. Recent strategic moves & developments
6.3.5. SWOT analysis

6.4. Axalta  

6.4.1. Business overview
6.4.2. Financial performance
6.4.3. Product portfolio
6.4.4. Recent strategic moves & developments
6.4.5. SWOT analysis

6.5. NIPSEA GROUP 

6.5.1. Business overview
6.5.2. Financial performance
6.5.3. Product portfolio
6.5.4. Recent strategic moves & developments
6.5.5. SWOT analysis

6.6. AkzoNobel

6.6.1. Business overview
6.6.2. Financial performance
6.6.3. Product portfolio
6.6.4. Recent strategic moves & developments
6.6.5. SWOT analysis

6.7. BASF Coatings GmbH 

6.7.1. Business overview
6.7.2. Financial performance
6.7.3. Product portfolio
6.7.4. Recent strategic moves & developments
6.7.5. SWOT analysis

6.8. Katradis Marine Ropes Ind. S.A. 

6.8.1. Business overview
6.8.2. Financial performance
6.8.3. Product portfolio
6.8.4. Recent strategic moves & developments
6.8.5. SWOT analysis

6.9. Baril Coatings

6.9.1. Business overview
6.9.2. Financial performance
6.9.3. Product portfolio
6.9.4. Recent strategic moves & developments
6.9.5. SWOT analysis

6.10. Kansai Paint Co., Ltd.

6.10.1. Business overview
6.10.2. Financial performance
6.10.3. Product portfolio
6.10.4. Recent strategic moves & developments
6.10.5. SWOT analysis

6.11. KCC CORPORATION

6.11.1. Business overview
6.11.2. Financial performance
6.11.3. Product portfolio
6.11.4. Recent strategic moves & developments
6.11.5. SWOT analysis

6.12. MCU COATINGS INTERNATIONAL

6.12.1. Business overview
6.12.2. Financial performance
6.12.3. Product portfolio
6.12.4. Recent strategic moves & developments
6.12.5. SWOT analysis

A Brief Introduction

Marine entities such as bacteria, algae, and barnacles are most likely to grow on the hulls of ships, creating drag and making the vessels less fuel efficient and diminishing its life. In order to prevent such organisms and other harmful factors, shipbuilders apply specific coatings to the metal hulls of the vessels.

Marine corrosion has a significant impact on seafaring vessels and their durability. Effective corrosion control strategies have been taken with the proper selection of coating for a marine environment. Marine coatings help protect marine vessels such as ships, yachts, and luxury boats above and below the waterline. The specific functional properties of marine coatings offer a higher level of protection from the saline water. According to a report by Research Dive, the global leisure boat marine coating market will surpass $1,230.0 million by 2026 from $2,097.6 million in 2018, at a CAGR of 6.9%.

Growth Drivers

The aesthetic charm of marine reserves and the facilities juxtaposed with the increased public wakefulness of nature are contributing to creating massive tourism across the global marine sector. With such growing interest towards water sports and other activities has been resulted in growing demand of luxury marine boats.

Increasing Recreational Activities

The leisure and recreational boating sector is highly dependent on the customer demand. In recent years, a steady growth has been observed in the demand of such luxury boats worldwide. The high volume of visitors to the coastal regions has become an inevitable factor for the growth of the markets related to the maritime and tourism. This rising interest in marine recreational activities is giving a boost to the marine coating industry as well.

Water sports

There is a glorious high of passion for water sports has been witnessed among the millennials. More and more people are involving in marine activities and adventure sports such as canyoning, rafting, and stand up paddling, to sailing trips and package deals. It has increased the demand for long- and short-term boat and yacht rentals.

While a number of different boat styles have been introduced for watersports, there are fine-tuned models made for just one specific form of watersports. Wake surfing, for example, has exploded in popularity the past few years. As a result, entire fleets of wake surfing boats have been developed. There are even marine power systems designed just for wake surfing.

Recent Developments

With the rising demand of such luxury boats and marine coatings to keep them protected, there are many developments has been occurred in the industry. Some of them are mentioned below:

  • In April 2019, Chugoku Marine Paints (CMP) has introduced the SEA PREMIER 3000 PLUS to the market. This is the eighth antifouling product commercialized by the Japanese paint manufacturer to contain Selektope®. The silyl polymer hydrolysis, an advanced type of antifouling coating, was explicitly designed to meet escalating fouling challenges facing by the coastal vessels in Japanese waters due to the rising temperatures of seawater. The coating product is mostly suitable for vessels functioning with a low speed or low activity rate. SEA PREMIER 3000 PLUS can also be used in interior-grating-bow thruster tunnels and sea chests.
  • Dow collaborates with PPG to achieve carbon savings from anti-corrosion steel coatings. The collaboration aims at delivering reduced greenhouse gas emissions through improved coatings.

A two-coat system by PPG, based on Dow polysiloxane technology, requires lesser coats to attain the same level of safety compared to a competitive three-coat system. This results in less energy-intensive production and application, and therefore, a potential reduction of GHG emissions.

  • In January 2020, Sherwin-Williams Protective & Marine Coatings has introduced its new epoxy coating offering mildew-resistant corrosion protection with an enduring, more artistic finish.
  • The low-friction hull coating system LF-Sea, a product built by Nippon Paint Marine Coatings has won the Japanese Government Award for Global Warming Prevention Activity in 2020. The award was presented by Tetsuya Yagi, Japan’s Parliamentary Vice-Minister of the Environment, to the President of NPMC, Seiichiro Shirahata after the coating system was found to meet all the criteria in the Countermeasure Technology category by a Select Committee.

Another worth mentioning fact is that, the LF-Sea coating, contributed to reduced drag, subsequently resulting in lesser fuel consumption and reduced CO2 emissions from those vessels applying the exterior coating. Based on a patented “water trapping” hydrogel technology, LF-Sea coatings reduce water flow resistance (drag), meaning less energy is required to propel the ship through the water. The coating also helps the ship owners with a reduced fuel consumption of between 4 and 10%, much lesser than the regular SPC antifouling paints.x

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