Leisure Boat Marine Coating Market Expected to reach $ 2097.6 Million by 2026Download Sample Reports Overview
According to a study by Research Dive, the leisure boat marine coating market is anticipated to account for $2,097.6 million by 2026, registering a CAGR of 6.9% from 2019-2026.
The global leisure boat marine coating market is largely driven by extensive use of leisure boats, vessels, and yachts, and these factors are expected to drive the market growth in the coming years. Moreover, the coatings improve aesthetic appeal and visual appearance of the boat surfaces. These coatings resist mechanical damage to the boat such as fouling and corrosion and improve the boat’s service life; these factors are anticipated to enhance the growth of the market. The cost variability of the resources, such as raw materials, is restraining the leisure boat marine coating market.
Recent Developments in Leisure Boat Marine Coating Market:
Technical improvements on anti-fouling coatings to detect physical and chemical properties of the anti-fouling agents are being used on boats. The hybrid anti-fouling coating imparts properties like increasing the binding characteristics, high resistance against fouling and less environmental impact. This factor is anticipated to enhance the leisure boat marine coating market growth during the forecast years.
Foul release coatings will witness a significant growth that is projected to reach $400.6 million with a CAGR of 7.7% during the forecast period. This growth is attributed to foul release coatings which is a subsidiary of anti-fouling. Foul release coating has ability of resistance against corrosion and fouling by offering smooth surface for microbes or bacteria attaching to the boat surface. This factor is projected to drive the market growth in the coming years. Anti-fouling coating segment held the highest leisure boat marine coating market size in 2018 and it was valued at $509.2 million. The increased demand of anti-fouling coating for the leisure boats is due to its efficiency to resist microbe growth. The market for Anti-fouling is expected to register a revenue of $826.5 million with a 6.2% CAGR during the projected period.
Asia-Pacific growth in Leisure Boat Marine Coating Market
The market for Asia-Pacific region is anticipated to experience remarkable growth rate as a result of the growing the number of participants in the recreational activities, is directly increasing the requirement of leisure boats. In addition, growth of high-net-worth individuals in the Australia, Japan and China is further estimated to enhance the growth of the market in the near future. The market for Asia-Pacific is anticipated to register a revenue of $595.7 million with a growth rate of 7.5% during the projected time. The global leisure boat marine coating market share is dominated by Europe region and is projected to retain its dominance in the projected time. This region market was generated for $401.0 million in 2018 and is estimated to register revenue of $645.0 million by 2026, at a CAGR of 6.1%. This is majorly owing to rising the demand of leisure and yachts boats coupled with rapid increase in the water based sports activities across the region.
Major manufacturers in the global leisure boat marine coating market include Kansai Paint Co., Ltd., MCU COATINGS INTERNATIONAL Axalta, DuPont, BASF Coatings GmbH, PPG Industries, Inc., KCC CORPORATION AkzoNobel, Katradis Marine Ropes Ind. S.A., Chugoku Marine Paints, Ltd., Baril Coatings, and NIPSEA GROUP. These manufacturers are continuously increasing their efforts on product developments, new technology introduction and joint ventures to gain majority of the share in the overall leisure boat marine coating industry. For example, in November 2019, NIPSEA GROUP has launched darker coatings for huge ships by using advanced formulated reflective pigments to lower heat transfer of the boat surface to the atmosphere.