The Leisure Boat Marine Coating Market Share Projected to Reach a Revenue of $3,947.9 Million by 2031Download Sample Reports Overview
The Leisure Boat Marine Coating Market Size is predicted to be valued at $ 3,947.9 million by 2031, surging from $ 1,979.4 million in 2021 at a noteworthy CAGR of 7.3%.
Impact Analysis of COVID-19 on the Global Leisure Boat Marine Coating Market
The global travel restrictions imposed by COVID-19 have harmed the leisure boat marine coating industry. Numerous industrial plants closed during the first two quarters of 2020, which resulted in a labor shortage for businesses. This has an impact on the entire supply chain. Furthermore, COVID-19 had an impact on imports and exports, leading to a shortage of the equipment and materials required for boat manufacturing. Prospective customers had to wait a long period as manufacturers focused on completing backlog orders. Along with the boat sales, the income from services was also significantly impacted since small third-party vendors had to close their businesses as a result of the financial hardships caused by the lockout restrictions. The delayed process of reopening the economy and the persistent restrictions on people's freedom of movement has, however, increased the need for leisure activities among the citizenries. Consequently, it is anticipated that the leisure boat marine coating market share would gradually recover during the forecast period.
Global Leisure Boat Marine Coating Market Analysis
One important reason driving the leisure boat marine coating market growth is the rise in the number of individuals engaging in recreational activities such as boating and water sports. Additionally, the rising per capita income of individuals across the globe encourages more spending on various recreational activities including leisure boating. For protection against corrosion and the fouling effects of seawater, these boats need special coating. In the upcoming years, this feature is anticipated to create numerous development prospects for the leisure boat marine coating market opportunity.
The price fluctuation of raw materials is one of the major challenges for the leisure boat marine coating market. Marine boat coatings' manufacturing costs are directly impacted by changes in the price of raw materials, which are anticipated to restrain the leisure boat marine coating market size in the upcoming years.
The leisure boat marine coating industry is seeing growth prospects due to technological developments in anti-fouling coatings. The usage of a self-polishing copolymer, which releases biocides at a steady rate to prevent corrosion and befouling, is anticipated to stimulate the expansion of the leisure boat marine coating market trend in the near future.
The global leisure boat marine coating market is segmented based on boat type, coatings, and region.
Global Leisure Boat Marine Coating Market Value, Boat Type
The boat type segment is further classified into Sailboats, Personal Watercrafts (PWC), and Inflatables. Among these, sailboats has accounted for the highest market size in 2021. Sailboats, which were utilized for ferrying goods across oceans and seas, have given way to vessels powered by IC engines. Sailing today is very much a recreational exercise and can be relished on a budget by people of all ages including men and women. The technological advancements related to boats as well as boat engines aid the demand for sailboats across the globe.
Global Leisure Boat Marine Coating Market Growth, Coatings
The coatings segment is further classified into Anti-fouling Coatings, Anti-corrosion Coatings, Foul Release Coatings, and others. The anti-fouling coatings sub-segment dominated the market in 2021 as well as expected to grow at the fastest rate during the forecast period. This is majorly owing to the excellent resistance of these coatings to the mechanical damage that occurs to boats and to microbe adhering by creating a slippery surface is mostly responsible for the growth of foul release coating sub-segment. Furthermore, as anti-fouling coatings are used to improve boats' energy efficiency and speed by preventing the growth of organisms on the bottom of the vessel These factors are anticipated to propel the demand for foul release coating sub-segment during the forecast period.
The leisure boat marine coating market in Asia-Pacific is projected to be the fastest-growing sub-segment during the forecast period. This is majorly owing to an increase in the demand for leisure boats in countries namely China, Australia, Indonesia, Taiwan, and Malaysia. The demand for leisure boats is projected to grow due to Southeast Asian countries rapidly expanding tourist industries. Additionally, Europe is anticipated to grow at a significant rate during the forecast period. This is majorly owing to the growing popularity of water sports and marine tourism in European countries namely France, Italy, Germany, Austria, and others.
Key Players in the Global Leisure Boat Marine Coating Market
Some of the leading leisure boat marine coating market players are
- The Sherwin-Williams Company
- NIPSEA GROUP
- Chugoku Marine Paints, Ltd.
- Kansai Paint Co. Ltd.
- RPM International Inc.,
- Industries Inc.
- MCU Coatings International
- BASF SE
- Baril Coatings