The global leisure boat marine coating market is expected to see prominent growth by 2031, due to the growing recreational and competitive boating activities all across the globe. Regionally, the Asia-Pacific region is expected to be dominant
NEW YORK, Feb. 14, 2023 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Leisure Boat Marine Coating Market by Boat Type (Sailboats, Personal Watercrafts (PWC), Inflatables), Coatings (Anti-fouling Coatings, Anti-corrosion Coatings, Foul Release Coatings, Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031.”
According to the report the global leisure boat marine coating market is anticipated to generate a revenue of $3,947.9 million and rise at a CAGR of 7.3% throughout the forecast period from 2022 to 2031.
Dynamics of the Leisure Boat Marine Coating Market
With the growing recreational and competitive boating activities and trade exhibitions all across the globe, the leisure boat marine coating market is expected to experience progressive growth during the estimated timeframe. Besides, the rising coastal and marine tourism is further expected to boost the growth of the market over the analysis timeframe. Moreover, the various measures taken by the government of many nations all across the globe for the development of marine tourism is predicted to create massive growth opportunities throughout the forecast timeframe. However, the volatility in raw material costs may hinder the growth of the market over the analysis period.
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Covid-19 Impact on the Leisure Boat Marine Coating Market
The outbreak of the Covid-19 pandemic has had a negative impact on the leisure boat marine coating market. This is mainly due to the disruption in the supply chain and import-export restrictions imposed by the government of many nations which has resulted in a lack of the tools and materials need to make boats. Moreover, the rising concentration of manufacturers on finishing backlog orders has made buyers wait for a longer period. However, the delayed process of reopening the economy and continuous restriction on people’s freedom of movement has increased the need for leisure activities among people during the crisis period.
Segments of the Leisure Boat Marine Coating Market
The report has divided the market into segments based on boat type, coatings, and region.
By boat type, the sailboats sub-segment is expected to be most productive and is predicted to hold the largest share of the market during the estimated timeframe. The increasing development of innovative and leisure boats using ultra-modern production technology and materials is predicted to propel the growth of the market sub-segment over the analysis period.
By coatings, the anti-fouling coatings sub-segment is predicted to be the most profitable and is expected to hold the highest share of the market throughout the forecast timeframe. The anti-fouling coatings prevent the development of organisms on the vessel’s bottom which can increase energy efficiency and speed of boats which is expected to fuel the growth of the market during the estimated period.
By region, the Asia-Pacific region of the leisure boat marine coating market is predicted to hold the largest share of the market over the analysis timeframe. The rising demand for recreational boats in this region and the increasing per capita incomes among millennials are expected to drive the regional growth of the market throughout the forecast period.
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Key Players of the Market
The major players of the leisure boat marine coating market include
RPM International Inc.
DuPont
PPG Industries Inc.
Kansai Paint Co. Ltd.
MCU Coatings International
Chugoku Marine Paints, Ltd.
BASF SE
NIPSEA GROUP
Baril Coatings
The Sherwin-Williams Company
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaboration, and product development to obtain a leading position in the global industry.
For instance, in December 2020, I-Tech AB, a publicly held biotechnology company based in Mölndal, announced its collaboration with a manufacturer of marine (boat) coatings, antifouling boat bottom paint, varnish and epoxies for consumer and commercial markets. With the collaboration, the companies aimed to develop a new product line of antifouling paints named “Selektope®” which could be used for leisure boats that make use of I-Tech’s barnacle-repelling active agent.
Further, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
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