MARKET OVERVIEW- GLOBAL LEISURE BOAT MARINE COATINGS MARKET
Marine organisms such as bacteria, algae ansd barnacles are most likely to grow on the hull, creating drag, reducing a ship's fuel efficiency and shortening its lifespan. To protect against such organisms and other harmful agents, shipyards apply special coatings to the metal hulls of ships. Leisure boat coatings are a range of waterproof and weather resistant compounds applied to the exterior surface of boats. These materials, both inorganic and organic, protect against corrosion under normal use as well as rain and salt spray. The coating is a protective pigment that blocks UV rays while allowing visible light to pass through for increased visibility in the open ocean, and also prevents damage from sun exposure.
MARKET DRIVERS
The aesthetic appeal of marine reserves and facilities juxtaposed with nature is helping to generate massive tourism across the global marine sector as public vigilance increases. A growing interest in water sports and other activities has increased the demand for luxury marine boats. The leisure and sports boat sector relies heavily on customer demand. Rising disposable income of citizens and flourishing tourism sector in emerging countries such as Brazil and China are some of the major factors accelerating the growth of the market. Increasing participation of people in recreational and competitive boating activities across the globe is estimated to spur market growth. Furthermore, the demand for such luxury ships has grown steadily around the world. Massive numbers of visitors to coastal areas have become an inevitable factor in the growth of the shipping and tourism markets. This growing interest in marine recreation is also boosting the leisure boat marine coating industry.
MARKET OPPORTUNITY
Significant development in the shipbuilding industry due to the increasing popularity of recreational sports and leisure activities is expected to boost the recreational boat coatings market. Further, Asia-Pacific countries such as China and Australia are seeing new growth opportunities in the market due to the increasing per capita income of people in those countries.
MARKET RESTRAINT
Fluctuations in the prices of the raw materials needed to paint leisure boats could slow the market's expansion. This is because the costs associated with building and painting warships are directly related to commodity price fluctuations. These factors are estimated to limit the market share of boat coatings for recreational boats in the coming years
MARKET GROWTH CHALLENGES
the Covid-19 pandemic hampered the growth of the market to a major extent, which has created a major challenge for market growth.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the leisure boat marine coatings market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. Surge in the number of individuals engaging in recreational activities across the globe is fueling the growth of the market and is expected to witness growth at a specific CAGR from 2023-2029.
GLOBAL LEISURE BOAT MARINE COATINGS MARKET SEGMENTAL OVERVIEW
The leisure boat marine coatings market comprises of different market segment like type, application, and geography.
GLOBAL LEISURE BOAT MARINE COATINGS MARKET BY TYPE
By type, the leisure boat marine coatings include key segment of
- Anti-Fouling
- Anti-Corrosion
- Foul Release
Anti-fouling is expected to dominate the market over the forecast period. Antifouling coating became a crucial business as a result of the necessity to import and export products, which was sparked by globalization particularly for the planning and development of maritime vessels. Antifouling coating is an exterior coating system used to reduce drag, thereby improving fuel efficiency and speed. They also provide excellent protection against marine life such as barnacles. These make the boat more efficient, faster and cleaner when sailing in or through water sources with many other boats/vessels. Anti-fouling leisure boat marine coatings prevent the formation of surface microorganisms and prevent the growth of organisms such as barnacles and algae.
The irrigation management segment is expected to register the fastest CAGR during the forecast period. These are used to protect the hull of ships from abrasion, corrosion, and impact and help increase their longevity and performance.
GLOBAL LEISURE BOAT MARINE COATINGS MARKET BY APPLICATION
By application, the leisure boat marine coatings include key segment of
The vessels are expected to dominate the market over the forecast period. Various applications of leisure boat marine coatings on ships include antifouling paint that prevents marine life from adhering to the hull. Antifouling paint that prevents hull corrosion.
The tankers segment is expected to register the fastest CAGR during the forecast period. Pleasure boat marine coatings are used on tankers for three main purposes. It is used as an antifouling agent that prevents the growth of algae and barnacles on the outer surface, as an anticorrosive paint that suppresses corrosion and protects metal parts from rust and improves durability, and as an antifouling agent for ships.
GLOBAL LEISURE BOAT MARINE COATINGS MARKET BY GEOGRAPHY
By geography, the leisure boat marine coatings include key segment of
- North America
- Asia Pacific
- Europe
- RoW
North America is expected to dominate the market over the forecast period due to an increasing demand for recreational boating in the United States, which is driving the regional market. In the year 2021, recreational activities at sea, such as boating and cruising, are growing in the United States. The United States alone accounted for 58.5% share of the North American market. Recreational activities at sea, such as boating and cruising, are growing in popularity in the United States.
The Asia Pacific is expected to register the fastest CAGR during the forecast period due to an increasing recreational boat demand in Australia, Indonesia, Taiwan, and China. The rapid growth of tourism in Southeast Asian countries increases the demand for leisure boats, driving the market for leisure boat marine coating market. Moreover, Europe is the second fastest growing country in the leisure boat marine coating market. With an increasing demand for leisure boats in various countries, including the UK, France, Germany, Italy and Spain, it is estimated to drive the growth of the regional market. Increasing people's involvement in recreational boating activities is also expected to boost the growth of the regional market.
COVID-19 IMPACT ANALYSIS ON GLOBAL LEISURE BOAT MARINE COATINGS MARKET
The outbreak of the COVID-19 pandemic is expected to have a noticeable impact on market growth. Lockdowns imposed to stem the spread of the disease have disrupted supply chains and manufacturing operations around the world. COVID-19 has hit the tourism sector around the world as sweeping restrictions are imposed on international travel. In the first two quarters of 2020, his entire supply chain was disrupted as several manufacturing plants closed and businesses suffered labor shortages. COVID-19 has also impacted imports and exports, leading to shortages of equipment and subassemblies required for shipbuilding. As a result, new customer waits times have increased significantly as manufacturers focused on securing product shipments for pending orders.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the leisure boat marine coatings market is primarily focused on expanding the global growth of the leisure boat marine coatings market with new product innovation, business expansion. An increasing presence of a range of manufacturers operating in the market has led to the growing demand for the market. Besides, the market offers a range of products to fulfil the required demand of consumers, which is further contributing to healthy growth in the market.
The key players studied in market are
- AkzoNobel
- Jotun A/S
- Hempel A/S
- KCC Corporation
- Nippon Paint
- Chugoku Marine Paints
- Kansai Paint Company
- The Sherwin-Williams Company
- RPM International Inc
- PPG Industries Inc.
- DuPont Coatings & Color Technologies
- MCU Coatings International
- BASF Coatings GmbH
- Baril Coatings
- Katradis Marine Ropes Industry S.A
RECENT DEVLOPMENT
JANUARY 2020: Sherwin-Williams Protective & Marine Coatings introduces a new epoxy coating that provides mildew and corrosion protection with a durable and artistic finish.
JULY 2020: Bavaria Yachtbau GmbH has announced the market launch of the Bavaria Vida 33, a one-day cruiser with an outboard motor.
APRIL 2019: China Marine Paint (CMP) launched the Sea Premier 3000 PLUS. This is the eighth antifouling product that contains Select Taupe® by a Japanese paint manufacturer. An advanced type of anti-fouling coating, Silyl Polymer Hydrolyzate, was developed specifically to combat the increased fouling faced by coastal vessels in the Japan Sea due to rising sea temperatures.
