Press release
Leisure Boat Marine Coatings Market to grow at 6.5% CAGR up to 2024 Research, Analysis Report 2017-2024 By Major Key Players: AkzoNobel, Chugoku Marine Paints, Ltd, MCU COATINGS LIMITED, Axalta, PPG Industries, Sherwin-Williams, DuPont, BASF, Jotun, Kansa
U.S. Leisure Boat Marine Coatings Market Size, by Product, 2013 – 2024 (USD Million)
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North America is the most significant leisure boat marine coatings market and will account for more than a quarter of the overall industry by 2024. U.S. and Canada have a large coastal area and recreational boating has been a popular activity in these countries.
U.S. is a major manufacturer and exporter of recreational boats and yachts which makes it an ideal high potential leisure boat marine coatings market. Canada also has a significant product demand with boating being a popular hobby for its citizens. A National Marine Manufacturers Association (NMMA) of Canada study revealed that about a third of the country’s population participated in boating each year. These factors will drive the North American leisure boat marine coatings market which will grow by a CAGR exceeding 6.5% in the forecast period.
Industry impact forces
1. Growth drivers
• Rising HNWI population
• Revival of the U.S. economy
• High growth in the Asia Pacific tourism sector
2. Industry pitfalls & challenges
• Environmental impact of marine coating
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High growth in the Asia Pacific tourism sector will augment the leisure boat marine coatings market development in the forecast period. Asia Pacific continues to be one of the fastest growing tourism region in the world with tourist arrivals growing by close to 6% annually to reach 279 million in 2015 from 110 million in 2000.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. AkzoNobel
2. PPG Industries
3. Sherwin-Williams
4. DuPont
5. BASF
6. Jotun
7. Kansai Paint Private Limited
8. KCC Corporation
9. RPM International Inc.
10. Hempel A/S
11. Chugoku Marine Paints, Ltd
12. Nippon Paint (Pakistan) (Pvt) Ltd
13. MCU COATINGS LIMITED
14. Axalta
15. Katradis Marine Ropes Industry SA
The hazardous nature of antifouling and anti-corrosion product types is a major source of concern among industry participants and may hamper the leisure boat marine coatings market growth in the forecast period. Antifouling product type contain toxic biocidal compounds such as copper, zinc and tributyltin (TBT) which gradually leach into the water to prevent formation of fouls in boats. Although, these products are of prime importance for increasing a boats speed and energy efficiency, their usage causes significant harm to the coastal environment.
Leisure Boat Marine Coatings Market by Product
• Anti-fouling coatings
• Anti-corrosion coatings
• Foul release coatings
• Others
The use of anti-corrosion product type is also regulated according to the amount of volatile organic compound (VOC) emissions. These factors are likely to hinder the leisure boat marine coatings market growth as manufacturers will have to develop products that have lower environmental impact resulting in higher production costs.
Browse key industry insights spread across 130 pages with 85 market data tables & 10 figures & charts from the report, “Leisure Boat Marine Coatings Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/leisure-boat-marine-coatings-market
Foul release product segment of the leisure boat marine coatings market will grow by a CAGR of more than 7.5% in the forecast period. The segment will witness high growth due to the environmental friendly nature of the product which is likely to substitute anti-fouling products in the future. Foul release products use silicone technologies to create a super-smooth surface that is difficult for marine life to attach to. They provide significant advantages over the traditional anti-fouling types such as better performance, eco-friendliness, easy application, and lower maintenance, making it a popular segment in the leisure boat marine coatings market.
AkzoNobel NV, Hempel A/S, Jotun, KCC Corporation, Chugoku Marine Paints, Nippon Paint, Kansai Paint Company, RPM International, The Sherwin-Williams Company, PPG Industries, MCU Coatings International, DuPont Coatings & Color Technologies, BASF Coatings GMBH, Katradis Marine Ropes Industry, Axalta Coating Systems, and Baril Coatings are the key participants in leisure boat marine coatings market.
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