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What are the Growth Drivers of Leisure Boat Marine Coatings Market ? Top Key Industry Players: Hempel A/S, Axalta, KCC Corporation, RPM International Inc., Chugoku Marine Paints, Ltd, Katradis Marine Ropes Industry SA, AkzoNobel, PPG Industries, DuPont, B
Press release from: Global Market Insights Inc.
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.
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According to United Nations World Tourism Organization, this number will likely reach 535 million by 2030. China, Thailand, Hong Kong and Malaysia are the most visited tourist hot spots in the region. Japan, Australia, and Indonesia are also key tourist destinations in Asia Pacific. The rising popularity of recreational boating activities by tourists in the region will spur the leisure boat marine coatings market development. The region also provides a lot of unexplored destinations for recreational boating activities which will offer ample opportunities for the leisure boat marine coatings market to grow.
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
Leisure Boat Marine Coatings Market by Product
• Anti-fouling coatings
• Anti-corrosion coatings
• Foul release coatings
Inherently influenced by leading-edge technologies in the coatings domain, leisure boat marine coatings market stands to gain much in the ensuing years, driven by escalating demand for luxury vessels in recent times. The business space is rather competitive, on the grounds of which companies have been going the whole hog to stabilize their position in the industry. The Sherwin-Williams Company for instance, has recently prepped up its product portfolio to consolidate its presence across leisure boat marine coatings market.
The firm’s SHW Protective & Marine Coatings unit launched the Zinc Clad 4100, a new high-solids coating that is inclusive of features such as short recoat time, which is slated to enable better project schedules, accelerated shop throughput, and quick field project turnarounds. Designed to be used exclusively for barges, ships, boats, drilling rigs, and refineries, the Zinc Clad 4100, as per experts, is likely to disrupt the product landscape of leisure boat marine coatings market. It is also prudent to mention that The Sherwin-Williams Company acquired Valspar, a Minnesota-headquartered paints and coatings major, toward the end of Q2 2017, for a valuation of more than USD 11 billion, thereby consolidating its presence in leisure boat marine coatings industry.
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Companies have brought forth a barrage of breakthroughs in coating technology, which has considerably influenced the revenue scale of leisure boat marine coatings market. A few years back, for example, Nanotech Marine Services Limited applied the Nano-Clear® Coating, produced by Nanovere Technologies, on Queen Elizabeth Ship in the UK as a part of its coating application trials. The main objective of the trial was to offer a durable solution for the gel-coat oxidation problem faced by lifeboats – apparently, the coatings on these boats faded away within a brief period due to constant exposure to UV radiations.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. PPG Industries
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
15. Katradis Marine Ropes Industry SA
As a part of its experiment, the company applied the new product on the gel-coated surface and left it aboard the water vessel. Surprisingly, the surface coated with Nano-Clear® did not exhibit any degradation in its color or glossiness features due to oxidation. The successful outcome led to Nanotech securing the lead for the restoration of eighteen Queen Victoria lifeboats, while simultaneously augmenting the popularity of the Nano-Clear® Coating in leisure boat marine coatings market. Recently, in 2016, the firm exploited this upgraded technology to complete the restoration of twenty-four lifeboats for the Queen Mary 2 in Hamburg, Germany as well.
Speaking in terms of regional trends, North America is forecast to contribute more than 25% towards the overall leisure boat marine coatings industry size over the coming seven years. The presence of large coastal areas coupled with the numerous leisure boating activities taking place across the region can be principally credited for the growth of North America leisure boat marine coatings market, which, as per analysts, is set to record a CAGR of over 6.5% during 2017 to 2024. Canada and the U.S. are likely to emerge as the key revenue pockets for this region.
The Asia Pacific region would be particularly impelled on the grounds of the robustly expanding tourism sector in the region. Countries such as Japan, China, Australia, Hong Kong, Indonesia, Malaysia, and Thailand, famous as tourist destinations, have necessitated the demand for luxury ships and barges, which would help augment the regional leisure boat marine coatings industry.
Browse key industry insights from the report, “Leisure Boat Marine Coatings Market” in detail along with the table of contents:
The competitive landscape of leisure boat marine coatings market is inclusive of biggies such as The Sherwin-Williams Company, Axalta Coating Systems, AkzoNobel N.V., and Nippon Paints. These behemoths have been striving to expand their product lines by manufacturing eco-friendly products while simultaneously improving their product performance. Global Market Insights, Inc., claims leisure boat marine coatings market size to cross a valuation of USD 1.9 billion by 2024.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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