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What's Driving The Leisure Boat Marine Coatings Market Growth? | AkzoNobel, PPG Industries, Sherwin-Williams, DuPont, BASF, Jotun, Kansai Paint Private Limited, KCC Corporation, RPM International Inc., Hempel A/S, Chugoku Marine Paints, Ltd, Axalta, Katra

06-25-2019 06:55 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Insights

Leisure Boat Marine Coatings Market

Leisure Boat Marine Coatings Market

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.

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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 industry 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.

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.

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
• Others

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

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.

Inherently influenced by leading-edge technologies in the coatings domain, leisure boat marine coatings industry 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.

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.

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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.

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 industry.

Browse key industry insights 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

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.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com

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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