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Leisure Boat Marine Coatings Market Size will likely surpass USD 1.9 billion by 2024 | By key players Nippon Paint, AkzoNobel NV, Jotun A/S, Hempel A/S, Kansai Paint Co. Ltd., KCC Corporation

Leisure Boat Marine Coatings Market Size will likely surpass USD

There has been an influx of technological developments in leisure boat marine coatings market as leading players vie to rev up their revenue generating opportunities. Global phenomenon alludes notable rise in tourists to have had a major influence on the demand for marine coatings. According to the United Nations World Tourism Organization (UNWTO), more than 1.8 billion tourists are likely to travel around the world by 2030.

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Top Key Players in The 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., and Axalta Coating Systems

Marine coatings tend to provide superior corrosion protection and shield the submerged materials such as ships, vessels and yachts from the sea water. Manufacturers often use aliphatic diisocyanates as a major component in the production of marine coatings. Profound use of polyurethane-based marine coatings has led to the enhancement of ship’s appearance and has been playing invaluable role in shielding the deck, the hull and other areas from hostile elements of the sea.

Numerous ships around the globe are using coating technologies for leisure craft given that they provide maximum color and gloss retention, exceptional weather resistance (resistance to chalking, yellowing or degradation by sunlight), and has tremendous impact and abrasion resistance. Rigorous environmental regulations have been fueling innovation for marine coatings. For instance, developments are being made to come up with coating systems to boost ship’s energy efficiency, ramp up the drying process, and reduce fuel costs to put constrain on ship downtime and labor costs.

Leisure boat marine coatings manufacturers have been reaping benefits from a rise in ship repair and maintenance. Coatings and ship building industries have been employing thousands of workers to boost transportation of essential products and services. Manufacturers are continuously focusing on the development of coatings which will help boost vessel efficiency and decrease maintenance costs. Use of advanced marine coatings having excellent water, oil, solvent and chemical resistance, thereby helping manufactures prevent corrosion. Leisure boat marine coatings market to carve out a profitable growth path over the forecast period.

Dramatic rise in high-net-worth individual (HNWI) and ultra-HNWI population has had overarching influence on the industry size expansion. The U.S. is said to have the highest number of HNWIs with over 5.28 million elite people in the country. With meteoric rise in the number of HNWI population in India, and sustained growth of those population in the U.S., Germany, Japan, and China, manufacturers of leisure boat marine coatings are gearing to boost their portfolios and expand their penetration in untapped markets. Accordingly, prominent players are eyeing to boost their investments in North America, APAC and Europe in the leisure boat marine coatings market.

There has been noticeable rise in the adoption of antifouling coatings to ward off the encroachment or growth of marine organisms, including algae, barnacles, mollusks and tubeworms on the vessel immersed, hull or surface of structures functioning in seawater.

It is worth mentioning that fouling augments resistance of surface to vessel movement and slows the speed of the vessel, and eventually leads to fuel consumption to keep up with the speed. There has been increased traction to prevent biofouling through use of antifouling paint. The self-polishing mechanism of an antifouling paint film assures renewable of paint film and helps in the release of biocide to ward off attachment and settlement of bio foulants. With a palpable degree of fouling on the hull of the ship augmenting the fuel consumption and reducing the hydrodynamic performance in vessel, popularity of high-performance coatings to keep antifouling and corrosion growth on the ship’s hull at bay has risen considerably in the past few years.

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Customers’ preference for eco-friendly products, along with rigorous environmental legislation has triggered innovation in the industry landscape. Accordingly, leading companies are infusing investments in the development of eco-friendly metal-free antifouling coatings, and low friction coatings. Adoption of foul-release technology has resulted in significant fuel-saving and has become highly sought-after among leading companies manufacturing leisure boat marine coatings market. Several studies have alluded to the use of hydrophobic foul-release coatings that boosts the release of marine organisms.

Sherwin-Williams, one of the leading companies in the leisure boat marine coatings market landscape, rolled out Zinc Clad®4100 in Q3 2017. The product is said to boost project schedules, shop throughput, and fast field project turnarounds. The product is believed to offer cathodic protection to minimize any chance of corrosion and it has self-healing attributes.

Prominent companies such as Nippon Paint, DuPont Coatings & Color Technologies, Sherwin-Williams, BASF Coatings GmbH have been infusing investments in leisure boat marine coatings market. They are expected to focus on the development of technology to keep up with the latest trends of leisure boating.

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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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