Leisure Boat Marine Coating - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Leisure Boat Marine Coating Market is accounted for $1.31 billion in 2020 and is expected to reach $2.52 billion by 2028 growing at a CAGR of 8.5% during the forecast period. The rising number of high net worth individuals (HNWI) across the globe, increasing per capita income of the individual, and growing interest of people in participating in various recreational activities are driving the market growth. However, the price volatility of leisure boat marine coating materials is hampering the growth of the market.
Leisure boats need special coatings for protection against deterioration as well as aesthetic enhancement. They protect the hulls of ships from corrosion and foul formations and hence boost a boat’s performance and life. The common substances used in the paints such as water paints, poppy oil, and linseed oil provide a high-class finish, attractive color, and make the material long-lasting.
Based on the product, the anti-fouling segment is going to have lucrative growth during the forecast period owing to the rising number of leisure boats worldwide and the development of products that have a lower environmental impact and the high prices of foul release product types which are a substitute for anti-fouling coatings. By geography, Asia Pacific is going to have high growth during the forecast period due to the increasing recreational boats demand in developing countries, the rapid growth of tourism in South East Asian countries, which in turn, increasing the demand for recreational boats and the rising number of high-income individuals in China and Japan.
Some of the key players profiled in the Leisure Boat Marine Coating Market include Kansai Paint, Sherwin-Williams, RPM International Inc, Axalta Coating Systems, Nippon Paint, BASF Coatings GmbH, KCC Corporation, Jotun, Hempel Group, DuPont Coatings & Color Technologies, CHUGOKU MARINE PAINTS, Katradis Marine Ropes Industry S.A., Baril Coatings, MCU-Coatings, AkzoNobel and PPG Industries.
• Anti-Fouling Coatings
• Anti-Corrosion Coatings
• Foul Release Coatings
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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