The competitive landscape of leisure boat marine coatings market is inclusive of biggies such as The Sherwin-Williams Company, Axalta Coating Systems, etc.
— Europe Leisure Boat Marine Coatings Market is likely to witness a growth of around 7% CAGR over the forecast timeframe. Germany, Italy, France, Netherlands, Austria and Belgium are few of the countries which will witness rise in product demand during the forecast period due to increasing use of vessels in water based sports and tourism.
North America holds a potential share in the industry as recreational boating is one of the popular activities in Canada and US. This region has large coastal areas which offers serval opportunities for recreational boating. Further, US is a producer and exporter of luxury vessels which makes it one of the fastest growing leisure boat marine coatings market.
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The demand for luxury vessels is growing due to increasing recreation activities in US, Japan, China and Germany. These region holds high net worth individual (HNWI) population which accounts for 60% share of overall HNWI global population. These boats have high purchasing and maintenance cost due to which it is mainly used by HNWI group for sports and personal activities. Growing number of high net worth people globally at the rate of 4% in 2015, will propel the growth of leisure boat marine coatings market.
Another prominent factor fueling the worldwide leisure boat marine coatings market size is the exponentially increasing popularity of recreational water activities. The recreational businesses, over the recent years, have seen a vivid uptick and are expected to witness similar growth trends in the coming timeframe, with the massively rising popularity of water sports, adventure boating, and recreational boating activities. The leisure boating being the mainstay for recreational activities, has overtly witnessed a widespread demand at a global scale, impelling the overall leisure boat marine coatings market share. These coatings are deemed to enhance the operational and aesthetic features of the boats by retaining their elegance, providing durability, and safeguarding the vessels from fouling and corrosion. These maintenance activities are rather indispensable to preserve the boat’s life and enhance its overall performance, owing to which estimates depict the overall leisure boat marine coatings market share, which crossed the billion-dollar benchmark in 2016, to witness commendable growth prospects in the coming timeframe.
The hazardous chemical coating application such as antifouling product and anti-corrosion products which contains high toxic biocidal chemical substances harmful for aquatic ecosystem is likely to hinder the growth of the leisure boat marine coatings market. However, these coating offers energy efficiency enhancing the speed of vessels.
Leisure boat marine coatings market in foul release coating product will grow at CAGR of 7.5% over the coming years. This product offer advantages over conventional anti-fouling products such as high performance, lower maintenance, eco-friendly and easy application to the surface area. Further its eco-friendly properties will substitute traditional anti-fouling products over the coming years.
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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.
Major Point From Table Of Content:
Chapter 4. Leisure Boat Marine Coatings Market, By Product
4.1. Global leisure boat marine coatings market share by product, 2016 & 2024
4.2. Anti-fouling coatings
4.2.1. Leisure boat marine coatings market estimates and forecasts, 2013 - 2024
4.2.2. Leisure boat marine coatings market estimates and forecasts by region, 2013 – 2024
4.3. Anti-corrosion coatings
4.3.1. Market estimates and forecasts, 2013 - 2024
4.3.2. Market estimates and forecasts by region, 2013 – 2024
4.4. Foul release coatings
4.4.1. Market estimates and forecasts, 2013 - 2024
4.4.2. Market estimates and forecasts by region, 2013 – 2024
4.5.1. Market estimates and forecasts, 2013 - 2024
4.5.2. Market estimates and forecasts by region, 2013 – 2024
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