New York, USA, July 05, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global leisure boat marine coating market is projected to register a revenue of $2,097.6 million at a CAGR of 6.9% during the forecast period (2019-2026), increasing from $1,230 million in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: The urban people around the world are fond of taking part in recreational activities every now and then as lately the corporate jobs are taking toll on their mental health. To get along with the changing lifestyle, going out and taking part in activities such as water sports or boating has become a new norm among people since not a long ago. For such activities, leisure boats are used which require timely coating to keep them safe from corrosion. This is one of the major factor behind the growth of the market.
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Restraint: The production cost of marine boat coatings is quite high due to the fluctuating price of raw materials. This is expected to be the main restraining factor for the market.
Opportunity: The innovative advancements in the anti-fouling coatings is expected to create many opportunities in the global leisure boat marine coating market.
Segments of the Market
The report has divided the market into different segments based on product and regional outlook.
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Product: Anti-Fouling Coatings Sub-Segment Predicted to become the Most Lucrative
Anti-fouling coatings sub-segment is predicted to garner a revenue of $826.5 million increasing from $509.2 million in 2018 at a CAGR of 41.1% during the forecast period, 2019-2026. The main attributor behind this growth is that it prevents organisms building up on the bottom of the boat and keeps the boat highly maintained.
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Regional Analysis: Europe Expected to Dominate the Market
Europe region is expected to generate the highest revenue of $645.0 million by 2026 while it accounted for $401.0 million in 2018. Leisure boating and water sports activities are getting huge popularity among the European people. This is main reason enhancing the growth of the regional market.
Key Market Players
1. Chugoku Marine Paints, Ltd.
2. DuPont
3. PPG Industries, Inc.
4. Axalta
5. NIPSEA GROUP
6. AkzoNobel
7. BASF Coatings GmbH
8. Katradis Marine Ropes Ind. S.A.
9. Baril Coatings
10. Kansai Paint Co.,Ltd.
11. KCC CORPORATION
12. MCU COATINGS INTERNATIONAL
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In March 2020, Axalta, a leading global supplier of liquid and powder coatings, entered into a definitive agreement to acquire Anhui Shengran Insulating Materials Co., Ltd., a leading Chinese producer of high-quality wire enamels used in a wide range of consumer electronics, electric vehicle, and industrial applications.
The report provides several industry-top tactics and approaches like effective strategic moves & developments, product/service line, business performance, Porter’s five forces analysis, and SWOT analysis of the leading players, active in the global industry. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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