New York, USA, July 05, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global leisure boat marine coating market is anticipated to generate a revenue of $2,097.6 million and grow at a CAGR of 6.9% during the forecast period from 2019 to 2026.
As per our analysts, the increasing number of people in various recreational activities such as water-based sports, and boating is predicted to propel the growth of the leisure boat marine coating market during the forecast timeframe. Besides, the growing disposable incomes of individuals all around the world are further expected to fortify the growth of the market during the analysis timeframe. Moreover, the technological advancements in the antifouling coatings are predicted to create massive investment opportunities over the forecast period. However, the price volatility of raw materials may hinder the growth of the market throughout the estimated period.
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Segments of the Leisure Boat Marine Coating Market
The report has divided the market into segments based on product and region.
Product: Anti-Fouling Coatings Sub-Segment to be Most Profitable
The anti-fouling sub-segment is expected to generate a revenue of $826.5 million during the analysis timeframe. The increasing use of anti-fouling coatings to improve the energy efficiency and speed of the boats is expected to upsurge the growth of the leisure boat marine coating’s market sub-segment during the forecast period.
Region: Europe Region to Have the Maximum Share of the Market
The Europe region of the leisure boat marine coating market is expected to garner a revenue of $645.0 million and is predicted to continue a noteworthy growth rate during the estimated timeframe. The rapidly increasing leisure boating and water sports activities in this region are predicted to drive the regional growth of the market over the analysis timeframe.
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Key Players of the Market
The major players of the leisure boat marine coating market include
- BASF Coatings GmbH
- AkzoNobel
- Katradis Marine Ropes Ind. S.A.
- NIPSEA GROUP
- Baril Coatings
- Axalta
- Kansai Paint Co., Ltd.
- PPG Industries, Inc.
- KCC CORPORATION
- DuPont
- MCU COATINGS INTERNATIONAL
- Chugoku Marine Paints, Ltd.
These players are widely working on the development of new business strategies, such as mergers and acquisitions, product development, partnerships, and collaborations, to procure a leading position in the global industry.
For instance, in February 2021, I-Tech AB, a publicly held biotechnology company based in Mölndal, Sweden, announced its collaboration with Pettit Marine Paint, a leading manufacturer of marine (boat) coatings, antifouling boat bottom paint, varnish and epoxies for consumer and commercial markets. With this collaboration, the companies planned together to expand their product portfolio by developing new antifouling paints for the leisure boats with the use of I-Tech’s barnacle repelling active agent.
Further, the report also presents other crucial aspects including product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic development.
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