New York, USA, Jan. 11, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global leisure boat marine coating market is anticipated to rise at a stable CAGR of 7.3%, thereby garnering a revenue of $3,947.9 million in the 2022-2031 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the leisure boat marine coating market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: In the recent years, there has been a growth in the demand for leisure boats, especially yachts, which is expected to become the primary growth driver of the leisure boat marine coating market in the forecast period. Additionally, the rise in the number of high-net-worth individuals (HNWI) across the globe is anticipated to push the market forward.
Opportunities: An increase in the recreational and competitive boating activities across the globe is predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, various measures have been taken by governments across the world for development of marine tourism which are expected to help the market register substantial growth in the coming period.
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Restraints: However, according to market analysts, volatility in raw material costs might become a restraint in the growth of the leisure boat marine coating market.
Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The leisure boat marine coating market, too, was negatively impacted by the pandemic. Majority of the marine coating manufacturing industries were closed during the pandemic which affected the supply of finished goods. Also, the lack of availability of raw materials and shortage of labor affected the manufacturing processes. All these factors brought down the growth rate of the market in the pandemic period.
Segments of the Market:
The Research Dive report has fragmented the leisure boat marine coating market across different segments such as boat type, coatings, and region.
Boat Type: Sailboats Sub-segment to be Highly Dominant
By boat type, the sailboats sub-segment was the most dominant sub-segment in 2021 and is expected to continue to dominate by 2031. Technological advancements with respect to boat designs and engine, along with rise in marine tourism is predicted to help in the growth of this sub-segment.
Coatings: Anti-Fouling Coatings Sub-segment to Witness Significant Growth
By coatings, the anti-fouling coatings sub-segment is predicted to have a significant market share by 2031. Enhanced resistance offered by anti-fouling coatings from mechanical damage to boats is predicted to boost the growth of this sub-segment.
Market in the Asia-Pacific Region to Flourish Immensely
By regional analysis, the leisure boat marine coating market in the Asia-Pacific region is anticipated to be the fastest growing by 2031. Rise in demand for different types of recreational boats from various countries in Southeast Asia is predicted to be the primary growth driver of the market in this region.
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Prominent Market Players
Some prominent players in the leisure boat marine coating market are
- The Sherwin-Williams Company
- RPM International Inc.
- MCU Coatings International
- NIPSEA GROUP
- PPG Industries Inc.
- BASF SE
- Chugoku Marine Paints Ltd.
- DuPont
- Baril Coatings
- Kansai Paint Co. Ltd
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market- Inquire here to grab full report
For instance, in December 2020, AkzoNobel, a leading multinational chemicals company, announced that it had signed an acquisition agreement with New Nautical Coatings, a leading developer of marine coatings and paints. This acquisition is expected to help AkzoNobel to consolidate its position as the leader of the market in the coming years.
Finally, this comprehensive report also summarizes many crucial facets of the leisure boat marine coating market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Leisure Boat Marine Coating Market:
- Explained: 4 Important Advantages of Leisure Boat Marine Coatings
- A Quick Guide on the 3 Main Types of Leisure Boat Marine Coatings
- Global Leisure Boat Marine Coating Market to Perceive Widespread Growth with Growing Demand for Luxury Vessels for Recreational Activities
