Leisure Boat Marine Coating Market Research, 2031
The global leisure boat marine coating market was valued at $2 billion in 2021, and is projected to reach $4 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031. Marine coating is a protective finish applied to the exteriors of ships, yachts, cruise ships, and other offshore constructions (oil rigs, bridges) exposed to saltwater and other corrosive elements. The marine coatings are applied to the surfaces indicated above the boats to prevent corrosion, fouling, and slime, extending the durability and life of offshore structures and marine vessels. Additionally, significant developments in shipping industry, the increasing popularity of watersports, and other recreational activities have positively contributed to the leisure boat marine coating market size in recent years.
One important reason driving the growth of the leisure boat marine coating market is the rise in the number of individuals engaging in recreational activities such as boating and water sports. Additionally, a rise in per capita income is leading to an increase in spending on recreational activities such as boating, and water sports, for leisure activities. For protection against corrosion and the fouling effects of seawater, these boats need a special coating. Customers are increasingly requesting volatile organic compounds (VOCs) free and environmentally friendly marine coatings. Thus, manufacturers of marine coatings are using innovative techniques to meet consumer demands and adhere to legal requirements. In the upcoming years, these features will create development opportunities for the leisure boat marine coating industry.
One of the major reasons limiting the market's expansion is the fluctuation in the price of the raw materials required to make marine coatings. The main raw materials used to make coatings are oil derivatives, titanium dioxide, and copper, and these goods are quite sensitive to price changes. One of the variables that are anticipated to have a somewhat adverse impact on market growth is the sluggish expansion of shipbuilding operations across emerging nations.
Expanding shipbuilding activities are predicted to create new market opportunities throughout the projection period. There is a growing need for repair and maintenance activities to keep the ships in operational form due to the adverse weather conditions that ships and leisure boats encounter. Furthermore, the rise in the marine coatings market is being aided by the low cost of labor in China, India, and Vietnam throughout the forecast period. In the foreseeable future, it is anticipated that improving economic conditions and favorable trade policies would present possible business prospects. Additionally, it is anticipated that a surge in crude oil output brought on by an expansion in the oil and gas sector would help in boosting the marine coatings market opportunities. The rise in the need for fuel efficiency and the industrialization of emerging regions are anticipated to support the market expansion of marine coatings.
The key players profiled in this report include Chugoku Marine Paints, Ltd., DuPont, PPG Industries, Inc., Axalta, NIPSEA GROUP, AkzoNobel, BASF Coatings GmbH, Katradis Marine Ropes Ind. S.A., Baril Coatings, Kansai Paint Co., Ltd., Kcc Corporation, and Mcu Coatings International.
The global leisure boat marine coating market is segmented on the basis of boat type, coatings, and region. By boat type, the market is sub-segmented into sailboats, personal watercrafts (PWC), and inflatables. By coatings, the market is sub-segmented into anti-fouling coatings, anti-corrosion coatings, foul release coatings, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
One important reason driving the growth of the leisure boat marine coating market is the rise in the number of individuals engaging in recreational activities such as boating and water sports. Additionally, a rise in per capita income is leading to an increase in spending on recreational activities such as boating, and water sports, for leisure activities. For protection against corrosion and the fouling effects of seawater, these boats need a special coating. Customers are increasingly requesting volatile organic compounds (VOCs) free and environmentally friendly marine coatings. Thus, manufacturers of marine coatings are using innovative techniques to meet consumer demands and adhere to legal requirements. In the upcoming years, these features will create development prospects for the leisure boat marine coating industry.
One of the major reasons limiting the market's expansion is the fluctuation in the price of the raw materials required to make marine coatings. The main raw materials used to make coatings are oil derivatives, titanium dioxide, and copper, and these goods are quite sensitive to price changes. One of the variables that is anticipated to have a somewhat adverse impact on market growth is the sluggish expansion of shipbuilding operations across emerging nations.
Expanding shipbuilding activities are predicted to create new market opportunities throughout the projection period. There is a high need for repair and maintenance activities to keep the ships in operational form due to the adverse weather conditions that ships and boats must face. Furthermore, rise in the marine coatings market is being aided by the low cost of labor in China, India, and Vietnam throughout the forecasted period of time. In the foreseeable future, it is anticipated that improving economic conditions and advantageous trade policies would present possible business prospects. Additionally, it is anticipated that a surge in crude oil output brought on by an expansion in the oil and gas sector would help in boosting the marine coatings market opportunities. The rise in the need for fuel efficiency and the industrialization of emerging countries are anticipated to facilitate the leisure boat marine coatings market expansion during the analysis timeframe.
The key players profiled in this report include PPG Industries, Inc., AkzoNobel, The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd., Kansai Paint Co.,Ltd., Hempel A/S, KCC Corporation, BASF Coatings GmbH, Axalta Coating Systems, Ltd., and Chugoku Marine Paints, Ltd.
The global leisure boat marine coating market is segmented on the basis of boat type, coatings, and region. By boat type, the market is sub-segmented into sailboats, personal watercrafts (PWC), and inflatables. By coatings, the market is sub-segmented into anti-fouling coatings, anti-corrosion coatings, foul release coatings, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The leisure boat marine coating market is segmented into Boat Type and Coatings.
By boat type, the sailboats sub-segment dominated the market in 2021, whereas the personal watercrafts (PWC) sub-segment is projected to be the fastest-growing sub-segment during the forecast period. This is because sailboats have distinct characteristics based on the hull type, mast configuration, keel type, and sails. For instance, based on hull type, a sailboat is classified into catamaran or trimaran and monohull. Similarly, based on sails and mast configuration, these boats can be classified into ketch, sloop, fractional rig sloop, yawl, cutter, cat, schooner, and others. Personal watercrafts (PWC) accounted for a significant portion of new boat sales in 2021 and more than one million PWC boats are in operation today. PWC is widely used for PWC fishing or jet ski fishing. Also, PWC is easier to operate, reducing fuel consumption as they have less maintenance cost.
By coatings, the anti-fouling coatings sub-segment dominated the market in 2021, whereas the foul release coatings sub-segment is projected to be the fastest growing during the forecast period. This is because anti-fouling coatings may be applied to increase the energy effectiveness and speed of boats by inhibiting the growth of organisms on the boat's bottom. One of the factors accelerating the growth of the foul release coatings sub-segment is its excellent resistance to mechanical damage to boats and to microbe clinging by producing a slippery surface.
By region, the Asia-Pacific region dominated the global leisure boat marine coating market in 2021, and it is estimated to show the fastest growth during the forecast period. The growing popularity of recreational and water sports especially among the younger population is driving the leisure boat marine coating market share in the Asia-Pacific region. Some of the popular water sports in this region include surfing, jet ski, rafting, snorkeling, parasailing, kayaking, and others. Additionally, the rise in per capita incomes of people in China, Japan, and Australia is anticipated to fuel market growth over the course of the projection period. China, Japan, and South Korea have one of the largest shipping industries and represents a large number of leisure boat marine coating market players. For instance, Asian Paints Ltd., FUJIKURA KASEI CO., LTD., Guangdong Carpoly Chemical Co.,Ltd., Jiangsu Lanling Chemical Group Co.,Ltd., Hanjin Chemical, and others are some of the leading players in the Asia-Pacific region.
Impact of COVID-19 on the Global Leisure Boat Marine Coating Industry
- The leisure boat marine coating industry had a negative impact due to the worldwide travel limitations enforced by COVID-19.
- Numerous manufacturing facilities shuttered in the first two quarters of 2020, causing a labor crisis for firms. This affected the whole supply chain.
- Furthermore, COVID-19 had an effect on imports and exports, which resulted in a lack of the tools and component parts needed for the manufacturing of leisure boats. As a result, prospective customers had to wait a long period as manufacturers focused on completing backlog orders.
- Along with the boat sales, the revenue from services was also negatively impacted since tiny third-party merchants had to abandon their operations owing to the financial difficulties brought on by the lockout limitations.
- However, the slow process of reopening the economy and the ongoing limitations on people's freedom of movement have given rise to a desire among the populace to engage in leisure activities. As a result, a gradual market recovery is projected during the forecast period.
Key Benefits For Stakeholders
- The report provides exclusive and comprehensive analysis of the global leisure boat marine coating market trends along with the leisure boat marine coating market forecast.
- The report elucidates the leisure boat marine coating market opportunity along with key drivers, and restraints of the market. It is a compilation of detailed information, inputs from industry participants and industry experts across the value chain, and quantitative and qualitative assessment by industry analysts.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the market for strategy building.
- The report entailing the leisure boat marine coating market analysis maps the qualitative sway of various industry factors on market segments as well as geographies.
- The data in this report aims at market dynamics, trends, and developments affecting the leisure boat marine coating market growth.
Leisure Boat Marine Coating Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 4 billion |
 Growth Rate | CAGR of 7.3% |
 Forecast period | 2021 - 2031 |
 Report Pages | 305 |
 By Boat Type |
|
 By Coatings |
|
 By Region |
|
 Key Market Players | KCC Corporation, The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd., Hempel A/S, AkzoNobel, Chugoku Marine Paints, Ltd., PPG Industries, Inc., Axalta Coating Systems, Ltd., BASF Coatings GmbH, Kansai Paint Co.,Ltd. |
Analyst Review
During the anticipated period, an increase in the number of high-net-worth individuals (HNWI) would be a key growth facilitator for the leisure boat marine coatings market. The market for marine coatings is growing owing to a rapid boost in the popularity of recreational water sports activities parasailing, scuba diving, flyboarding, jet surfing, and others. Along with population growth, there will likely be a greater need for small boats and other types of vessels, such as ferries, fishing boats, tow and tugboats, bulk carriers, oil industry vessels, cargo ships, passenger ships, and container ships.
On the contrary, the leisure boat marine coating market growth is anticipated to be hampered by the use of hazardous chemical coatings, such as antifouling and anticorrosion products that include highly toxic biocidal chemicals that are damaging to aquatic ecosystems.
Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the market. Growth in the Asia-Pacific market will primarily be driven by rising demand for recreational boats in Australia, China, Indonesia, Malaysia, and Taiwan. The need for leisure boat marine coatings will be driven by the rapid rise of tourism sector in South East Asian nations, which will raise the demand for recreational boats. Furthermore, demand for recreational boats is anticipated to rise due to the increase in the number of high-income people in China and Japan, fueling the growth of the leisure boat marine coating market.
The advancements in leisure boat marine coatings such as anti-fouling coatings that use a self-polishing copolymer, which releases biocides at a steady rate to prevent corrosion and biofouling is the latest trend in the market.
Asia-Pacific is the largest regional market for the leisure boat marine coating industry.
The leisure boat marine coating industry is estimated to reach $3.9 billion by 2031, growing at a CAGR of 7.3%.
Leisure boat marine coating has leading applications in the boating industry.
Some of the top companies in the leisure boat marine coating market are PPG Industries, Inc., AkzoNobel, The Sherwin-Williams Company, and Nippon Paint Holdings Co., Ltd.
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