Leisure Boat Marine Coating Market Expected to Reach $4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Leisure Boat Marine Coating Market," The leisure boat marine coating market was valued at $2 billion in 2021, and is estimated to reach $4 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031. Marine coating is applied to various boats including leisure boats to protect them from corrosion. These coatings are fundamentally divided into coatings that prevent fouling, and corrosion due to saline water, emit bad odors or have self-cleaning properties.

Marine coatings are known for their exceptional physical and chemical qualities. For instance, anti-fouling, is the most popular marine coating applied to leisure boats and is known for its durability and performance. The leisure boat marine coating minimizes the friction to boats thus increasing fuel efficiency and speed. In addition, significant developments in the shipbuilding industry owing to the growing popularity of recreational sports and leisure activities is anticipated to boost the leisure boat marine coating market size in the upcoming years.

However, the price fluctuation in the raw materials required for coating leisure boats is estimated to restrain the market expansion. This is because the cost associated with manufacturing and coating marine boats is directly linked to the price of raw materials which is volatile. These factors are estimated to restrict the leisure boat marine coating market share in the upcoming years.

Over the projection period, expanding shipbuilding operations are anticipated to open up new market possibilities. Due to the extreme weather conditions these ships and vessels must endure, there is a strong demand for repair and maintenance activities to keep the ships in operational shape. Additionally, the availability of inexpensive labor in China, India, and Vietnam is boosting the leisure boat marine coating market trend during the anticipated period of time. The popularity of watersports such as rafting, surfing, parasailing, and others is estimated to boost the leisure boat marine coating market forecast. 

The global leisure boat marine coating market is segmented based on boat type, coatings, and region. By boat type, the market is segmented into sailboats, personal watercrafts (PWCs), and inflatables. By coatings, the market is classified 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 key players profiled in the leisure boat marine coating market are 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 report offers a comprehensive analysis of the global leisure boat marine coating market trends by thoroughly studying different aspects of the market, including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. Furthermore, the report sheds light on the present scenario and upcoming trends & developments that are contributing to the market expansion. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of COVID-19 on the Global Leisure Boat Marine Coating Industry

• The novel coronavirus pandemic had a severe impact on a number of businesses, including the market for leisure boat marine coating owing to the complete shutdown of recreational activities as well as the complete shutdown of manufacturing activities.
• The leisure activities such as parasailing, scuba diving, and others were completely closed during the pandemic owing to the travel restrictions imposed across several countries. Numerous industrial plants closed during the first two quarters of 2020, which resulted in a labor shortage for businesses which has disrupted the entire supply chain.
• Furthermore, COVID-19 impacted imports and exports, leading to a shortage of the equipment and raw materials required for marine coating. Prospective customers had to wait a long period as manufacturers focused on completing backlog orders.
• Along with the boat sales, the income from services was also significantly impacted since small third-party vendors had to close their businesses as a result of the financial hardships caused by the lockout restrictions.
• The delayed process of reopening the economy and the persistent restrictions on travel and visiting public places had led to decline in the demand for leisure boat marine coatings during the pandemic.

Key Findings of the Study

• Based on boat type, the sailboats sub-segment emerged as the global leader in 2021, and the personal watercrafts (PWC) sub-segment is anticipated to be the fastest-growing sub-segment during the forecast period
• Based on coatings, the anti-fouling coatings sub-segment emerged as the global leader in 2021, and it is estimated to show the fastest growth during the forecast period
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and it is predicted to show the fastest growth in the upcoming years.