Leisure Boat Marine Coatings Market will likely surpass USD 1.9 billion by 2024; according to a new research report. North America holds a potential share in the industry as recreational boating is one of the popular activities in Canada and US. This region has large coastal areas which offers serval opportunities for recreational boating. Further, US is a producer and exporter of luxury vessels which makes it one of the fastest growing market.
The demand for luxury vessels is growing due to increasing recreation activities in US, Japan, China and Germany. These region holds high net worth individual (HNWI) population which accounts for 60% share of overall HNWI global population. These boats have high purchasing and maintenance cost due to which it is mainly used by HNWI group for sports and personal activities. Growing number of high net worth people globally at the rate of 4% in 2015, will propel the growth of Leisure Boat Marine Coatings market.
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Asia Pacific is likely to witness high growth by rising tourism industry owing to increase in tourist arrivals at around 6% in 2015, these factors will augment market growth. Shift in consumer preferences towards recreation boating activities will positively influenced the leisure boat marine coating market.
The hazardous chemical coating application such as antifouling product and anti-corrosion products which contains high toxic biocidal chemical substances harmful for aquatic ecosystem is likely to hinder the growth of the market. However, these coating offers energy efficiency enhancing the speed of vessels.
Foul release coating product will grow at CAGR of 7.5% over the coming years. This product offer advantages over conventional anti-fouling products such as high performance, lower maintenance, eco-friendly and easy application to the surface area. Further its eco-friendly properties will substitute traditional anti-fouling products over the coming years.
Asia Pacific market will grow by rising recreational boats demand in China, Australia, Indonesia, Taiwan and Malaysia. Rapidly growing tourism sector in South East Asian countries is likely to increase the demand for leisure boats. Moreover, Europe is likely to witness a growth of around 7% CAGR over the forecast timeframe. Germany, Italy, France, Netherlands, Austria and Belgium are few of the countries which will witness rise in product demand during the forecast period due to increasing use of vessels in water based sports and tourism.
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Nippon Paint, AkzoNobel NV, Jotun, Hempel, Chugoku Marine, Baril Coatings, RPM International, Kansai Paint, PPG Industries, Sherwin-Williams, MCU Coatings, BASF Coatings, DuPont Coatings, GMBH, Axalta Coating, Katradis Marine and KCC Corporation are the prominent companies ruling leisure boat marine coatings market.