Leisure Boat Marine Coating Market Report 2020: Rising Impressive Business Opportunities Analysis Forecast By 2026

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Japan, Japan, Sat, 26 Dec 2020 06:31:24 / Comserve Inc. / — The global leisure boat marine coating market was $1,230.0 million in 2018 and is anticipated to surpass $2,097.6 million by the end of 2026, at a CAGR of 6.9%.

The global leisure boat marine coating market was $1,230.0 million in 2018 and is anticipated to surpass $2,097.6 million by the end of 2026, at a CAGR of 6.9%.

Market Definition:
The coatings are fluid material and they are applied over the surface of metals. Marine coatings provide protection against the deterioration of a metal that happens because of high temperature, corrosion due to moisture and weather conditions.

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Market Drivers:
Wide growth in popularity of recreational activities, including water sports and boating activities, is the key factor for the leisure boat marine coating market growth. In addition, increasing the high-net-worth of individuals (HNWI) is projected to drive the market growth. Due to HNWI, people are interested to buy leisure boats for water sports. To maintain leisure boats there is a requirement of superior coatings to protect them from fouling and corrosion effects of water. This aspect creates opportunities for the leisure boat marine coating market to expand in the future.

Market Restraints:
The global leisure boat marine coating market is restrained by price fluctuation of the raw materials, requiring huge R&D investments to minimize the cost of the products.

Market Opportunities:
The rapid advances coupled with technological developments in anti-fouling coating will create investment opportunities for new entrants into the leisure boat marine coating market. In addition, a self-polishing copolymer coating is used to eliminate biofouling and corrosion by continuously releasing biocides. The abovementioned factor is further expected to enhance the growth of the market in the coming years.

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Leisure Boat Marine Coating Market, by Product
Global leisure boat marine coating market is classified on the basis of product into foul release, anti-corrosion, anti-fouling and others. Among these, the anti-fouling coatings segment is accounted for the highest leisure boat marine coating market size in 2018, and generated revenue of $509.2 million and is anticipated to account for $826.5 million by the end of 2026. The anti-corrosion coatings registered the second highest market size; it was valued at $344.4 million in 2018 and is estimated to account for $604.1 million during the projected time period. The foul release coatings will witness a notable growth, and is expected to register for $400.6 million, growing at the rate of 7.7% during the projected time.

Leisure Boat Marine Coating Market, by Region:
Global leisure boat marine coating market is investigated across the regions such as North America, Asia-Pacific, Europe and LAMEA. The Europe market held the dominant leisure boat marine coating market share of 32.6% in 2018; it was valued at $401.0 million in 2018, and is expected to generate revenue of $645.0 million by the end of 2026. Along with Europe, Asia-Pacific region generated the second highest market size in 2018, and is projected to reach $595.7 million during the projected time with a growth rate of 7.5%.

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Key Participants of Leisure Boat Marine Coating Market:
Major key players in the leisure boat marine coating market include Axalta, DuPont, MCU COATINGS INTERNATIONAL, Kansai Paint Co., Ltd., Katradis Marine Ropes Ind. S.A., Chugoku Marine Paints, Ltd., AkzoNobel, Baril Coatings, KCC CORPORATION, PPG Industries, Inc., NIPSEA GROUP and BASF Coatings GmbH. Key participants are increasing their efforts on current product development, R&D investments and geographical expansions to gain majority of the market share in the overall leisure boat marine coating industry. For example, AkzoNobel was introduced new product “recycled paint” in October 2019 and AkzoNobel is the first company to manufacture recycled paint.

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The MarketWatch News Department was not involved in the creation of this content.