High growth in the Asia Pacific tourism sector will augment the leisure boat marine coatings market development in the forecast period. Asia Pacific continues to be one of the fastest growing tourism region in the world with tourist arrivals growing by close to six percent annually to reach 279 million in 2015 from 110 million in 2000. According to United Nations World Tourism Organization, this number will likely reach 535 million by 2030. China, Thailand, Hong Kong and Malaysia are the most visited tourist hot spots in the region. Japan, Australia, and Indonesia are also key tourist destinations in Asia Pacific. The rising popularity of recreational boating activities by tourists in the region will spur the leisure boat marine coatings market development. The region also provides a lot of unexplored destinations for recreational boating activities which will offer ample opportunities for the leisure boat marine coatings market to grow.
The hazardous nature of antifouling and anti-corrosion product types is a major source of concern among industry participants and may hamper the leisure boat marine coatings market growth in the forecast period. Antifouling product type contain toxic biocidal compounds such as copper, zinc and tributyltin (TBT) which gradually leach into the water to prevent formation of fouls in boats. Although, these products are of prime importance for increasing a boats speed and energy efficiency, their usage causes significant harm to the coastal environment. The use of anti-corrosion product type is also regulated according to the amount of volatile organic compound (VOC) emissions. These factors are likely to hinder the leisure boat marine coatings market growth as manufacturers will have to develop products that have lower environmental impact resulting in higher production costs.
Foul release product segment of the leisure boat marine coatings market will grow by a CAGR of more than 7.5 percent in the forecast period. The segment will witness high growth due to the environmental friendly nature of the product which is likely to substitute anti-fouling products in the future. Foul release products use silicone technologies to create a super-smooth surface that is difficult for marine life to attach to. They provide significant advantages over the traditional anti-fouling types such as better performance, eco-friendliness, easy application, and lower maintenance, making it a popular segment in the leisure boat marine coatings market.
North America is the most significant leisure boat marine coatings market and will account for more than a quarter of the overall industry by 2024. U.S. and Canada have a large coastal area and recreational boating has been a popular activity in these countries. U.S. is a major manufacturer and exporter of recreational boats and yachts which makes it an ideal high potential leisure boat marine coatings market. Canada also has a significant product demand with boating being a popular hobby for its citizens. A National Marine Manufacturers Association (NMMA) of Canada study revealed that about a third of the country’s population participated in boating each year. These factors will drive the North American leisure boat marine coatings market which will grow by a CAGR exceeding 6.5% in the forecast period.
AkzoNobel NV, Hempel A/S, Jotun, KCC Corporation, Chugoku Marine Paints, Nippon Paint, Kansai Paint Company, RPM International, The Sherwin-Williams Company, PPG Industries, MCU Coatings International, DuPont Coatings & Color Technologies, BASF Coatings GMBH, Katradis Marine Ropes Industry, Axalta Coating Systems, and Baril Coatings are the key participants in leisure boat marine coatings market.
Leisure boat marine coatings market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2013 to 2024, for the following segments:
Leisure Boat Marine Coatings Market by Product
- Anti-fouling coatings
- Anti-corrosion coatings
- Foul release coatings
- South Africa