Market for Marine Coatings for Leisure Boats Expected to Reach $1.9 Billion by 2024
SHELBYVILLE, DE - According to new research by Global Market Insights Inc., the market for marine coatings for leisure boats is likely to surpass $1.9 billion by 2024.
High growth in the Asia-Pacific tourism sector will augment development of the leisure-boat marine coatings market during the forecast period. Asia-Pacific continues to be one of the fastest growing tourism regions in the world, with tourist arrivals growing by close to 6% annually, reaching 279 million in 2015 compared to 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 development of the market for marine coatings for leisure boats. 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 growth in the leisure-boat marine coatings market curing the forecast period. Antifouling products can contain toxic biocidal compounds such as copper, zinc and tributyltin, which gradually leach into the water. Although, these products are of prime importance for increasing a boat’s speed and energy efficiency, their use causes significant harm to the coastal environment. The use of anti-corrosion products is also regulated according to the amount of VOC emissions. These factors are likely to hinder growth in the market for marine coatings for leisure boats, as manufacturers will have to develop products that have lower environmental impact, which results in higher production costs.
The foul-release product segment of the leisure-boat marine coatings market will grow by a compound annual growth rate (CAGR) of more than 7.5% in the forecast period. The segment will witness high growth due to the environmental-friendly nature of the product, which is likely to replace 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 market for marine coatings for leisure boats.
North America is the most significant market for leisure-boat marine coatings and will account for more than a quarter of the overall industry by 2024. The United States and Canada have a large coastal area, and recreational boating has been a popular activity in these countries. The United States is a major manufacturer and exporter of recreational boats and yachts. Canada also provides significant product demand, with boating being a popular hobby for its citizens. A National Marine Manufacturers Association of Canada study revealed that about a third of the country’s population participates in boating each year. These factors will drive the North American leisure-boat marine coatings market, which is predicted to grow at a CAGR exceeding 6.5% in the forecast period.
For additional information about the report, Leisure Boat Marine Coatings Market Size By Product (Anti-Fouling, Anti-Corrosion, Foul Release), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017-2024 visit https://www.gminsights.com/industry-analysis/leisure-boat-marine-coatings-market.