SHELBYVILLE, DE — According to a new report offered by Global Market Insights Inc., the leisure boat marine coatings market is forecast to reach a revenue of $1.9 billion by 2024 with a projected compound annual growth rate (CAGR) of 6.5% over the period of 2017 to 2024.
The study reports that 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 and totaling approximately 279 million in 2015, up from approximately 110 million in 2000. According to the 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 leisure boat marine coatings market. 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 products is a major source of concern among industry participants and could hamper growth of the leisure boat marine coatings market in the forecast period. Antifouling products can contain toxic biocidal compounds, such as copper, zinc and tributyltin (TBT), 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. Anti-corrosion products are also regulated in regards to the amount of VOC emissions that they produce. These factors are likely to hinder leisure boat marine coatings market growth, as manufacturers will have to develop products that have a lower environmental impact. This will most likely result in higher production costs.
According to the report, the foul-release segment of the leisure boat marine coatings market will grow by a CAGR of more than 7.5% in the forecast period. The segment will witness high growth due to the environmentally friendly nature of the product, which is expected to become a substitute for 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. These products provide significant advantages over the traditional anti-fouling products, such as better performance, eco-friendliness, ease of application, and lower maintenance.
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. The United States and Canada have large coastal areas, 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 has significant product demand, as boating is a popular hobby for Canadians. 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 the study predicts will grow by a CAGR exceeding 6.5% in the forecast period.
For additional information about the report, visit https://www.gminsights.com/industry-analysis/leisure-boat-marine-coatings-market.