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Leisure Boat Marine Coatings Market Will Expand with A Significant CAGR of 7.5% In Foul Release Coating Product Till 2024

Author : Ronak Bora | Published Date : 2019-08-06 

Leisure Boat Marine Coatings Market Size will witness robust growth during the forecast period. 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.

Leisure Boat Marine Coatings Market in 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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Leisure Boat Marine Coatings Market in 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.

Companies have brought forth a barrage of breakthroughs in coating technology, which has considerably influenced the revenue scale of leisure boat marine coatings market. A few years back, for example, Nanotech Marine Services Limited applied the Nano-Clear® Coating, produced by Nanovere Technologies, on Queen Elizabeth Ship in the UK as a part of its coating application trials. The main objective of the trial was to offer a durable solution for the gel-coat oxidation problem faced by lifeboats – apparently, the coatings on these boats faded away within a brief period due to constant exposure to UV radiations. As a part of its experiment, the company applied the new product on the gel-coated surface and left it aboard the water vessel. Surprisingly, the surface coated with Nano-Clear® did not exhibit any degradation in its color or glossiness features due to oxidation. The successful outcome led to Nanotech securing the lead for the restoration of eighteen Queen Victoria lifeboats, while simultaneously augmenting the popularity of the Nano-Clear® Coating in leisure boat marine coatings market. Recently, in 2016, the firm exploited this upgraded technology to complete the restoration of twenty-four lifeboats for the Queen Mary 2 in Hamburg, Germany as well.

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.

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.

 

Glimpse of Table of Content (ToC)

Chapter 3. Leisure Boat Marine Coatings Market Insights

3.1.  Leisure Boat Marine Coatings Market segmentation

3.2.  Leisure Boat Marine Coatings Market size and forecast, 2013 - 2024

3.3.  Leisure Boat Marine Coatings Market ecosystem analysis

3.3.1.   Vendor matrix

3.3.2.   Distributor channel analysis

3.4.  Industry impact forces

3.4.1.   Growth drivers

3.4.1.1.   Rising HNWI population

3.4.1.2.   Revival of the U.S. economy

3.4.1.3.   High growth in the Asia Pacific tourism sector

3.4.2.   Industry pitfalls & challenges

3.4.2.1.   Environmental impact of marine coating

3.5.  Growth potential analysis

3.6.  Technology trends

3.7.  Regulatory trends

3.7.1.   U.S.

3.7.2.   Europe

3.7.3.   China

3.8.  Porter’s analysis

3.9.  Company market share analysis, 2016

3.9.1.   Strategic landscape

3.10.  PESTEL analysis

3.11.        Regional price trends

3.11.1.   Cost structure analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/leisure-boat-marine-coatings-market

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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