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Marine Coatings Market Size Is Predicted To See Lucrative Gains Over 2019-2025

Author : Ronak Bora | Published Date : 2019-07-18 

Global Market Insights, Inc., claims leisure boat marine coatings market size to cross a valuation of USD 1.9 billion by 2024. The Asia Pacific region would be particularly impelled on the grounds of the robustly expanding tourism sector in the region. Countries such as Japan, China, Australia, Hong Kong, Indonesia, Malaysia, and Thailand, famous as tourist destinations, have necessitated the demand for luxury ships and barges, which would help augment the regional leisure boat marine coatings industry.

The firm’s SHW Protective & Marine Coatings unit launched the Zinc Clad 4100, a new high-solids coating that is inclusive of features such as short recoat time, which is slated to enable better project schedules, accelerated shop throughput, and quick field project turnarounds. Designed to be used exclusively for barges, ships, boats, drilling rigs, and refineries, the Zinc Clad 4100, as per experts, is likely to disrupt the product landscape of leisure boat marine coatings market.

The global marine coatings market stands to gain much in the ensuing years, driven by escalating demand for luxury vessels in recent times. The business space is rather competitive, on the grounds of which companies have been going the whole hog to stabilize their position in the industry. The Sherwin-Williams Company for instance, has recently prepped up its product portfolio to consolidate its presence across leisure boat marine coatings market.

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The firm’s SHW Protective & Marine Coatings unit launched the Zinc Clad 4100, a new high-solids coating that is inclusive of features such as short recoat time, which is slated to enable better project schedules, accelerated shop throughput, and quick field project turnarounds. Designed to be used exclusively for barges, ships, boats, drilling rigs, and refineries, the Zinc Clad 4100, as per experts, is likely to disrupt the product landscape of leisure boat marine coatings market. It is also prudent to mention that The Sherwin-Williams Company acquired Valspar, a Minnesota-headquartered paints and coatings major, toward the end of Q2 2017, for a valuation of more than USD 11 billion, thereby consolidating its presence in leisure boat marine coatings industry.

Speaking in terms of regional trends, North America is forecast to contribute more than 25% towards the overall leisure boat marine coatings industry size over the coming seven years. The presence of large coastal areas coupled with the numerous leisure boating activities taking place across the region can be principally credited for the growth of North America leisure boat marine coatings market, which, as per analysts, is set to record a CAGR of over 6.5% during 2017 to 2024. Canada and the U.S. are likely to emerge as the key revenue pockets for this region.

The competitive landscape of leisure boat marine coatings industry is inclusive of biggies such as The Sherwin-Williams Company, Axalta Coating Systems, AkzoNobel N.V., and Nippon Paints. These behemoths have been striving to expand their product lines by manufacturing eco-friendly products while simultaneously improving their product performance.

About Global Market Insights

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.

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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