Market Scope
Yacht Coatings Market 2020 is all set to hit a tremendous valuation of USD 4.21 Billion by 2022-end, reveals Market Research Future (MRFR). MRFR also anticipates the market to garner a growth rate of 12% from 2016 to 2022 (evaluation period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Main Drivers and Deterrents
Keeping yachts efficient is a huge task, and this has led to a high demand for coatings that ensure that the vessels retain their quality amidst the changing sea environment. Coatings are increasingly being used in yachts, with extensive scope in anti-corrosion, self-cleaning and anti-fouling applications. In recent years, the demand for anti-fouling coatings for protecting yachts from organisms that bring down the efficiency, has risen monumentally and can note further growth in the years to come.
The global yacht coatings market is mostly technology-based, with more and manufacturers striving to boost their product range. Leading vendors are increasingly developing eco-friendly products that can remain strong in unpredictable aquatic environments while also meeting with marine regulations. Most of the firms are spending considerably on R&D to come up with better coatings that caters to all the needs of ship owners. The escalating demand for distinguished and innovative appearance among private yacht owners along with the widespread surge in sea transportation worldwide has also led to substantial growth of the yacht coating market.
Leading firms are increasingly coming up with better featured coating types, while also keeping their products environment friendly. This has led to a more intense competition between players and has accelerated the demand for yacht coating across a number of end-users in the global market.
To cite an instance, in August 2020, Nippon Paint Marine completed the A-LF Sea antifouling recoating of seven Danaos-managed containerships. A-LF Sea is based on patented copper silyl acrylate copolymer technology with a high volume of solids to provide excellent antifouling performance over long periods.
Renowned Industry Participants
Some of the renowned industry participants listed in the MRFR report include PPG Industries, Inc.(US), Boero Bartolomeo S.p.A. (Europe), Engineered Marine Coatings LLC (US), Akzo Nobel N.V (Europe), Jotun (Europe), ALEXSEAL (Germany), Hempel A/S (Europe), DuPont (US), BASF SE (Germany), Chugoku Marine Paints, Ltd (Japan), to mention a few.
Market Segmentation
The yacht coatings industry has been majorly considered for types and application.
The primary types of yacht coatings available in the market include ethyl silicates, polyurethanes, epoxies and more.
The key application areas of yacht coatings are surfacing, hull, fairing, finishing, final priming & sealing, topcoat care & maintenance, specialty applications and others.
Regional Insight
The regional distribution of the worldwide market covers Asia Pacific/APAC, Latin America, Middle East & Africa/MEA, North America along with Europe.
Europe, along with North America, leads the global market and can gain further in the coming years. Both these regions are highly developed with a sound financial status, translating into a high purchasing power. Therefore, yachts and many other luxury marine vessels are sold at an incredible rate in these regions. The U.S and Italy have promising growth potential in the yacht coatings market, thanks to the fast growing demand for yachts as well as luxury boats.
The APAC market is the thirst highest gaining market for yacht coatings, as a result of the soaring demand for yachts for recreational activities. The improving living standards and the rising per capital income across Japan, Australia and China induce considerable market growth in the region. The frequent innovations in the antifouling coatings segment is also offering a host of investment opportunities to the APAC market, which means even better growth in the following years.
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