The rising number of high net worth individuals(HNWI) around the globe has been one of the most encouraging progressions for leisure boat marine coatings industry. Reportedly, the global HNWI’s wealth growth increased by around 4% from 2014 to 2015, with approximately 60% of the worldwide HNWI population based in the U.S., Japan, Germany, and China. As per reliable estimates, the number of HNWI individuals in the U.S. recorded a surge from 4,351 in 2014 to 4,458 in 2015. In the same timeframe, the HNWI population in Japan and Germany further registered an increase from 2,452 to 2,720 and 1,141 to 1,199 respectively. Allegedly, China marked the highest HNWI populace growth rate of 16% from 890 1,034 over 2014-2015 – a profound factor leading to APAC surpassing North America as the highest wealth market over 2014-15. The aforementioned statistics further depicts the enormous growth potential of APAC leisure boat marine coatings market. Besides, the region being one of the fastest growing tourism spot, is another compelling factor providing a substantial push to APAC market trends. As per UNWTO (World Tourism Organization), the tourist arrival in Asia Pacific will hit 535 million by 2030, with China, Thailand, and Malaysia witnessing a humongous development in the tourism sector.
U.S. Leisure Boat Marine Coatings Market Size, by Product, 2013 – 2024 (USD Million)
Another prominent factor fueling the worldwide leisure boat marine coatings market size is the exponentially increasing popularity of recreational water activities. The recreational businesses, over the recent years, have seen a vivid uptick and are expected to witness similar growth trends in the coming timeframe, with the massively rising popularity of water sports, adventure boating, and recreational boating activities. The leisure boating being the mainstay for recreational activities, has overtly witnessed a widespread demand at a global scale, impelling the overall leisure boat marine coatings industry share. These coatings are deemed to enhance the operational and aesthetic features of the boats by retaining their elegance, providing durability, and safeguarding the vessels from fouling and corrosion. These maintenance activities are rather indispensable to preserve the boat’s life and enhance its overall performance, owing to which estimates depict the overall leisure boat marine coatings market share, which crossed the billion-dollar benchmark in 2016, to witness commendable growth prospects in the coming timeframe.
Geographically, the leisure boat marine coatings industry has a huge scope in the U.S., which post-revival of its economy after the sub-prime crisis, has exhibited a phenomenal rise in the demand for leisure boating. As per the estimates, the recreational boating demand has been increasing by around 8% per year until 2016. Besides, the increasing disposable income of US nationals, post the 2008 crisis, has further translated into a high demand for leisure boat marine coatings market. In fact, as claimed by Global Market Insights, Inc., North America is anticipated to register itself as one of the strongest regional contenders in the global leisure boat marine coatings market and is expected to hold more than a quarter of the overall landscape by 2024. U.S. and Canada are projected to be the chief revenue pockets for North America market growth, with the former being a chief manufacturer of leisure boats and the latter’s one third population partaking in boating activities each year (as per NMMA).
Speaking of the strategic landscape, the leisure bat marine coatings market is overt to be strongly influenced by sustainability and eco-friendly trends over the coming years. In this regard, one of the rather debatable trends is the surge in the demand for anti-fouling leisure boat marine coatings industry, where the product is deemed to have hazardous impact on marine ecosystem. The segment is claimed to have held more than 40% of the market’s product landscape in 2016 and is further expected to record a CAGR of 6% over the coming seven years. Owing to the negative impacts of anti-fouling products on the environment and marine system, foul-release products may witness remarkable proceeds over the coming years. Estimates suggest the foul-release leisure boat marine coatings market size to record a CAGR of 7.5% over the period of 2017-2024. The trend further underlines the emerging product trends in the leisure boat marine coatings industry which would majorly revolve around the sustainability and pricing quotients.
Speaking of which, some of the renowned names in the leisure boat marine coatings market include AkzoNobel, Hempel A/S, KCC Corporation, Nippon Paint, Kansai Paint Company, Jotun, Chugoku Marine Paints, The Sherwin-Williams Company, RPM International, PPG Industries, DuPont Coatings & Color Technologies, Katradis Marine Ropes Industry, BASF Coatings GMBH, and Axalta Coating Systems.
The aforementioned trends depict quite a lucrative roadmap for the leisure boat marine coatings market. The landscape is highly characterized by a slew of product developments in sync with the eco-friendly and sustainability trends coupled with the myriad range of geographies betting big on the revenue share. In terms of commercialization, Global Market Insights, Inc. projects the global leisure boat marine coatings industry size to hit a valuation of USD 1.9 billion by 2024.