Yacht Coatings Market Scenario
Market Research Future (MRFR) postulates that the global yacht coatings market is predicted to garner USD 4.21 Billion, grabbing 12% CAGR during the forecast period (2016 and 2022). The accelerating production of yacht especially in the European region is considered to favor the market growth largely. A part of the marine coatings, yacht coatings help to protect yachts from extreme weather conditions besides enhancing their aesthetics.
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They are also considered an important component in enhancing the fuel efficiency of a vessel and minimizing the negative impact on the environment. Such coatings also protect from corrosion, abrasion, and impact to yachts. The antifouling coating is considered one of the prime segments of the yacht coatings market.
Market Potential and Pitfalls
With the growing production of yacht especially in the European region, the global market for yacht coatings is likely to spur. Factors such as augmenting demand for distinguished and innovative appearance for private yacht coupled with the rising number of sea transport, the market is likely to stimulate across the world. The market is highly driven by the increasing purchase of luxury boats and yachts coupled with the accelerating number of high net worth individuals among the developing countries.
Moreover, the need to minimize the emissions caused by such luxury vessels and enhance their performances are some of the other crucial factors presumed to fuel the market growth throughout the appraisal period. Such coatings provide aesthetically as functional attributes which further leads to increased research and development in composition and formulations of such coatings. Such factors are presumed to spur the market growth during the estimated period. Additional factors promoting the market are increasing disposable income, raising awareness on eco-friendly products, and growth in the marine coatings market.
In contrast, advancements and the latest innovations in the coating manufacturing market have resulted in the high standard and high-performance products which has further increased the life of coatings, thereby reducing the maintenance cost. Such factors are predicted to impact the market growth negatively. Moreover, the integration of maritime regulations on emissions along with the higher luxury taxes imposed during the purchase of yachts is estimated to dampen the market growth globally.
Global Yacht Coatings Market: Segmental Analysis
The global yacht coatings market has been segmented on the basis of types and application.
By mode of type, the global yacht coatings market has been segmented into polyurethanes, epoxies, ethyl silicates, others. Among these, the epoxies occupy the largest market share throughout the appraisal period. They are extensively used during maintenance, shipbuilding, and repairing multiple parts of the vessels such as ballast tanks, ballast tanks, decks, cargo tanks or holds superstructures, and topsides. The growth in this segment is majorly credited to their convenience to recoat, moisture-resistant nature, and the ability to bond with several materials.
By mode of application, the global yacht coatings market has been segmented into surfacing, fairing, finishing, final priming & sealing, topcoat care & maintenance, specialty applications, hull, and others.
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Geographically, the global yacht coatings market spans across regions namely, Europe, Asia Pacific, North America, and the Rest-of-the-World (RoW).
Among all the regions, the European region is estimated to occupy the largest market share owing to the large production of the maritime industry. With substantial disposable income along with the presence of economically developed regions which converts into high purchasing power, the sales of the yacht and other luxury products are relevantly high in these regions.
These regions have substantial disposable income and are economically developed, which translates into higher purchasing power. Thus, sales of the yacht and similar luxury items are high in these regions.
The North American region is predicted to occupy the second position owing to its extensive use in applications such as surfacing, fairing, finishing, final priming & sealing, topcoat care & maintenance, specialty applications, hull, and others.
The Asia Pacific is considered to occupy the third position in the global market. The growth is credited to the presence of a well-established tourism sector in these economies.
November 08, 2018: BioMimetx is developing a paint additive which is derived from bacteria. This additive is capable of killing microorganisms which stick to the boat, thereby reducing the chances of damage done to the environment.
The prominent players operating the global yacht coatings market are Jotun (Europe), ALEXSEAL (Germany), DuPont (US), Akzo Nobel N.V (Europe), Boero Bartolomeo S.p.A. (Europe), Hempel A/S(Europe), Chugoku Marine Paints Ltd (Japan), BASF SE (Germany), PPG Industries Inc. (US), Engineered Marine Coatings LLC (US), and others.
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