Global Leisure Boat Marine Coating Market to Perceive Widespread Growth with Growing Demand for Luxury Vessels for Recreational Activities

Since a very long time, marine coatings have been in high demand, particularly from the oil and gas sector, because exploration vessels spend a significant amount of time in saltwater. These coatings aid in protection against corrosion, biofouling, abrasion, etc. for the concerned leisure boat. Some of these types not only provide exceptional water resistance but also high mechanical strength to the vessel, ensuring that the leisure boat's life is extended.

Leisure boat marine coatings are a class of weatherproof and water-resistant chemicals that are applied to the exterior of boats. These materials, which may be organic or inorganic, offer regular use protection against corrosion, rainfall, and salt spray. The coatings also protect against sun damage by using protective pigments that filter UV rays while allowing visible light in for improved vision on the open seas. Usually, these coatings are sprayed, brushed, or dipped onto the exteriors of boats. The liquid is atomized by pressured air before passing through a specific nozzle onto the vessel's surface that is being treated for spray application. The increasing number of HNWI (high net worth individuals) and rising demand for luxury vessels for recreational activities across the globe are expected to drive the growth of the leisure boat marine coating market.

Newest Insights in the Leisure Boat Marine Coating Market

Nowadays, many individuals participate in adventure sports and marine activities such as rafting, stand-up paddling, canyoning, sailing tours, and package deals. It has increased the need for short- and long-term boat and yacht rentals, which is expected to boost the global leisure boat marine coating market growth. As per a report by Research Dive, the global leisure boat marine coating market is expected to surpass a revenue of $3,947.9 million in the 2022-2031 timeframe. The Asia-Pacific leisure boat marine coating market is expected to perceive foremost and dominant growth in the years to come. This is because there is a huge demand for recreational activities in the Pacific and Southeast Asia countries in the region.

How are Market Players Responding to the Rising Demand for Leisure Boat Marine Coatings?

Market players are greatly investing in pioneering research and inventions to cater for the rising demand for expanding shipbuilding operations. Some of the foremost players in the leisure boat marine coating market are NIPSEA GROUP, The Sherwin-Williams Company, Kansai Paint Co.Ltd., Chugoku Marine Paints, Ltd., PPG Industries Inc., RPM International Inc., MCU Coatings International, DuPont, Baril Coatings, BASF SE, and others. These players are focused on planning and devising tactics such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a notable position in the global market.

For instance,

• In August 2019, Chugoku Marine Paints, a well-known marine coatings supplier, launched a new antifouling coating that contains the barnacle-repellent active ingredient Selektope.
• In December 2020, AkzoNobel N.V., a global company that manufactures paints and performance coatings for use by consumers and industry, aquired New Nautical Coatings, the holder of the premium Sea Hawk brand, in order to increase its presence in the North American yacht coatings industry.
• In December 2022, I-Tech, the creators of the antifouling biotechnology, Selektope and worldwide specialty chemical company, and LANXESS, a German specialty chemicals company, unlock innovative antifouling biocide combinations via R&D collaboration. Antifouling coatings are the first line of defence against the accumulation of biofouling on niche areas and ship hulls.

COVID-19 Impact on the Global Leisure Boat Marine Coating Market

The unpredicted rise of the coronavirus pandemic in 2020 has adversely impacted the global leisure boat marine coating market. The shutdown of numerous manufacturing facilities during the first two quarters of 2020 left companies with a labour shortage. This greatly impacted the entire supply chain. Additionally, the pandemic affected import and export activities which led to a shortage of the equipment and supplies required to construct boats. During the lockdown period, prospective purchasers had to wait a long time because producers were focused on completing backlog orders. Boat sales as well as service revenue were significantly harmed as some small third-party suppliers were forced to close due to financial difficulties caused by the lockdown limitations. However, with the relaxation of the pandemic since the end of 2021, the leisure boat marine coating market is expected to gradually recover in the coming years.