Leisure Boat Marine Coating Market by Boat Type (Sailboats, Personal Watercrafts (PWC), Inflatables), Coatings (Anti-fouling Coatings, Anti-corrosion Coatings, Foul Release Coatings, Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031

Global Leisure Boat Marine Coating Market Analysis

The Global Leisure Boat Marine Coating Market Size was $1,979.4 million in 2021 and is predicted to grow with a CAGR of 7.3%, by generating a revenue of $3,947.9 million by 2031.

Leisure Boat Marine Coating Market Synopsis

Marine coatings are used across the marine industry to provide protection and corrosion resistance for ships and other vessels. They may be broadly categorized into coatings that self-clean, inhibit corrosion, stop fouling, and generate offensive odors. The most well-known and in-demand product in the marine industry is anti-fouling, which has remarkable physical and chemical properties. The coatings can resist corrosion over an extended period, and hence, helps in safeguarding the capital investment of the leisure boat. Protective coatings are the first line of defense against corrosive marine conditions. Coatings primarily serve to reduce the pace of corrosion, thereby potentially delaying the utilization of the built-in corrosion margins.

The primary driver propelling global leisure boat marine coating size is the rising demand for opulent yachts for recreational activities. Due to the enormous expenditures involved in their acquisition and maintenance, rich individuals prefer using these vessels for leisure and athletic events. Specific coatings are required for these boats to avoid deterioration and enhance aesthetics.

By avoiding corrosion and foul forms on the hull, they increase a boat's performance and longevity. Additionally, the rise in high-net-worth individuals (HNWI) across the globe is expected to propel the leisure boat marine coatings market size during the forecast period.

The leisure boat marine coating market size is likely to be hampered by fluctuations in raw material prices. Raw material price fluctuations directly affect the manufacturing costs of marine boat coatings, which is expected to impede the market's growth. Expanding shipbuilding activities are predicted to create new market opportunities throughout the forecast period. There is a high need for repair and maintenance activities to keep the ships in operational form due to the adverse weather conditions that ships and boats face. Additionally, the affordability of labor in Vietnam, China, and India is promoting leisure boat marine coating market share during the forecast period.

Leisure Boat Marine Coating Overview

Leisure boat marine coatings are one of the types of protective coating used mainly in the marine environment to safeguard ships from saline water or fresh water. A marine coating has distinctive properties; therefore, it can offer exceptional protection to the surfaces to which it is applied. Marine corrosion has a substantial impact on leisure boats' longevity.  Billions of dollars every year are spent to protect against marine corrosion. Hence, choosing effective corrosion control strategies is very important. These factors are anticipated to boost the leisure boat marine coating market trend in the upcoming years.

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

The international travel restrictions imposed by COVID-19 had a negative impact on the leisure boat marine coating industry. The first two quarters of 2020 saw the closure of many manufacturing plants, which left firms with a labor crisis. The entire supply chain is impacted by this. COVID-19 also influenced imports and exports, which resulted in a lack of the tools and materials needed to make boats. Due to manufacturers' concentration on finishing backlog orders, prospective buyers had to wait for a long period of time. Along with boat sales, service revenue was also considerably damaged since several small third-party providers had to shut down because of the financial troubles brought on by the lockdown restrictions. The delayed process of reopening the economy and the persistent restrictions on people's freedom of movement has, however, increased the need for leisure activities among the people. As a result, over the forecast period, a modest market recovery is anticipated.

The rising recreational and competitive boating activities across the globe are projected to drive the leisure boat marine coating market

Recreational boating activities are increasingly gaining popularity among tourists across the globe on account of the rising number of boating events and trade exhibitions hosted in different parts of the world. Additionally, rising coastal and marine tourism has significantly attracted tourists from various countries across Europe and North America. The major economies in the Asia-Pacific region including China and Australia are also expected to witness lucrative growth opportunities in the market due to the increasing per capita income of individuals in these countries. The increasing demand for recreational boating in countries such as Japan, China, and Australia is further anticipated to supplement the regional market growth. Moreover, the ongoing developments in marine coating technologies will further contribute by creating enormous potential that will lead to the growth of the marine coating market during the forecast period.

The volatility in raw material costs may hinder the growth of the market

In the forecast period, major restraining factors for the expansion of marine coatings are going to be volatility in raw material costs and an increase in environmental laws. Oil demand has dropped dramatically in the year 2020 during the Covid-19 outbreak when lockdowns led the oil price to plunge below zero first time in history on account of a significant downturn in economic activity worldwide. However, oil prices have increased significantly owing to economic recovery post-lockdowns. Presently, Russia's invasion of Ukraine is causing significant oil supply fears. This is contributing to rising inflation and concerns about economic recovery. And, in turn, may impact the leisure boat marine coating market size during the forecast period.

The various measures taken by governments worldwide for the development of marine tourism are likely to offer lucrative growth opportunities

The marine and ocean environment is becoming one of the fastest-growing areas of the world’s tourism sector. The concept of marine tourism includes a wide range of leisure and recreationally centered activities that generally occur in the coastal zone as well as offshore coastal waters. These activities include recreational boating, coast- and marine-based ecotourism, cruises, recreational fishing, etc. Governments worldwide are taking various measures for the development of marine tourism. For instance, On March 2021, Indian Prime Minister Narendra Modi inaugurated the Maritime India Summit virtually and asserted that the government is planning to invest in port and waterways infrastructure and that the Ministry of Port Shipping and Waterways has created a list of 400 investable projects.

Global Leisure Boat Marine Coating Market, by Boat Type

Based on boat type, the market has been divided into Sailboats, Personal Watercrafts (PWC), Inflatables. Among these, sailboats are anticipated to hold the major share in the leisure boat marine coating industry during the forecast period.

Global Leisure Boat Marine Coating Market Share, by Boat Type, 2021

Source: Research Dive Analysis

The sailboats sub-segment is anticipated to have a dominant market share during the forecast period on account of ongoing research and development initiatives and a rise in marine tourism. Boat manufacturers are highly focused on the development of innovative and advanced leisure boats using ultra-modern production technologies and materials. The latest technological advancements with respect to boat designs and engine is anticipated to boost the sailboats demand across the globe. Various factors such as ongoing geopolitical tension across the globe, the U.K.’s departure from the European Union, etc. could create uncertainties regarding future economic relations between countries. This could affect the sale of sailboats and in turn the growth of the overall marine coatings market.

The Personal Watercrafts (PWC) sub-segment is anticipated to show the fastest growth rate during the forecast period. A typical water scooter called Personal Watercraft (PWC) is a recreational watercraft. PWC held a significant portion of new boat sales in 2021 and more than one million PWC boats are in operation today across the globe. PWC is extensively used for PWC fishing or jet ski fishing. Also, PWC is easier to operate, reduces fuel consumption and have less maintenance cost.

Global Leisure Boat Marine Coating Market, by Coatings

Based on coatings, the market has been divided into Anti-fouling Coatings, Anti-corrosion Coatings, Foul Release Coatings, and Others. Among these, the anti-fouling coatings accounted for the dominating share in the market.

Global Leisure Boat Marine Coating Market Growth, by Coatings, 2021

Source: Research Dive Analysis

The anti-fouling coatings sub-segment emerged as a dominant player in 2021 and is anticipated to maintain its dominance in the global market during the forecast period. This is due to the fact that anti-fouling coatings, which achieve this by preventing the development of organisms on the vessel's bottom, can boost boats' energy efficiency and speed. Foul release coatings’ enhanced resistance to mechanical damage to boats and to microbe adhesion by producing a slippery surface are two factors propelling the market's rise in this sub-segment.

Global Leisure Boat Marine Coating Market, by Region

The leisure boat marine coating market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Global Leisure Boat Marine Coating Market Size & Forecast, by Region, 2021-2031 (USD Million)

Source: Research Dive Analysis

The Market for Leisure Boat Marine Coating in Asia-Pacific to be the Fastest Growing

Asia-Pacific is anticipated to be the fastest-growing market during the forecast period with a significant CAGR rate. The major factors propelling the Asia-Pacific leisure boat marine coating market growth during the projected period include the rise in recreational boat demand in Southeast Asia and the Pacific countries. Furthermore, increased per capita incomes in China, Japan, and Australia are anticipated to fuel market growth throughout the projection period. The rising popularity of recreational as well as watersports activities especially among the younger population is also supplementing the growth of the market.

Competitive Scenario in the Global Leisure Boat Marine Coating Market

Investment, agreement, product launches and developments, and partnerships are some of the common strategies followed by major market players in the leisure boat marine coatings market. Businesses are seeking to increase their market competitiveness by investing in the development of innovative, more efficient products that are also environmentally friendly. For instance, Chugoku Marine Paints expanded its portfolio of Selektope-containing antifouling coatings in Japan. Selektope, the antifouling technology made by I-Tech AB, will be the main component in Chugoku Marine Paints’ new domestic marine coating range as well as in a new product for the Japanese leisure boat market.

Source: Research Dive Analysis

Some of the leading leisure boat marine coating market players are The Sherwin-Williams Company, NIPSEA GROUP, Chugoku Marine Paints, Ltd., Kansai Paint Co.Ltd., RPM International Inc., PPG Industries Inc., DuPont, MCU Coatings International, BASF SE, and Baril Coatings.