Market
Insights
Market Research Future has published
its report on the global yacht coating market which reveals that the market is
poised to grow at an above average CAGR of 12% during the forecast period of
2016 to 2022. Yacht coatings are offered in a wide range which offer advanced
solutions for aesthetic appearance, durability, and ease of reparability.
Growing number of yacht sales are expected to be a key factor among others
which drive the market to generate a market value of USD 4.21 Bn by the end of
2022.
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Yacht coatings are specifically
developed to provide functional qualities while maintaining aesthetics.
Moreover, coatings are helpful in increasing fuel efficiency and making yachts
generally more environmentally friendly. Consumers who purchase yachts tend to
belong to a high income or high net-worth demographic which puts high importance
on the appearance of the yacht, thus driving consistent demand for yacht
coatings. Emerging economies are witnessing an increasing number of such
consumers due to rising disposable incomes and other socio-economic factors,
thus increasing demand for yachts which in turn increases the yacht coatings
market value. The development of
functional and aesthetic coatings needs research and development, which are
likely to result in new products and market growth. Maritime regulations on emissions
and environmental risks are expected to hamper market growth. However,
development of environmentally and regulation compliant yacht coatings will
likely mitigate these challenges to some extent.
Market
Segmentation
The global yacht coatings market is divided on the basis of
types, application, and region. By types, the market is segmented into ethyl
silicates, epoxies, polyurethanes, and others. By application, the market is
categorized into surfacing, fairing, final priming & sealing, specialty
applications, finishing, topcoat care & maintenance, hull, and others.
The global yacht coatings market is regionally segmented to
include North America, Latin America, Europe, the Asia Pacific, and the Middle
East and Africa.
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Regional
Analysis
Europe occupies the lead position in the global yacht
coatings market due to the large-scale production activities in the marine
industry of the region. Moreover, the region has significant players in the
coatings industry who actively develop yacht coatings which offer decorative
and functional properties. North America follows the European region in terms
of market size.
The Asia Pacific is the third largest regional market, due
to the presence of a large number of nouveau rich who are purchasing yachts and
other luxury marine vessels. The region also has a presence of coatings
manufacturers who have contributed significantly to the APAC market's growth.
Key Players
Eminent market players who have been identified and analyzed
in MRFR's report include PPG Industries, Inc., Engineered Marine Coatings LLC,
Hempel A/S, DuPont, Akzo Nobel N.V, Chugoku Marine Paints, Ltd, ALEXSEAL, BASF
SE, Boero Bartolomeo S.p.A., Jotun, and others.
Latest
Industry News
Nippon Paint Marine has recently launched its newly
developed antifouling hull paint. The product is biocide-free and has
low-friction self-polishing copolymers. The product which took 20 years to
develop has a unique property of self-polishing which means polishing is required
every 5 years versus the industry standard of one or two years.
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