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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