Based on product, the leisure boat marine coatings market is segmented into anti-fouling, anti-corrosion, foul release and other product types such as self-cleaning coatings. Anti-fouling product segment accounted for more than 40% of the overall leisure boat marine coatings market in terms of volume, growing with a CAGR above 6%. Although anti-fouling products pose a serious threat to the marine ecosystem, their demand has been witnessing a steady increase which is likely to continue in the future owing to the rising number of leisure boats worldwide. The development of products which have a lower environmental impact and the high prices of foul release product types which are a substitute for anti-fouling coatings will propel the segment’s growth in the forecast timeframe.
Anti-corrosion product segment also accounted for a substantial share of the overall leisure boat marine coatings market in 2016 registering a revenue above USD 350 million. These are used to protect the hull of ships from abrasion, corrosion and impact and help increase their longevity and performance. This segment’s growth will be boosted by the increasing leisure boat maintenance and repair activities around the globe.
Europe is a key leisure boat marine coatings market which is likely to grow by more than 7% CAGR during the forecast timeframe. Italy, Germany, France, Belgium, Netherlands and Austria are some of the countries that will experience high product demand in the forecast timeframe owing to increasing recreational boating activities as well as rapid growth in water based tourism and sports.
Asia Pacific market growth will be chiefly propelled by increasing recreational boats demand in Australia, China, Indonesia, Malaysia, and Taiwan. Rapid growth of tourism in South East Asian countries will increase the demand for recreational boats which will in turn drive the leisure boat marine coatings market. The rising number of high income individuals in China and Japan is also likely to increase demand for leisure boats and propel the leisure boat marine coatings market growth till 2024.