Yacht Coatings Market, Business Trends, Global Segments, Business Opportunities, Industry Profit Growth and Forecast to 2023

Yacht coating solutions refer to a complete range of pigments, solvents, and agents to provide high-performance solutions for above as well as below the waterline usages. These superyacht coatings, with their finishing touch, not only beautify but also protect large & small ships, boats, and marine vessels from extreme weather conditions and corrosion and improve their performance as well. Resultantly, the consumption of these materials is rising day by day in shipyards across the globe.

The global yacht coatings market is witnessing significant growth driven by the rising production of superior coating materials. The market witnesses increasing product development. Especially, in Europe, the development of superyacht coatings is quite high.  Besides, the increasing demand for innovative and distinguished looks for private yachts and increasing numbers of marine vehicles impact the market growth positively. The rise in sea transportation and trading business accelerates the market on a global platform.

According to a leading research firm ‘Market Research Future (MRFR), the global yacht coatings market is expected to create a valuation of around USD 4.21 BN by 2022. In its recent industry analysis, MRFR also asserts that the market would register a double-digit CAGR of over 12%, throughout the assessment period (2016 - 2022). European and North American markets are estimated to give a massive boost to the growth of the market due to the continued economic growth in these regions.

Sample Link: https://www.marketresearchfuture.com/sample_request/1128

 

 

Additionally, growing industrialization is fostering market growth. Growth in the global economy provides a major impetus to market growth, enhancing the purchasing power of yacht & ship owners. Seminal efforts & investments, by the market players in the development of advanced coating technologies, are paying off well, by driving the growth of the market.

Conversely, the lack of awareness about the benefits offered by these coatings is a major restraining factor for market growth. Also, price volatility and the demand-supply gap in the raw materials required for the development of these super coatings is challenging the manufacturers continually. 

Global Yacht Coatings Market – Segmentation

MRFR has segmented the report into three market dynamics to widen the scope of understanding,

By Type: Epoxies, Polyurethanes, Ethyl Silicates, and others

By Application: Final Priming & Sealing, Fairing, Surfacing, Finishing, Specialty Applications, Hull, Topcoat Care & Maintenance, and others.

By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.

Global Yacht Coatings Market – Regional Analysis

Europe leads the global yacht coatings market with the largest market share. The booming marine industry in the region drives the regional market growth to an extent. Besides, the presence of many well-established players in the region fosters the market growth phenomenally. The rapid developments of futuristic coating technologies push the regional market growth to an extent.

North America stands second in the global yacht coatings market in terms of market size. America is the highest producer of yacht coatings and consumes a vast amount of the product for its marine requirements. Moreover, the shipbuilding industry in the region absorbs a huge amount of yacht coating products for various applications such as surfacing, fairing, final priming & sealing, specialty applications, finishing, topcoat care & maintenance, and hull.

The Asia Pacific region is an emerging market for yacht coatings globally. The augmented demand from the marine and shipbuilding industry in China, Japan, and India drives the regional market growth, hugely. The raw material advantage is a significant growth driver for the growth of the APAC yacht coatings market.

Browse Full Report @

 https://www.marketresearchfuture.com/reports/micro-reactor-technology-market-1128

 

Global Yacht Coatings Market – Competitive Analysis

With the presence of many key players accounting for a substantial market share, the yacht coatings market appears to be fiercely competitive & fragmented. These players incorporate strategies such as mergers & acquisitions, collaboration, and product & technology launch to gain a competitive advantage. Developing customized yacht coating solutions is the latest trend observed in the market during the analysis. Resultantly, this trend is projected to drive market competition intensely. Manufacturers having the ability to manufacture tailor-made coatings are likely to gain an edge over their rivals. 

Major Players:

Players leading the global yacht coatings market include Jotun (Europe), Akzo Nobel N V (Europe), PPG Industries, Inc.(US), Boero Bartolomeo Spa (Europe), Hempel A/S(Europe), Chugoku Marine Paints, Ltd (Japan), BASF SE (Germany), Engineered Marine Coatings LLC (US), DuPont (US), and ALEXSEAL (Germany) others. 

Industry/Innovation/Related News

December 03, 2019 --- Two major paint & coating companies, Akzo Nobel NV (AkzoNobel – the Netherlands) and Pinmar (Spain), announced their partnership to develop Awlfair SF, the new spray filler product from Awlgrip. The development of Awlfair SF will require a fundamental rethink of traditional superyacht filling. Hence, these two companies have signed an LOI to partner in studying the optimum application process for Awlfair SF. By working together, the two brands can determine how best to apply new technology.