Market Research Future (MRFR) recognizes the following companies as the key players in the global Yacht Coatings Market: Akzo Nobel N.V (Europe), Jotun (Europe), PPG Industries, Inc.(US), Hempel A/S(Europe), Boero Bartolomeo S.p.A. (Europe), Chugoku Marine Paints, Ltd (Japan), Engineered Marine Coatings LLC (US), BASF SE (Germany), DuPont Conglomerate company (US), ALEXSEAL (Germany), and others.
Yacht Coatings 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.
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.
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The global yacht coatings market has been segmented into types and application industries. On the basis of application, the market has been divided into fairing, surfacing, final priming & sealing, finishing, specialty applications, topcoat care & maintenance, hull, and other. Among these applications, hull and topcoat care & maintenance have cover the largest market followed by into fairing, surfacing, final priming & sealing and others.
Coating applied on the various surface of yacht such as antifouling, topside coatings and deck coatings. Antifouling coatings for shielding the under-water yacht hull from bugs. Topside coatings for the part above the waterline to shield from corrosion, UV light, and weathering and deck coatings to protect the surface and increase protection.
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- Akzo Nobel N.V (Europe)
- Jotun (Europe)
- PPG Industries
- Hempel A/S(Europe)
- Boero Bartolomeo S.p.A. (Europe)
- Chugoku Marine Paints
- Ltd (Japan)
- Engineered Marine Coatings LLC (US)
- BASF SE (Germany)
- DuPont Conglomerate company (US)
- ALEXSEAL (Germany)
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.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.
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