The leisure boat marine coatings market will likely surpass US$1.9bn by 2024 according to a new research report by Global Market Insights, Inc.
High growth in the Asia Pacific tourism sector will augment the leisure boat marine coatings market development in the forecast period.
Asia Pacific continues to be one of the fastest growing tourism region in the world with tourist arrivals growing by close to 6% annually to reach 279M in 2015 from 110M in 2000.
According to United Nations World Tourism Organization, this number will likely reach 535M by 2030.
China, Thailand, Hong Kong and Malaysia are the most visited tourist hot spots in the region.
Japan, Australia, and Indonesia are also key tourist destinations in Asia Pacific.
The rising popularity of recreational boating activities by tourists in the region will spur the leisure boat marine coatings market development.
The region also provides a lot of unexplored destinations for recreational boating activities, which will offer ample opportunities for the leisure boat marine coatings market to grow.
The hazardous nature of antifouling and anti-corrosion product types is a major source of concern among industry participants and may hamper the leisure boat marine coatings market growth in the forecast period.
Antifouling product types contain toxic biocidal compounds such as copper, zinc and tributyltin (TBT), which gradually leach into the water to prevent formation of fouls in boats.
Although these products are of prime importance for increasing a boat’s speed and energy efficiency, their usage causes significant harm to the coastal environment.
The use of anti-corrosion product type is also regulated according to the amount of volatile organic compound (VOC) emissions.
These factors are likely to hinder the leisure boat marine coatings market growth as manufacturers will have to develop products that have lower environmental impact resulting in higher production costs.
Foul release product segment of the leisure boat marine coatings market will grow by a CAGR of more than 7.5% in the forecast period.
The segment will witness high growth due to the environmentally friendly nature of the product, which is likely to substitute anti-fouling products in the future.
Foul release products use silicone technologies to create a super-smooth surface that is difficult for marine life to attach to.
They provide significant advantages over the traditional anti-fouling types such as better performance, eco-friendliness, easy application, and lower maintenance, making it a popular segment in the leisure boat marine coatings market.