Yacht coatings offer key advantages such as durability, finishing, and reparability. Increasing water traffic is expected to boost the demand for these coatings in the forthcoming years. In the latest study published by Market Research Future (MRFR), the global yacht coatings market is anticipated to register a double-digit CAGR of 12% over the review period 2022 to 2030. The market’s valuation, by 2022, is expected to exceed USD 4 Bn in terms of revenue.
Yacht coatings offer key advantages such as ultraviolet resistors, aliphatic urethane resins, premier quality pigments, solvents, etc. These factors are expected to accelerate revenue creation for the players of the yacht coatings market over the next couple of years. Also, the rising inclination towards distinguished appearance and looks is likely to encourage investment by the market players. This, in turn, is prognosticated to catapult the yacht coatings market on upward trajectory.
Increasing disposable income is anticipated to generate demand for luxurious yachts is projected to generate demand for these coatings in the years to come. In addition, the increasing production of yachts, especially in Europe region, is expected to play a crucial role in the proliferation of the global yacht coatings market across the projection period. The market is poised to exhibit more growth in developed economies. However, the developing economies are also projected to witness new avenues of growth to be explored by the market participants for profit maximization over the next few years.
Segmental Analysis:
The report covers a segmental analysis of the yacht coatings market based on type and application.
On the basis of type, the global yacht coatings market has been segmented into polyurethanes, epoxies, ethyl silicates, and others.
On the basis of application, the yacht coatings market has been segmented into fairing, final priming & sealing, finishing, surfacing, topcoat care & maintenance, specialty applications, hull, and others.
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Regional Analysis:
The geographical evaluation of the global yacht coatings market spans across North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA). Europe is dominating the global market at present and is expected to maintain its prominence over the next couple of years. The boom witnessed in the marine industry of the region is likely to lead the growth pace of the yacht coatings Emerging Market over the next couple of years. The strong economic growth of North America is expected to unleash developmental opportunities for the key players of the regional yacht coatings market. It is anticipated to hold the second spot in the market place and exhibit substantial growth in the years to come. Asia Pacific is prognosticated to witness moderate growth and retain the third spot over the next few years followed by the Middle East & Africa and Latin America.
Competitive Dashboard:
Akzo Nobel N.V (Europe), PPG Industries, Inc.(US), Jotun (Europe), Hempel A/S(Europe), Boero Bartolomeo S.p.A. (Europe), Chugoku Marine Paints, Ltd (Japan), Engineered Marine Coatings LLC (US), BASF SE (Germany), DuPont (US), ALEXSEAL (Germany) are few of the prime players of the yacht coatings market expected to play a crucial role towards revenue growth over the next couple of years. Key players are focusing on product development and innovation for capitalizing on the growth opportunities present in the market. In addition, investments in facility expansion are further anticipated to favor the amplification of competition in the global yacht coatings market in the years to come. Other events that are prognosticated to enable the competitors in gaining an edge over others are mergers & acquisitions, collaborations, partnerships, etc. Investments in regional as well as facility expansion are anticipated to motivate the competition among the market participants.
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