Opportunities, Challenges, Business Scope, Key Players of Leisure Boat Marine Coating Market

 

As per the recently published report by Research Dive, the European region is predicted to experience a rise in revenue from $401.0 million in 2018 to over $645.0 million by 2026 and dominate in the global leisure boat marine coating market during the forecast period. Europe is one the largest preferred tourist destination and sees a large crowd all year round. Most of the tourists prefer to spend their time relaxing and one of the most relaxing activities found in Europe is that of boating. The primary cause for the growth of the market is availability of water based activities for tourists. This is set to further add to the tremendous growth of the market

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Major Market Players and Key Developments

The report provides a list of the key players whose efforts have helped in initiating the advancement of the market. The pioneers are namely – Chugoku Marine Paints, Ltd, PPG Industries, Inc., NIPSEA GROUP, BASF Coatings GmbH, Baril Coatings, KCC CORPORATION, DuPont, Axalta, AkzoNobel, Katradis Marine Ropes Ind. S.A, Kansai Paint Co., Ltd., and MCU COATINGS INTERNATIONAL.

For instance, in December 2020, PPG Industries Inc, a renowned provider of paints and specialty materials announced its decision to acquire Tikkurila, a pioneer and producer of paints and lacquers based in Finland. This initiative is predicted to help both the brands expand their boundaries geographically, while also working on the distribution of more eco-friendly protective coatings.

Global Market Overview

According to the latest report by Research Dive, the global leisure boat marine coating market is set to witness a rise in revenue from $1,230 million in 2018 to over $2,097.6 million at a stable CAGR of 6.9% by 2026. The increased per income limit of a majority of the population has led to growing involvement in leisure activities like water sports and boating for relaxation purposes. This has been a major factor in the growth of the market.

The report also contains an in-depth account of all the recent updates such as product launches, strategic partnerships, research work as well as mergers and acquisitions.

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