USD 131 million
Report ID:
SQMIC15E2519 |
Region:
Country |
Published Date: February, 2024
Pages:
230
|Tables:
66
|Figures:
75
US Antifouling Yacht Coating Market size was valued at USD 131 million in 2019 and is poised to grow from USD 137.57 million in 2023 to USD 199.95 million by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).
Antifouling coatings prevent the surface from eroding from corrosion, which is required to protect outer hull surface. Copper-based antifouling yacht coatings are widely used. In yacht coating, copper is used to control hard fouling, such as mussels, barnacles, and tube worms in yacht coating. Antifouling coatings release biocides resulting from the reaction between the water and the paint, which prevents the growth of organisms on the hull surface. Hard antifouling coatings are primarily used in sport yachts and motor yachts, which are frequently used as these have long service life when silt and sand are present in the water.
Increase in the reduction in fuel consumption is the vital factor escalating the market growth, also rise in the popularity of condition-based monitoring over breakdown maintenance in the shipping sector. The market for antifouling coating is majorly driven by its widespread presence in the shipping industry, which uses the product extensively owing to the convenience it provides in the operation of the water vehicle.
US Antifouling Yacht Coating Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 131 million
Largest Segment
self-polishing copolymer
Fastest Growth
self-polishing copolymer
Growth Rate
5.2% CAGR
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US antifouling yacht coating Market is segmented based on the Type and application. Based on the type, the US antifouling yacht coating Market is segmented into Copper based, Hybrid, Self-polishing Copolymer. Based on the application, the US Antifouling Yacht Coating Market has been segmented into Super Yacht, Flybridge Yacht, Sport Yacht, Long Range Yacht, Sailing Yacht, Motor Yacht.
US Antifouling Yacht Coating Market Analysis by Type
Based on Material type, the self-polishing copolymer has dominated the market for antifouling yacht market and is expected to be the leading segment during the forecast period. Copper based type is expected to be the fastest growing segment as these types are environment friendly and its use is on a rapid increase in hulls and underwater surfaces of shipping vessels.
US Antifouling Yacht Coating Market Analysis by Application
The super yacht application segment dominated the market and accounted for more than 31.50% share of the overall revenue in 2021. The U.S. has witnessed growth in the number of millionaires owing to the rise in the number of digital businesses and entrepreneurs. The demand for super yachts in the U.S. market is expected to increase growth in the forecast period. Super yachts need maintenance after every five years, and are projected to create significant demand for antifouling yacht coatings.
The long range yacht is Basically built for all weather conditions ranging from chilled waters to warm water. Long-range yachts are often associated with less fuel efficiency per nautical mile when compared with other yacht types and are commonly used for family trips. Motor yacht is built for sports and cruising at the same time. Motor yacht is used for living deep in the ocean and for diving. Those are some factors which creates the demand for antifouling yacht coatings in motor yachts over the forecast period.
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Some of the famous yachts of the U.S. such as Endless Summer, Aspen Alternative, Wheels Impromptu, Silver Lining, Lady Sura, Helios3, Yanbu, and Haida, which are world famous. Many people preferred these yachts for their enjoyment of ocean lifestyle. And these yachts are continuous maintenance to protect the hull from corrosion and abrasion. The antifouling yacht coatings market due to rise in the popularity of condition based monitoring over breakdown maintenance in the shipping sector and increase in the demand of antifouling coatings from the shipping industry in this region.
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US Antifouling Yacht Coating Market Drivers
Luxury Vacations to Bolster Market Growth
US Antifouling Yacht Coating Market Restraints
Expensive R&D to Hinder Market Growth
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US antifouling yacht coating Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
US Antifouling Yacht Coating Market Top Player's Company Profiles
US Antifouling Yacht Coating Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, US Antifouling yacht coating Market is dominated by Self polishing in terms of type. That market is increased due to lower cost of self polishing. Also the market is dominated by superyachts by application. The major players are introducing new colours for antifouling yachts. This will help them to improve their selling products and also improve market growth.
Report Metric | Details |
---|---|
Market size value in 2019 | USD 131 million |
Market size value in 2031 | USD 199.95 million |
Growth Rate | 5.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the US Antifouling Yacht Coating Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the US Antifouling Yacht Coating Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIC15E2519