Yacht Coatings Market Grows With Changing Consumer Preferences & New Opportunities 2021
The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Yacht coatings offer defense for yachts from hazards such as UV radiation, moisture, microbes as well as enhance its appearance. The approximately one centimeter thick coating protects the steel and aluminium body of yacht from the extreme effect of harsh marine environments. Few of the major categories of yacht coatings are anti-fouling coatings, ceramic-based coatings and vinyl finishes.
Ceramic-based coatings allow a yacht to go for five to 10 years without having to be repainted. High-gloss ceramics offers features like UV resistance, contaminant resistance, aesthetic appeal, increased gloss and relatively low maintenance. A large number of yachts have started using these coatings on stainless-steel rails, top coats, gelcoats, sea strainers, running gear, etc.
Another yacht coating product type is a vinyl finish. It is an increasingly popular alternative to the conventional methods such as paint and gel-coat. It is available in a variety of colours and textures such as digital print, leather effect, brushed aluminium, pearlescent, wood effect, matt and carbon effect.
Anti-fouling coatings are used on the underwater hulls of the vessels to eliminate the growth of fouling, which includes algae, slime, grass, and barnacles.
The total cost of this technology is high. When overall cost is taken into consideration, the yacht coatings represents one of the high cost involving components in yacht construction. Owning to this relatively high cost, maintenance becomes crucial. The development of yacht coatings aims for customization so as to offer various benefits like graffiti resistance, self-cleaning characteristics and customer satisfaction.
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The yacht coating market is greatly dependent on the yacht manufacturing market. The market derives majority of its demand from the newly manufactured yachts. Since past few years, the yacht market growth has been slow due to extended build times and lower order numbers as a result of the Global Financial Crisis. This in turn has led to a slow growth of yacht coating market. However, both the markets are expected to see a great leap in next couple of years.
Some other factors driving the growth of the global yacht coatings market includes the rising demand for innovative and distinguished looks and appearance for private yacht and increasing number of sea transportation.
New innovations and advancements in coating manufacturing market leading to high performing and high standard product has increased the life of coatings and thus reduced the maintenance cost. This is anticipated to negatively impact the growth of the global yacht coating market’s demand for maintenance, wash down and regular re-coating purpose.
The global yacht coatings market is broadly classified on the basis of chemistry, purpose and applications.
Based on chemicals, the global yacht coatings market is segmented into:
- Epoxies
- Polyurethanes
- Ethyl silicates
- Others
Based on purpose, the global yacht coatings market is segmented into:
- New build application
- Crew maintenance & wash down
- Regular re-coating at designated repair/overhaul intervals
Based on application, the global yacht coatings market is segmented into:
- Fairing
- Longboarding
- High build primer
- Metal Prep
- Color matching
Global players are focused in the innovation of eco-friendly products to achieve organic growth. Moreover these market leaders are channelizing their efforts to expand their regional presence through mergers and acquisitions, with their prime focus in developing economies and improving productivity in the developed regions.
The global yacht coatings market is expected to witness a growth in demand for the forecast period. Depending on geographic regions, Northern Europe and Gulf region are projected to demonstrate a substantial growth and will contribute to the global yacht coatings market value.
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Some of the key market participants in global yacht coatings market are
- AkzoNobel, Jotun,
- PPG Industries, Inc,
- Epifanes NA Inc,
- Boero Bartolomeo S.p.A,
- Alexseal Yacht Coatings,
- The Sherwin-Williams Company,
- Chugoku Marine Paints Ltd,
- Hempel UK Ltd.