Yacht coatings are part of marine coatings, which protect yachts from harsh weather conditions and enhance their esthetics. Yacht coatings are also considered vital in enhancing the fuel efficiency of a vessel and decreasing the negative impact on the environment. These coatings offer protection from abrasion, corrosion, and impact to yachts. Antifouling coatings is one of the key product segments of the yacht coatings market. Yacht coatings are specifically developed to be esthetic and functional. Unlike other marine coatings, surface finish and color options are of key importance for application, as high net worth individuals, who are the potential buyers, look for appealing design and external appearance.
The yacht coatings market is primarily driven by the rise in purchase of yachts and luxury boats and increase in number of high net worth individuals in developing economies. Furthermore, the need to enhance performance and lower emissions caused by yachts and luxury vessels is a key factor boosting the yacht coatings market. These coatings offer functional and esthetical properties. This leads to increase in research and development in formulations and composition of these coatings. However, implementation of maritime regulations on emissions and risk to the environment coupled with higher luxury taxes during the purchase of yachts and luxury boats are factors hampering the market.
Based on geography, the global yacht coatings market can be classified into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Europe followed by North America is anticipated to be a key market for yacht coatings. These regions have substantial disposable income and are economically developed, which translates into higher purchasing power. Thus, sales of yacht and similar luxury items are high in these regions. Italy and the U.S. are among the highly promising countries for yacht coatings in Europe and North America, respectively. Along with Italy, several countries in Western Europe have strong demand for yachts and luxury boats. This is propelling the demand for yacht coatings in Europe. On the other hand, the yacht coatings market in certain countries in Asia Pacific, Middle East & Africa, and Latin America such as Thailand, the UAE, Brazil, Singapore, Malaysia, and Australia is expanding at a significant pace due to the presence of well-established tourism industry in these countries.
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Prominent players operating in the global yacht coatings market include Akzo Nobel N.V., PPG Industries Inc., Jotun A/S, Hempel A/S, Chugoku Marine Paints Ltd., and Sherwin-Williams Company.