U.S. Antifouling Yacht Coatings Market 2020 Future Growth Explored in Latest Research Report by 2027 | Grand View Research, Inc.
By: AB Newswire
September 30, 2021 at 08:12 AM EDT
"Grand View Research, Inc. – Market Research And Consulting."According to a new report published by Grand View Research, this has affected the use of the yacht, thereby increasing the need to prevent the growth of marine organisms in the yacht, which is expected to propel the market growth
The U.S. antifouling yacht coatings market size is anticipated to reach USD 48.9 million by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.9% from 2020 to 2027. The growing trend of consumer spending on luxury vacations, coupled with yacht reprinting the status symbol, is expected to propel the market growth over the forecast period.
Antifouling coatings are used in order to prevent the growth of microorganisms and facilitate the long service life of yacht. Antifouling coatings release biocides resulting from the reaction between the water and the paint, which prevents the growth of organisms on the hull surface. Amid the global COVID-19 pandemic and lockdown imposed in the country, the demand for antifouling yacht coatings is expected to increase owing to the increase in maintenance and repair activities. Hard antifouling coatings are primarily used in sport yacht and motor yacht, which are frequently used as these have long service life when silt and sand are present in the water.
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 need continuous maintenance to protect the hull from corrosion and abrasion. The U.S. Coast Guard uses yachts for people and border safety purposes. Various tourism companies are collaborating with yacht owners and yacht fleet owners for offering a trip on a yacht to enable the consumers to experience the luxury. The rising demand among consumers for luxury and recreational vacations, coupled with rising cross-border tensions that result in an increase in patrolling in the ocean, is expected to propel the market growth over the forecast period.
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U.S. Antifouling Yacht Coatings Market Report Highlights
• The super yacht application segment held the largest revenue share in 2019 owing to the large surface area and depth of the hull surface
• The sport yacht application segment is expected to emerge as the fastest-growing segment over the forecast period owing to the rising demand for adventurous water sports among the consumers
• Significant R&D investments are made by companies to produce new environment-friendly antifouling coatings. For instance, in October 2020, Jotun has launched silyl methacrylate-based SeaQuantum III series antifouling coatings for the reduction of biofouling and enhancing its operational efficiency
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U.S. Antifouling Yacht Coatings Market Segmentation
Grand View Research has segmented the U.S. antifouling yacht coatings market on the basis of application:
U.S. Antifouling Yacht Coatings Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• Super Yacht
• Flybridge Yacht
• Sport Yacht
• Long Range Yacht
• Sailing Yacht
• Motor Yacht
List of Key Players of U.S. Antifouling Yacht Coatings Market
• Akzo Nobel N.V.
• PPG Industries
• The Sherwin Williams Company
• BASF SE
• Nippon Paint Marine Coatings
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.