Corrosion protection is a paramount aspect of marine and yacht coatings, as these coatings serve as a crucial defense mechanism against the harsh conditions prevalent in marine environments. In the context of saltwater exposure, the corrosive effects of seawater, and the constant challenge of the elements, coatings act as a protective barrier. By forming a resilient shield, these coatings effectively thwart corrosion, which is a pervasive threat to the structural integrity of vessels. This ensures the longevity of marine assets and minimizes maintenance costs over time.
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Data Bridge Market Research analyses the South American Marine and Yacht Coatings Market, which was USD 699.27 million in 2022, is expected to reach up to USD 1,041.04 million by 2030, and is expected to undergo a CAGR of 5.10% during the forecast period of 2023 to 2030. The growing shipping industry in South America, driven by rising demand for transporting commodities and goods, is a key driver for the growth of the marine and yacht coatings market. This escalating demand necessitates protective coatings that shield vessels from corrosion and environmental challenges, emphasizing the crucial role of coatings in maintaining and enhancing the durability of maritime assets in the region.
Key Findings of the Study
Increasing South America's popularity as a tourist destination is expected to drive the market's growth rate
The surge in South America's popularity as a tourist destination has significantly propelled the demand for marine and yacht coatings. The concurrent rise in recreational boating and yachting activities amplifies this demand, emphasizing the need for coatings that ensure protection and enhance the aesthetic appeal of vessels. Owners and tourists seek coatings that offer durability while meeting aesthetic expectations. This trend is a notable driver for the South America marine and yacht coatings market, reflecting the industry's responsiveness to the evolving preferences within the tourism and leisure boating sectors.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Tons, Pricing in USD
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Segments Covered
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Type (Anti-Corrosion, Foul Release, Anti-Fouling, Anti-Slip, Primer, Varnishes, Chemical Resistant, Others), Resin Type (Polyurethane, Epoxy, Acrylic, Alkyds, and Others), Technology (Waterborne, Solventborne), Substrate Type (Metal, Concrete, Fiberglass, Wood, Others), Form (Liquid, Pastes, Films, Aerosols, Powder, Others), Purpose (New Builds and Repair and Maintenance), Application Method (Electrocoating, Brushing, Rollers, Spraying, Others), Finish (Matt, Semi-Gloss and High-Gloss), Distribution Channel (Online and Offline), Application (Stiffeners, Overheads, Interiors, Pipes, Engine Rooms, Walls and Others) End Use (Container Ships, Cargo Ships, Offshore Vessels, Tankers, Passenger Ships, Boats, Yachts, and Others)
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Countries Covered
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Brazil, Argentina, Colombia, Peru, Chile, Venezuela, Uruguay, Ecuador, Costa Rica, Rest of South America
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Market Players Covered
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BASF SE (Germany), Akzo Nobel N.V. (Netherlands), Chugoku Marine Paints, Ltd. (Tokyo), Jotun (Geneva), Axapta Coating Systems (Switzerland), Dow U.S.)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The South America marine and yacht coatings market is segmented on the basis of type, resin type, technology, substrate type, form, purpose, application method, finish, distribution channel, application, and end use.
- On the basis of type, the South America marine and yacht coatings market is segmented into anti-corrosion, foul release, anti-fouling, anti-slip, primer, varnishes, chemical resistant, and others
- On the basis of resin type, the South America marine and yacht coatings market is segmented into polyurethane, epoxy, acrylic, alkyds, and others
- On the basis of technology, the South America marine and yacht coatings market is segmented into waterborne, and solvent borne
- On the basis of substrate type, the South America marine and yacht coatings market is segmented into metal, concrete, fiberglass, wood, and others
- On the basis of form, the South America marine and yacht coatings market is segmented into liquid, pastes, films, aerosols, powder, and others
- On the basis of purpose, the South America marine and yacht coatings market is segmented into new builds and repair and maintenance
- On the basis of application method, the South America marine and yacht coatings market is segmented into electrocoating, brushing, rollers, spraying, others
- On the basis of finish, the South America marine and yacht coatings market is segmented into matt, semi-gloss and high-gloss
- On the basis of distribution channel, the South America marine and yacht coatings market is segmented into online and offline
- On the basis of application, the South America marine and yacht coatings market is segmented into stiffeners, overheads, interiors, pipes, engine rooms, walls and others
- On the basis of end use, the South America marine and yacht coatings market is segmented into container ships, cargo ships, offshore vessels, tankers, passenger ships, boats, yachts, and others
Major Players
Data Bridge Market Research recognizes the following companies as the major South America marine and yacht coatings market players in South America marine and yacht coatings market are BASF SE (Germany), Akzo Nobel N.V. (Netherlands), Chugoku Marine Paints, Ltd. (Tokyo), Jotun (Geneva), Axapta Coating Systems (Switzerland), Dow U.S.)
Market Developments
- In March 2023, PPG made significant strides in the maritime industry with the launch of PPG SIGMAGLIDE 2390 marine coating. This innovative product was designed to address the pressing issues of reducing power consumption and carbon emissions in the shipping sector. Recognizing the industry's demand for higher performance without compromising the marine environment, PPG aimed to provide a solution that met these criteria. The introduction of PPG SIGMAGLIDE 2390 marked a proactive step towards environmentally conscious practices, aligning with global efforts to promote sustainability in maritime operations
- In March 2023, Hempel demonstrated its commitment to environmental stewardship by collaboration with the International Maritime Organization's (IMO) Global Industry Alliance (GIA) for Marine Biosafety. This collaborative initiative aimed to bring together key players in the maritime industry to tackle the dual challenges of reducing shipping emissions and preventing the spread of invasive species. Hempel's involvement in the GIA underscored its dedication to working collectively with industry partners to develop and implement solutions that contribute to a more sustainable and ecologically responsible maritime sector
- In August 2020, Solstad Offshore, a prominent Norwegian offshore supply vessel owner, announced extensions for its vessels Normand Swift and Far Sagaris. These extensions, granted until December 2020, were obtained from major oil companies operating in Brazil's Lapa field, including Total and Equinor. The contract renewals highlighted Solstad Offshore's reliability and competence in providing essential services to key players in the oil industry, reinforcing its position as a trusted partner in offshore operations
- In June 2020, Mitsubishi Shipbuilding Co. Ltd, in collaboration with Shin Nihonkai Ferry Co. Ltd, made strides in autonomous navigation technology by developing systems for unmanned ship navigation. The partnership aimed to revolutionize maritime operations by creating a prototype unmanned navigation system. Following the successful development phase, the plan was to install this cutting-edge technology in a large high-speed car ferry ordered by Shin Nihonkai Ferry. The project represented a significant advancement in the integration of autonomous systems in the maritime sector, paving the way for safer and more efficient unmanned ship navigation
Regional Analysis
Geographically, the countries covered in the South America marine and yacht coatings market report are Brazil, Argentina, Colombia, Peru, Chile, Venezuela, Uruguay, Ecuador, Costa Rica, Rest of South America.
As per Data Bridge Market Research analysis:
Brazil is the dominant country in South America marine and yacht coatings market during the forecast period 2023-2030
Brazil dominates in the South America marine and yacht coatings market stems from its strategic geographical advantage, boasting an extensive coastline along the Atlantic Ocean and a well-developed infrastructure for maritime activities. The country's growing maritime industry, fueled by economic growth, trade expansion, and a focus on environmental sustainability, has increased demand for high-quality coatings. Brazil's participation in international efforts to reduce shipping emissions aligns with adopting eco-friendly coatings, and the tourism and yachting industries further contribute to the market's robustness.
Argentina is estimated to be the fastest-growing country in South America marine and yacht coatings market for the forecast period 2023-2030
Argentina is expected to experience significant growth in the market due to substantial government investments and a heightened demand for offshore vessels. The government's commitment to funding in this domain aims at modernizing the naval fleet, enhancing national security, and stimulating economic activities within the maritime industry. Concurrently, the increasing demand for offshore vessels, particularly in oil and gas exploration, adds momentum to Argentina's maritime growth. This expansion fosters job creation and economic development and positions Argentina strategically in the South Atlantic region. The anticipated growth is expected to bring technological advancements, innovation, and global competitiveness, making Argentina a noteworthy player in the evolving landscape of the maritime sector.
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