South America Marine and Yacht Coatings Market, By 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 & 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) – Industry Trends and Forecast to 2030.
South America Marine and Yacht Coatings Market Analysis and Size
The growing number of shipbuilding activities in emerging economies, particularly in the South American region, is expected to drive market growth. Additionally, an increase in leisure boats and cruise ship production is further expected to drive market growth.
Data Bridge Market Research analyses that the South America Marine and Yacht Coatings Market, which was USD 699.27 million in 2022, would rocket 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. ""Major factors that are expected to boost the growth of the South America marine and yacht coatings market in the forecast period are the growing number of ship building activities in the emerging economies, increase in production of leisure boats and cruise ships, rising ship repairs, and maintenance activities. Furthermore, growing ship repair and maintenance activities are expected to propel the South America marine and yacht coatings market. 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.
South America Marine and Yacht Coatings Market Scope and 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 Thousand, Volumes in Tons, Pricing in USD
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Segments Covered
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By 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 & 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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Market Opportunities
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Market Definition
Marine coatings are mainly used as protective coatings that are applied, among other items, to the surface of ships, cruises, yachts, oil rigs, and bridges. These coatings protect against corrosion and fouling and increase the shelf life of offshore structures and marine vessels. Marine coatings protect the surfaces from damage caused by UV radiation above the waterline and corrosion and fouling below the waterline.
South America Marine and Yacht Coatings Market Dynamics
Drivers
- Growing number of shipbuilding activities
There has been a significant increase in seaborne trade and rising energy consumption. Also, there has been a surge in demand for eco-friendly ships and shipping services and the advent of robotics in ship building and technological improvements, which has resulted in savings in transportation costs. All these factors have led to increased ship building activities in South America. Manufacturers are inclined towards building larger vessels because of the benefits associated with the same.
Increase in the production of leisure boats and cruise ships
Shifting interests toward sea travel and outings among the population has eventually increased the demand for leisure boats and cruise ships for recreational purposes. The main drivers for the increase in the production of leisure boats and cruise ships are the t rising tourist attraction towards leisure boats and cruise ships and the diversity of destinations. Each destination's specific characteristics and availability of port facilities at different destinations have increased people's inclination toward sea travel, fueling the need for boats and ships.
Opportunities
- High-end research and development in the formulation of coatings
. Overall, the coatings industry is focusing on R&D on account of different factors, which include increasing environmental regulations, growing customer expectations for improved sustainability, growing competition and cost pressures in mature economies, and growth of the market disruptors in emerging markets. As a result, key companies are investing a lot in research and development to expand the efficiency of these coatings, which, in turn, is expected to increase the demand from major end-users.
Restraints/Challenges
- Associated issues with the application of these coatings
Despite all the benefits and advantages of marine and yacht coatings, there can be a coating downside if not done correctly. Coating failure or defects occur when coatings no longer perform as per their designed function and can be blistering, chalking, peeling, and so on. Common causes for coating failures include inadequate surface preparation, a non-friendly environment, improper application technique, and incompetent formulation.
- Stringent government regulations regarding pollution
The cruise or yacht industry is one of the biggest contributors to the economy. However, the impact of yachts on marine life and the environment has stimulated various industry growth issues. A yacht produces many waste, including greywater, solid waste, wastewater from sinks and showers, ballast water, and oily materials, which negatively impact marine life and its environment.
Recent Development
- In August 2020, Solstad Offshore, a Norwegian offshore supply vessel owner, announced that it had secured contract extensions for Normand Swift and Far Sagaris, an AHTS vessel, until December 2020, from prominent oil companies, such as Total and Equinor, in Brazil's Lapa field
- In June 2020, Mitsubishi Ship building Co. Ltd, in partnership with Shin Nihonkai Ferry Co. Ltd technologies, developed systems to enable unmanned ship navigation. After the development phase, the prototype of the unmanned navigation system will be installed in a large high-speed car ferry which is ordered by Shin Nihonkai Ferry.
South America Marine and Yacht Coatings Market Scope
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, end use. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and insights to help them make strategic decisions for identifying core market applications.
Type
- Anti-Corrosion
- Foul Release
- Anti-Fouling
- Anti-Slip
- Primer
- Varnishes
- Chemical Resistant
- Others
Resin Type
- Polyurethane
- Epoxy
- Acrylic
- Alkyds
- Others
Technology
- Waterborne
- Solventborne
Substrate Type
- Metal
- Concrete
- Fiberglass
- Wood
- Others
Form
- Liquids
- Pastes
- Films
- Aerosols
- Powder
- Others
Purpose
- New Builds
- Repair & Maintenance
Application Method
- Electrocoating
- Brushing
- Rollers
- Spraying
- Others
Finish
- Matt
- Semi-Gloss
- High-Gloss
Distribution Channel
- Offline
- Online
Application
- Stiffeners
- Overheads
- Interiors
- Pipes
- Engine rooms
- Walls
- Others
End-Use
- Container Ships
- Cargo Ships
- Offshore Vessels
- Tankers
- Passenger Ships
- Boats
- Yachts
- Others
South America Marine and Yacht Coatings Market Regional Analysis/Insights
The South America marine and yacht coatings market is analyzed, and market size insights and trends are provided by country, type, price range, and application, as referenced above.
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.
Brazil is expected to dominate the South America marine and yacht coatings market because of increasing demand for ship activities.
Argentina and Columbia are expected to grow due to rising government investment in naval and marine vessels and increasing demand for offshore vessels.
The country section of the report also provides individual market-impacting factors and domestic regulation changes that impact the current and future trends of the market. Data points such as downstream and upstream value chain analysis, technical trends porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
South America Rheology Modifiers Industry Growth And New Technology Penetration
The South America marine and yacht coatings market also provides you with detailed market analysis for every country's growth in the nucleating and clarifying agents industry, installed new production plant, the impact of technology using lifeline curves, and changes in nucleating and clarifying 'agent's regulatory scenarios and their impact on the South America Marine and Yacht Coatings Market. The data is available for the historic period 2015-2020.
Competitive Landscape and South America Marine and Yacht Coatings Market Share Analysis
The South America marine and yacht coatings market competitive landscape provides details of the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points are only related to the companies focus on the South America marine and yacht coatings market.
Some of the major players operating in the South America Marine and yacht coatings market are:
- BASF SE (Germany)
- Akzo Nobel N.V. (Netherlands)
- Chugoku Marine Paints, Ltd. (Tokyo)
- Jotun (Geneva)
- Axalta Coating Systems (Switzerland)
- Dow U.S.
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