Global Marine Composites Market 2016-2020
About Marine Composites
Marine composites are used extensively in the construction of ships and marine structures. These composites have a higher stiffness and strength by weight than most other materials, including metals, such as steel and aluminum. These are used in various parts of a commercial or pleasure craft. The result is a lighter craft that can achieve a higher rate of speed than the same type of craft constructed with aluminum or steel.
Technavio’s analysts forecast the global marine composites market to grow at a CAGR of 6.04% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine composites market for 2016-2020. To calculate the market size, the report considers the consumption of marine composites products for applications in powerboats, sailboats, cruise ships, and others (personal watercraft and race boats).The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Composites Market 2016-2020.
Technavio recognizes the following companies as the key players in the global marine composites market: 3A Composites, Cytec, DuPont, Mitsubishi Rayon (MRC), and Owens Corning
Other Prominent Vendors in the market are: Gurit, Hexcel, SGL Group, Teijin, and Toray Industries
Commenting on the report, an analyst from Technavio’s team said: “Boat manufacturing operations were severely affected by the economic recession of 2009-2010. The market recovered substantially from 2013. Globally, the boat manufacturing industry is expected to grow at a CAGR of 4%-5% during the forecast period. Although GFRP polyesters and vinyl esters are the major materials employed by boat manufacturers, the use of CFRP composites is increasing, particularly in the construction of large yachts.”
According to the report, the global demand for small boats is anticipated to grow at a CAGR of 5% during the forecast period. The total value of recreational boat sales was estimated to be $3.7 billion in 2015. It is anticipated that small boats will require more advanced composites, such as CFRP. Small boats are anticipated to see high demand in Europe and North America, particularly the US and the UK.
Further, the report states that there are several disadvantages associated with the use of composites in the marine industry. Raw material and their fabrication cost have become a major challenge in the adoption of composites in the marine industry. These composites are expensive than their metal counterparts due to the high price of carbon fibers, glass fibers, and foam core materials. Furthermore, the tooling and capital costs of composites are higher than the metal counterparts, which increase the overall cost of composites. For instance, the price of steel per autobody is around $950-$980, whereas the price of carbon fiber per autobody is around $2,400-$2,500.
3A Composites, Cytec, DuPont, Mitsubishi Rayon (MRC), Owens Corning, Gurit, Hexcel, SGL Group, Teijin, Toray Industries