Marine Composites Market by Type (Metal Matrix, Ceramic Matrix, and Polymer Matrix (Fiber Type (Glass, Cabon), Resin Type (Polyester, Epoxy))), Vessel Type (Power Boats, Sailboats, Cruise Ships), and Region - Global Forecast to 2023
Marine composites market projected to grow at a CAGR of 5.6% during forecast period
The marine composites market is estimated at USD 3.83 billion in 2018 and is projected to reach USD 5.04 billion by 2023, at a CAGR of 5.6% during the forecast period. The major factors driving the growth of the market are the increase in the use of marine composites due to the need for corrosion resistant and lightweight materials, growing recreation boating market, and increasing expending power of people. However, the high prices of carbon fiber and difficulty in recyclability of marine composites may restrain the growth of the market.
Carbon fiber is projected to be the fastest-growing fiber type of the polymer matrix composites market during the forecast period
The carbon fiber segment is expected to lead the polymer matrix composites market owing to its superior properties and increasing use in the boat building industry. Carbon fiber based marine composites are used for the manufacture of high-speed boats. Growth is anticipated by decreasing the cost of carbon fiber composite processing technologies (resulting in low cost of carbon fiber composites), and better properties offered by carbon fiber composites, such as lightweight and high strength to weight ratio. Some of the major applications of carbon fiber composites include furniture in luxury yachts, hulls, and masts of racing yachts, keels, decks, transverse frames, rigs, bulkheads, and longitudinal stringers.
Polyester resin projected to be the largest resin type of polymer matrix composites market during forecast period
The polyester resin segment is projected to lead the marine composites market during the forecast period. The high market share of polyester resin is due to its better properties and lower prices than other resins. Ever since its development, polyester resin has dominated the global marine composites market. In addition, these are available at a lower price than epoxy and vinyl ester resins.
Power Boats projected to be the largest vessel type of the marine composites market during forecast period
The power boat segment is projected to lead the marine composites market during the forecast period owing to the increasing leisure market and recreational boating in North America and Europe. Ever since their development, the power boats industry has been the main end user of marine composites. The growing recreation boating market and increasing expending power of people are expected to drive the market in the coming years.
North America projected to dominate the marine composites market during forecast period
The North American region is projected to dominate the marine composites market between 2018 and 2023 due to the presence of a large number of power boat manufacturers. The demand for recreational boats is the highest in North America due to high per capita incomes in the region. The strong economy continues to bolster new boat sales and boating expenditures in the region.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following 3 categories:
By Company Type: Tier 1 — 20%, Tier 2 — 55%, and Tier 3 — 25%
By Designation: C Level — 50%, Director Level — 25%, and Others — 25%
By Region: North America — 25%, Europe — 30%, Asia Pacific — 35%, MEA — 5%, and Latin America — 5%
This report also provides a comprehensive analysis of the companies listed below:
Toray Industries Inc. (Japan)
Mitsubishi Rayon Co. Ltd. (Japan)
Hexcel Corporation (US)
Owens Corning (US)
Cytec Solvay Group (US)
E. I. Du Pont de Nemours and Company (US)
Gurit Holding (Switzerland)
SGL Group (Germany)
Teijin Limited (Japan)
Hyosung (South Korea)
This report covers the market for marine composites and forecasts the market size until 2023. The report includes market segmentation by composites type (metal matrix composite, ceramic matrix composite, polymer matrix composite); polymer matrix composite by fiber type (glass fiber, carbon fiber, others); polymer matrix composite by resin type (polyester, vinyl ester, epoxy, thermoplastic, others); vessel type (power boats, sailboats, cruise ships, others); and region (North America, Europe, APAC, Latin America, MEA). Porter’s Five Forces analysis, along with drivers, restraints, challenges, and opportunities have also been discussed in the report. The report provides company profiles and competitive strategies adopted by major players in the marine composites market.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market in the following ways:
1. The report segments the marine composites market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
2. The report helps stakeholders understand the pulse of the market and provides information on key market drivers, restraints, challenges, and opportunities.
3. The report will help stakeholders better understand competitors and gain insights to better their positions in the business. The competitive landscape section includes new product launches, expansions, agreements, and acquisitions strategies adopted by players.