Global Marine Composite Market - Segmented by Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for marine composites is expected to register significant growth during the forecast period, 2018 to 2023.This significant growth is the result of increasing production of leisure boats to cater to the flourishing global tourism industry.
Increasing Production of Leisure Boats
The leisure boat industry includes runabouts, towboats, fishing boats, sail boats, pontoon boats, stern drive power boats, jet boats, personal watercraft, propulsion systems, and cabin cruisers. There has been a growing demand for leisure boats around the world in the recent years, which, in turn, ignites the demand for marine composites in the leisure boats industry. The prospects of the global recreational boating industry look promising, with opportunities in the inboard and stern drive, outboard, and sailboat. The marine composites market is anticipated to grow significantly in the future, owing to the tremendous growth of the tourism industry worldwide.
Glass Fiber Reinforced Composites Segment to Dominate the Market
Marine composites are one of the first significant application segments of glass fiber reinforced composites. Fiberglass has been the common material for recreational boats and yachts for many years due to the good environmental resistance, better damage tolerance for impact loading, high specific strength, and stiffness. Since carbon fiber is too expensive for the application of large structures, glass fiber presents the most commercially viable solution for marine applications. As of 2017, the glass fiber reinforced composites segment accounted for the largest share of the global marine composite market.
Asia-Pacific to Dominate the Market Growth
The emerging boat-building industry in Asia-Pacific (Mainland China, India, and South Korea) is expected to fuel the demand for marine composites in the future. The increasing scope of out of autoclave prepreg and the bio-based composites market are expected to open new opportunities for marine composites during the forecast period. North America accounted for the largest share of the global marine composite market in 2017.
Key Developments in the Market
March 2018: Hexion announced potentially path breaking one-shot resin infusion process for marine composites.
January 2018: Toray reached an agreement with Koninklijke Ten Cate B.V. to purchase all its subsidiaries at USD 1.15 billion.
Major Players: DowDuPont, Toray Industries, Inc., Cytec Solvay Group, Airex AG, Gurit, Branagh Marine Composites, and Hexion, amongst others.
Reasons to Purchase the Report
Identify the current and future prospects of the global marine composite market in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Information of the segment that is expected to dominate the market
Identify the region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 month analyst support, along with the Market Estimation sheet (in Excel)
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