Marine Composites Market: Overview
Composites are the materials composed of more than materials at a microscopic level and have also have chemically distinct phases.
Globally, composites are used by several end–use industries, with marine industry being one of the same where these composites were used in huge quantity.
Key advantages of the composites is to provide high stiffness and strength to boats and other marine vessels. Also the marine composites possess low density when compared with the other bulk materials.
In addition, marine composites enable in overall weight reduction as compared to metals like aluminum or steel. This overall reduction in weight leads to provide other secondary benefits such as reduced greenhouse gas emission, lower operating costs, and enhanced fuel efficiency.
Additionally, these marine composites provide good architectural value, greater ability to design the boats, thus enabling the manufacture to make complex shaped parts.From last several years, the use of marine composites is gaining traction in marine industry among the OEM and tier-1 suppliers.
Marine Composites: Market Dynamics
Increasing demand for high strength, corrosion resistant, and lightweight components in the marine industry, increase in R&D expenditure by boat manufacturers are some of the driving factors which can add growth in the marine composites market.
Additionally, growing demand for fuel efficient and high speed boats is anticipated to further fuel the marine composites market growth.Growing use of recreational boats, increasing consumer spending power, and a rise in the number of HNWIs (high net worth individuals) are driving the boat industry.
The growing tourism industry and increasing urban population who prefer annual & semi-annual holidays will further fuel the growth of the marine composites market in the forecast period.
Governments across the world are taking initiatives to boost the sustainability of marine industry market.
For instance, the French government has provided support to key yacht manufacturers in various forms, thus enabling key players to invest in expanding their yacht construction and maintenance capacities.
Also, Chinese government is also taking initiatives for the development of recreational boats activity as well as the development of marinas in coastal regions. All these factors will create more demand for composites in the leisure boat market.
Marine Composites Market: Regional Outlook
East Asia emerged as the key regional market for marine composites and is estimated to account for more than one third of market volume share in 2019.
The reason behind the substantial growth of marine composites in East Asia region is the increasing demand for recreational boats & marine environment related leisure activities.
Also, government of China, Korea and India has been taking initiative to promote marine tourism such as yachting in the form of a leisure activity and is anticipated to gain traction for recreational watercraft, which in turn is expected to drive the regional marine composites market.
Europe was the second-largest market for the marine composites and is expected to expand at a significant CAGR during the coming assessment period. European shipbuilding market is becoming dynamic and facing stiff competition due to emergence of strong competitors in the Asian region.
However, European shipbuilding has built a key position in the construction of submarines, complex vessels and other vessels, which is expected to spread a positive influence on the market in the coming forecast period.
North America marine composites market is one of the mature markets owing to high spending power in the region on powerboats and recreational boats which expected to robust the market growth in the coming forecast period.
Middle East & Africa and Latin America marine composites market are expected to witness new opportunities in the coming forecast period owing to increasing purchasing power the region is expected to foster demand in the coming assessment period.
Marine Composites Market: Key Participants
Some of the market participants in the Marine Composites market identified across the value chain:
- Solvay S.A
- Teijin Limited
- 3A Composites
- Toray Industries, Inc.
- Owens Corning
- E. I. Du Pont Nemours & Co
- Mitsubishi Rayon Co
- Zoltek Companies Inc
- Hexcel Corporation
- Gurit Holding AG
- Koninklijke Ten Cate N.V.
The research report on the Marine Composites market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The Marine Composites market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to mentioned market segments.
The report covers exhaustive analysis on:
- Marine Composites Market Segments
- Marine Composites Market Dynamics
- Marine Composites Market Size
- New Sales of Marine Composites
- Current Trends/Issues/Challenges in the Marine Composites Market
- Competition & Companies Involved in Marine Composites
- New Technology for Marine Composites
- Value Chain of the Marine Composites Market
Regional analysis of Marine Composites Market includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Poland, Russia)
- East Asia (China, Japan, Korea)
- South Asia (India, ASEAN Countries)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The global Marine Composites market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment.
The report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of parent market
- Market dynamics in the Marine Composites market
- In-depth Marine Composites market segmentation
- Historical, current, and projected Marine Composites market size in terms of volume and value
- Recent industry trends and developments in the global Marine Composites market
- Competitive landscape
- Strategies of key players and products offered in the global Marine Composites market
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on Marine Composites market performance
- Must-have information for market players in Marine Composites market to sustain and enhance their market footprint
Marine Composites Market: Segmentation
Marine Composites market is gaining traction in the market, the market is segmented based on product type, end- use and region
By Product Type
- Carbon Fibered Reinforced Plastics (CFRP)
- Glass Fibered Reinforced Plastics (GFRP)
- Foam Core Materials
- Metal Composites
By End Use
- Sail Boats
- Power Boats
- Cruise Liners
- Jet Boats
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