According to TechSci Research report, “Global Marine Composites Market By Composite Type (Metal Matrix Composites, Ceramic Matrix Composites, Polymer Matrix Composites), By Application (Power Boats, Sailboats, Cruise Ships, Others), By Region, Forecast & Opportunities, 2025”, global marine composites market is expected to witness a robust CAGR during the forecast period. Increasing demand for marine composites from the power boats segment because of rising recreational boating market in growing nations across the globe predominantly Europe and North America is one of the major factors accounting for the growth of global marine composites market. Moreover, less weight of composites tends to increase the fuel efficiency, which ultimately leads to better shear resistance of boats owing to high impact strength is further expected to bode well for the growth of global marine composites through the forecast years. In addition to this, new advanced techniques are being developed which in turn is positively influencing the growth of global marine composites market. Also, several benefits provided by composites when used in propellers like lower cost, better noise damping, reduced weight, lower magnetic signature, and superior corrosion resistance is making headway for the growth of global marine composites market across the globe. Along with this, surging initiatives by the government in various developing economies is anticipated to positively contribute to the market growth during the next five years. Additionally, hybrid composites are utilized for crafting the racing powerboats with higher performance and improved driver safety, which is expected to aid the market growth over the coming years. However, there are some factors that can act as major impediments to the growth of global marine composites market through 2025 such as high capital cost which discourages many potential players from entering the market.
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Global marine composites market can be segmented based on composite type, application, company and region. Considering the application, the market is fragmented into power boats, sailboats, cruise ships and others. The power boats application segment dominated the global marine composites market in terms of both value and volume until 2019 and is further anticipated to maintain its dominance during the forecast period as well which can be accredited to its high demand for marine composites for yachts and racing boats. As in yachts, marine composites are used in deck fittings, hulls, rudders, swim ladders, and masts. In terms of composite type, the market is fragmented into metal matrix composites, ceramic matrix composites and polymer matrix composites. The polymer matrix composites are further categorized into glass fiber marine composites, carbon fiber marine composites, others. Out of which, the glass fiber marine composites segment is anticipated to grow at a high pace during the forecast years which can be accredited to its better properties and minimal prices when compared to carbon fiber composites. Their continuous development has made glass fiber composites as the main type of marine composites that are used for boat building, globally.
Toray Industries Inc., Mitsubishi Rayon Co. Ltd., Hexcel Corporation, Owens Corning, Cytec Solvay Group, E. I. Du Pont De Nemours and Company, Gurit Holding, SGL Group, Teijin Limited, Hyosung, Zoltek Companies Inc., Tatneft Alabuga Fiberglass, Premier Composite Technologies, Advanced Custom Manufacturing, Aeromarine Industries Ltd., Airborne, GMS Composites, Composites One, Hexion, Marine Concepts are among others are the leading players operating in global marine composites market. The players are adopting several growth strategies to enhance the market scenario of marine composites. Other competitive strategies include product launches; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diverse their product portfolio in order to strengthen their market position.
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“North America is forecast to dominate the global marine composites market during the next five years owing to presence of many power boat manufacturers in the region. Moreover, high demand for recreational boats due to high spending power in the region is also contributing to the growing trend. Furthermore, Asia-Pacific is anticipated to register high growth through 2025 due to the new contracts for cruise ship builders coupled with surging demand for recreational boats in the region owing to growing sporting activities in countries such as Japan, South Korea, and China.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Marine Composites Market By Composite Type (Metal Matrix Composites, Ceramic Matrix Composites, Polymer Matrix Composites), By Application (Power Boats, Sailboats, Cruise Ships, Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global marine composites market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global marine composites market.
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