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.
Growth of the market can be attributed to the high demand for marine composites from the power boats segment due to the growing recreational boating market in Europe and North America. The market has witnessed significant growth over the last few years due to the increasing demand for lightweight and corrosion-resistant boats.
The marine composites market is segmented on the basis of composite type, polymer matrix composite by fiber type, polymer matrix composite by resin type, vessel type, and region. Based on composite type, the market is segmented into metal matrix composite, ceramic matrix composite, and polymer matrix composite. Polymer matrix composite is projected to be the largest segment of the market during the forecast period, owing to its large-scale applications and excellent properties required for the marine industry. Polymer matrix composite provides excellent corrosion resistance, impact resistance, and lightweight.
Based on vessel type, the marine composites market is segmented into power boats, sailboats, cruise ships, and others. Power boats is estimated to be the largest segment of the marine composites market in 2018, owing to the growing demand for marine composites for yachts and racing boats.
Based on polymer matrix composite by fiber type, glass fiber is expected to dominate the marine composites market during the forecast period. This growth is attributed to its better properties and lower prices than those of carbon fiber composites. Ever since their development, glass fiber composites have been the main type of marine composites used for boat building, globally.
Based on polymer matrix composite by resin type, polyester resin dominated the polymer matrix composite by resin type market during the forecast period. The high market share of polyester resin is because polyester resin provides excellent properties, such as these do not expand with high temperature and exhibit good mechanical, electrical, and high heat resistance properties. In addition, these are available at lower prices than epoxy and vinyl ester resins.
The North American region is projected to dominate the marine composites market, in terms of value between 2018 and 2023. This is primarily due to increasing recreation boating in this region, especially in the US. The presence of major manufacturers of marine composites in the North American region is another factor expected to support the growth of the market in the coming years.
Owens Corning (US), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Solvay Group (US), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), Hexcel Corporation (US), E. I. Du Pont de Nemours and Company (US), and Hyosung (South Korea) are some of the leading players in the marine composites market.
Owens Corning is the leading manufacturer of marine composites. It is a prominent player in the marine composites market, inclined towards providing innovative and cost-efficient solutions for marine composites. The company adopted expansions and agreements as the main strategies to increase its presence in the market. The marine composites manufactured by the company are widely used in the marine industry.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Marine Composites Market 4.2 Marine Composites Market, By Composite Type 4.3 Polymer Matrix Composites Market, By Fiber Type 4.4 Polymer Matrix Composites Market, By Resin Type 4.5 Marine Composites Market, By Vessel Type and Region 4.6 Marine Composites Market, By Country 4.7 Marine Composites Market Size, By Vessel Type
5 Market Overview
5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 126.96.36.199 Rise in the Demand for High-Speed Boats 188.8.131.52 Better Properties of Marine Composites Than That of Other Alternatives 184.108.40.206 Design Flexibility of Vessels 220.127.116.11 Rise in Demand for Fuel-Efficient Vessels 5.2.2 Restraints 18.104.22.168 High Cost of Carbon Fiber 22.214.171.124 Availability of New High Strength and Lightweight Alloys 5.2.3 Opportunities 126.96.36.199 Growing Leisure Boat Market 188.8.131.52 Technological Advancements 5.2.4 Challenges 184.108.40.206 High Capital Cost 220.127.116.11 Concern About Reparability and Recyclability 5.3 Porter's Five Forces Analysis 5.3.1 Threat of Substitutes 5.3.2 Bargaining Power of Suppliers 5.3.3 Bargaining Power of Buyers 5.3.4 Threat of New Entrants 5.3.5 Intensity of Competitive Rivalry
8.1 Introduction 8.2 Power Boats 8.2.1 Yachts 8.2.2 Catamarans 8.2.3 Racing Boats 8.3 Sailboats 8.4 Cruise Ship 8.5 Others
9 Marine Composites Market, By Region
9.1 Introduction 9.2 North America 9.2.1 Us 9.2.2 Canada 9.3 Europe 9.3.1 Italy 9.3.2 Germany 9.3.3 France 9.3.4 UK 9.3.5 Netherlands 9.3.6 Rest of Europe 9.4 APAC 9.4.1 China 9.4.2 Japan 9.4.3 South Korea 9.4.4 Australia 9.4.5 Rest of APAC 9.5 Latin America 9.5.1 Brazil 9.5.2 Argentina 9.5.3 Rest of Latin America 9.6 MEA 9.6.1 South Africa 9.6.2 Turkey 9.6.3 Rest of MEA
11.1 Toray Industries Inc. 11.2 Mitsubishi Rayon Co. Ltd. 11.3 Hexcel Corporation 11.4 Owens Corning 11.5 Cytec Solvay Group 11.6 E. I. Du Pont De Nemours and Company 11.7 Gurit Holding 11.8 SGL Group 11.9 Teijin Limited 11.10 Hyosung 11.11 Other Companies 11.11.1 Zoltek Companies Inc. 11.11.2 Tatneft Alabuga Fiberglass 11.11.3 Premier Composite Technologies 11.11.4 Advanced Custom Manufacturing 11.11.5 Aeromarine Industries Ltd. 11.11.6 Airborne 11.11.7 GMS Composites 11.11.8 Composites One 11.11.9 Hexion 11.11.10 Marine Concepts