The Fact.MR study on the marine composites market offers insights into key factors affecting the growth trajectory. The survey reveals a comprehensive demand outlook in terms of composite, fiber, resin, and vessel. The report also highlights the scope for expansion of some of the leading companies operating within the market.
NEW YORK, Aug. 11, 2021 /PRNewswire/ — According to a survey conducted by Fact.MR, the global marine composites market registered a valuation of US$ 4 billion in 2020. Thanks to the increasing adoption of marine composites in manufacturing recreational boats, high-speed boats, yachts, and fishing boats among others, the market is estimated to expand at a CAGR of over 6%, surpassing US$ 5 billion during the forecast period, from 2021 to 2031.
Increasing demand for marine vehicles is a chief factor boosting the market. As per a report published by the National Marine Manufacturers Association (NMMA) in January 2020, the retail sales of new boats approximately totaled 280,000 units in the year 2019, out of which personal watercraft accounted for around 73,000 units.
Marine composites are increasingly used for manufacturing marine vehicles due to their favorable characteristics such as high strength-to-weight ratio, lightweight, fuel efficiency, less noise emission, and flexibility in design. Thus, rising demand for marine vehicles will therefore present remunerative opportunities for the market players over the coming years.
As per Fact.MR, Asia Pacific is estimated to dominate the global marine composites market. Surge in demand for recreational boats is on cards due to the initiatives undertaken for promoting yachting as a leisure activity by countries such as China, South Korea, and India. Consequently, Asia Pacific is expected to account for over 39% of the global market share by 2031.
“Manufacturers of marine composites are emphasizing on developing novel composites with high tensile and shock-resistant properties to cater to the increasing demand from recreational boats and watercrafts for leisure activities,” says the Fact.MR analyst.
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Key Takeaways from Marine Composites Market Study
- North America is expected to remain one of the leading markets for marine composites, surpassing a valuation of US$ 700 million by 2031.
- Owing to the presence of number of shipbuilders in the countries like Italy, Spain, and the U.K., the market in Europe is likely to grow at a CAGR of 3% over the assessment period.
- Brazil is anticipated to emerge as a lucrative market favored by increasing purchasing power of the population and demand for recreational boats.
- Carbon fiber polymer matrix composites are estimated to project a swift demand growth, surging at a CAGR of 7% through 2031.
- Based on vessel, the powerboat is projected to remain one of the remunerative segments, expanding at a CAGR of 4% during the forecast period.
Key Drivers
- Increasing demand for high-speed boats will fuel marine composites sales.
- Rise in leisure and recreational boating activities is spurring the sales of marine composites.
- Increasing application of marine composites in marine vehicles such as propellers vanes, gear cases, and masts among others will drive the market.
Key Restraints
- High cost of raw material for manufacturing marine composites is a key factor hampering the market growth.
- Need for large capital-intensive equipment for marine composites is restraining the growth of the market.
- Complex and high energy-intensive conversion process is impacting the market growth.
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Competitive Landscape
Companies operating in the marine composites are undertaking various initiatives such as research and development, technology innovations, production expansion, strategic mergers, and acquisitions to manufacture cost-effective and lightweight products. For instance,
- Teijin Limited, a company based in Japan, announced launching a new highly shock-resistant and high tensile prepreg in February 2018. The product incorporates carbon fiber and specialized carbon nanotubes. This assisted the company to offer CFRP with enhanced tensile strength and shock resistance.
- In September 2017, Owens Corning, an American company, announced expansion of its glass melter production capacity by nearly 25% at its composites manufacturing facility based in Chambéry, France. This assisted the company to increasing its manufacturing capacity.
Some of the leading market players operating in the marine composites market profiled by Fact.MR are:
- Owens Corning
- Toray Industries, Inc.
- SGL Group
- Cytec Solvay Group
- Teijin Limited
- Mitsubishi Rayon Co. Ltd.
- Hexcel Corporation
- E. I. Du Pont de Nemours and Company
- Hyosung
More Valuable Insights on Marine Composites Market
Fact.MR, in its new report, offers an unbiased analysis of the global marine composites market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in marine composites market with detailed segmentation:
- By Composite
- Metal Matrix Composites (MMC)
- Ceramic Matrix Composites (CMC)
- Polymer Matrix Composites (PMC)
- By Fiber
- Glass Fiber Marine Composites
- Carbon Fiber Marine Composites
- Aramid Fiber Marine Composites
- Natural Fiber Marine Composites
- By Resin
- Polyester Marine Composites
- Vinyl Ester Marine Composites
- Epoxy Marine Composites
- Thermoplastic Marine Composites
- Phenolic Marine Composites
- Acrylic Marine Composites
- By Vessel
- Marine Composites for Power Boats
- Marine Composites for Sailboats
- Marine Composites for Cruise Ships
- Marine Composites for Cargo Vessels
- Marine Composites for Naval Boats
- Marine Composites for Jet Boats
- Marine Composites for Personal Watercraft
Key Questions Covered in the Marine Composites Market Report
- The market survey also highlights projected sales growth for marine composites market between 2021 and 2031
- The report offers insight into marine composites demand outlook for 2021-2031
- Marine composites market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Marine composites market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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