North America to Dominate Marine Composites Market until 2025
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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