Marine Composite Market To Reach USD 6166.9 Million By 2026 | Reports And Data

17 June 2019

Getting new technological advancements for development of production for marine composites is projected to provide new growth opportunities to the marine composites market in the forthcoming years.

Market Size – USD 3672.8 Million in 2018, Market Growth – CAGR of 6.7%, Market Trends – Product Launches and Research for Advanced Tech Developments

NEW YORK, June 10, 2019 (GLOBE NEWSWIRE) -- Based on current analysis, the global marine composite market was valued at USD 3672.8 million in 2018 and is expected to reach USD 6166.9 million by 2026, at a CAGR of 6.7% Marine composites provide excellent strength to weight ratios, make materials resistant to corrosion, require low maintenance cost and improves flexibility. North America is dominating the marine composites market and is likely to remain the revenue generating region during the forecast period.

Composite materials are those materials in which strengthening material like carbon fibers, fiberglass or aramid fibers are reinforced in a resin to make a much stronger material with improved material properties for different applications. They offer higher strength to weigh ratio than traditional wood or steel material structures and can require less skill to generate a significant exterior.

Marine composites are consumed in resins and fibers to impart their workable strength and advance their properties. Minimized manufacturing cost due to technological innovations and developments is presumed to further progress the global marine composites market growth. Marine composite market is also boosted owing to robust requirement for marine composites in subsea applications worldwide. In addition, rising concern for emissions of greenhouse effects is likely to proper the overall market development.

On the other hand, expensive production price may hamper the growth and development of the market. Acceptance of new technological advancements for development of production for marine composites is projected to provide new growth opportunities to the marine composites market in the forthcoming years.   

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Further key findings from the report suggest

  • Asia-Pacific registers the highest CAGR 7.6% in the marine composite market owing its growth to China and India’s fast growing and developing economies. The emerging boat building industry is Asia-Pacific is further flourishing the growth of the marine composite market

  • In the progressively modest world, all the decisions are governed by commercial considerations. High capital cost of marine composites is identified as the key challenge for the marine composites market growth. The two most common commercial factors are the capital cost (CAPEX) and operating cost (OPEX)

  • Glass fiber is projected to lead the market with 42% of market share. Glass fiber is the fiber type of the polymer matrix composites. This growth is attributed to excellent properties and durable quality than those of other fiber composites

  • Growing demand for speed boats, increasing purchasing power of the public and innovation in the material technology are making it possible for marine composite industry to create its significance in the economy

  • The yacht is the hugest consumer of marine composites in the marine market. In a yacht, marine composites are used in hulls, swim ladders, deck fittings. As of now, more than 83% of yacht are manufactured with glass fiber-based composites

  • Hexion announced, in early 2018, a path breaking process of one-shot resin infusion process. Such initiatives are likely to increase the marine composite market growth rate

  • Polyester resin segment is projected to dominate the marine composite market during the forecast period. It dominated the market because of its exceptional properties to not expand with high temperature and exhibit good mechanical, technical, electrical and high heat resistance properties

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Segments covered in the report:

This report about global marine composite market forecasts revenue growth at a global, regional and country level also, provides an analysis on the industry trends in each of the sub segments from 2016 to 2026. For the purpose of this study, the market is segmented on the basis of fiber type, resin type, composite type, end users and regions:                     

Fiber type (Revenue, USD Million; 2016–2026)

  • Glass Fiber

  • Carbon Fiber

  • Aramid

  • Natural Fibers

  • Others

Resin Type (Revenue, USD Million; 2016–2026)

  • Polyester

  • Vinyl Ester

  • Epoxy

  • Thermoplastic

  • Phenolic

  • Acrylic

  • Others

Composite Type (Revenue, USD Million; 2016–2026)

  • Polymer Matrix Composite (PMC)

  • Ceramic Matrix Composite (CMC)

  • Metal Matrix Composite (MMC)

  • Other

Vessel Type (Revenue, USD Million; 2016–2026)

  • Power Boats

  • Sailboats

  • Cruise Ships

  • Cargo Vessels

  • Naval Boats

  • Jet Boats

  • Personal Watercraft

  • Others

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Regional Outlook (Revenue in USD Million; 2016–2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Spain

    • Italy

    • Rest of the Europe

  • Asia Pacific

  • China

    • India

    • Japan

    • Rest of Asia-Pacific

  • Middle East & Africa

  • Latin America

    • Brazil

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