Marine Structural Core Materials Market Report
Marine Structural Core Materials Market is Segmented by Boat Type (Outboard Boats, Sterndrive Boats, PWC, and Others), by Core Material Type (PVC, SAN, PET, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Marine Structural Core Materials Market is Segmented by Boat Type (Outboard Boats, Sterndrive Boats, PWC, and Others), by Core Material Type (PVC, SAN, PET, and Others), and by Region (North America, Europe, Asia-Pacific, and Res...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The core materials refer to the central component of sandwich construction. The well-known core materials used in sandwich construction are honeycomb, foam, and balsa. This core material absorbs the shear forces generated by out of planeloads, distributing between the skins and spreading them over a larger area, while maintaining the skins at a fixed distance. The core’s function is to support the skins so that they do not deform inwardly or outwardly to keep them in a relative position to each other. The core materials can be made of a variety of materials such as wood, aluminum, and a variety of foams.
The market recorded a relatively low decline in the demand for composite materials in the marine industry as compared with the one registered during The Great Recession. The marine structural core materials market witnessed a plunge of -6.9% in 2020 due to the COVID-19 outbreak. An expected recovery in the economy, growing USA’s powerboat sales, increased preference for outdoor recreational activity amid the pandemic, and excellent performance of composites are likely to help the stakeholders to log the quick market recovery. Stratview Research estimates the global marine structural core materials market may record an impressive CAGR of 6.6% over the next five years to reach US$ 180 Million in 2026. Boating is a preferred choice for recreation in the New Normal, there has been a surge in the number of first-time buyers amid the pandemic. Based on recent NMMA estimates, about 4,15,000 first-time boat buyers entered the market in the USA in 2020.
Based on the boat type, the marine structural core materials market is segmented as outboard boats, sterndrive boats, PWC, and others. The outboard boat is expected to remain the biggest demand generator for core materials during the forecast period. There has been a growing penetration of fiberglass boats in the outboard category. Also, there has been a paradigm shift from sterndrive to outboard boats.
Based on the core material type, the market is segmented as PVC, SAN, PET, and others. PVC is expected to remain the most dominant material type in the market during the forecast period. Key driving factors of PVC foam core are moisture resistance and cost-effectiveness with excellent durability. PET held the smallest share of the market in 2020; however, it is anticipated to experience the fastest growth during the forecast period. SAN holds a fair share but there has been a gradual shift from SAN to PVC and PET cores.
In terms of regions, North America is expected to remain the largest market for marine structural core materials during the forecast period. The region is the largest producer of recreational boats. In 2020, there were total sales of nearly 320 thousand boats (Outboard, Sterndrive, Inboard, PWC, Jetboats, etc.) in the USA. Asia-Pacific is likely to witness the fastest growth during the forecast period with strong potential from China and Japan.
The following are the key players in the marine structural core materials market. Most of the major players are providing core materials for other end-use industries too.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s marine structural core materials market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The marine structural core materials market is segmented into the following categories.
Marine Structural Core Materials Market, by Boat Type
Marine Structural Core Materials Market, by Core Material Type
Marine Structural Core Materials Market, by Region
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The marine structural core materials market is estimated to grow at a CAGR of 5.5% by 2026.
DIAB International AB, Gurit Holding AG, and 3A Composites GmbH, Armacell International, Changzhou Tiansheng New Materials Co. Ltd. (China), Maricell S.r.l., I-Core Composites, and Carbon-Core Composites are the leading players in the marine structural core materials market.
North America is estimated to remain dominant in the marine structural core materials market in the foreseen future.