Marine Composites Market Report
Marine Composite Materials Market Size, Share, Trend, Forecast, & Competitive Analysis: 2020-2025 See less
Marine Composite Materials Market Size, Share, Trend, Forecast, & Competitive Analysis: 2020-2025
The Marine Composite Materials Market is Segmented by Boat Type (Outboard, Inboard/Sterndrive, PWC, and Others), by Application Type (Hull, Deck, Stringers, Roof, and Others), by Material Type (Polyester Resin, Vinyl Ester Resin, Epoxy Resin, Glass Fiber, Carbon Fiber, and Others), and by Region (North America, Europe, Asia-Pacific and Rest of the World)
Composites have been used for over five decades on a commercial scale, initially gaining widespread acceptance only in high-end industries such as aerospace and defense. With increasing awareness and multiple advancements in technology, composite materials established their unshakable place in several other industries such as automotive, marine, civil engineering, building & construction, and sporting goods. As the industry stakeholders gain more and more knowledge about the material, composite material’s costs and fabrication processes have already come a long way and are still evolving.
Marine composite materials market accounted for less than a 3% share of the total composites market (in terms of volume). But the penetration of composites in this industry has been highest among all the industries where composite materials are used. The marine industry endured a massive blow in 2009 with the global economic slowdown due to the Great Recession. The USA, the ruling market in the marine industry hit an all-time low boat sale in 2010. Nevertheless, the past six years (2014-2019) proved to be propitious with a gradual recovery.
The global spread of COVID-19 has imprinted an abysmal impact, clinching major economies across the globe. As a result, several industries have had to endure huge repercussions, making drastic changes in the stakeholders’ long-term business strategies. The marine industry is no exception. Temporary halts in boat production have caused overall supply chain disruption, creating an obstructive impact on the marine composite materials market as well.
The pandemic’s short- as well as long-term reverberations on the demand for marine composite materials are unprecedented. In the short-term, the boat demand is likely to stoop down to 2014-2015 levels, creating a lag of at least 4 to 5 years in the market. With the slow but steady revival in the boat demand, the market is expected to gradually pick up the pace in the long-term, well backed by key factors such as increasing the HNWI population; increasing boating participants in the marine hub, the USA; and increasing penetration of fiberglass boats. Expected healthy recovery in the USA’s fiberglass boat market is likely to push the marine composite materials market towards healing, enabling it to cross its 2019-market level by 2025, growing at a healthy long-term CAGR of 7.0% (value basis).
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Stratview has segmented the marine composite materials market based on the boat type as outboard boat, inboard/sterndrive boat, PWC, and other boats. Inboard/sterndrive boat is likely to remain the most dominant boat type in the marine composite materials market, whereas PWC to remain the fastest-growing boat type during the forecast period. BRP Inc., Kawasaki, and Yamaha are the major players in the PWC segment, generating a sustainable demand for composite materials. The market is experiencing a gradual shift from inboard boats to outboard boats, owing to ease in maintenance.
Based on the application type, we have broadly segmented the market as hull, deck, stringers, roof, and others. Being the largest composite application in terms of volume consumed and dimension, hull is likely to remain the most dominant application during the forecast period. Hull of PWC and inboard/sterndrive boats is preferably built using composite materials, mainly glass fibers impregnated with polyester or vinyl ester resins, creating significant demand in the market.
Our analysis based on the material type connotes that polyester resin is expected to remain the most dominant material over the next five years, whereas carbon fiber is expected to be the fastest-growing material type over the same period. Carbon fiber offers numerous advantages, such as high strength-to-weight ratio, high tensile and compressive strength, low coefficient of thermal expansion, and high fatigue resistance at lightweight. Carbon fiber is majorly used with epoxy resins in racing boats and yachts, where weight reduction is of paramount importance.
All regions are estimated to suffer huge plunges in 2020 due to the pandemic in which Europe to be the worst-hit region. As per the European Commission, in the second quarter of 2020, the tourism sector is expected to endure a massive 70% downfall in turnover, with the requirement for approx. 161 billion euros as a direct investment in tourism.
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Despite taking a severe blow in 2020, North America is projected to maintain its irrefutable lead, whereas Asia-Pacific is likely to remain the fastest-growing market during the forecast period. China is likely to be one of the fastest-growing marine composite material markets in the coming five years. There has been an increasing presence of country-level boat and yacht manufacturers in China to tap the growing potential.
Trend & Forecast Period
7.0% CAGR during 2020-2025
North America, Europe, Asia-Pacific, Rest of the World
The USA, Canada, Mexico, France, Germany, the UK, Spain, Sweden, Japan, New Zealand, China, Latin America, the Middle East and Others
Figures & Tables
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The market is segmented in the following ways:
Marine Composite Materials Market Size, Share & Forecast by Boat Type:
Marine Composite Materials Market Size, Share & Forecast by Application Type:
Marine Composite Materials Market Size, Share & Forecast by Material Type:
Marine Composite Materials Market Size, Share & Forecast by Region:
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The marine composite materials market is gradually heading towards consolidation as major players are taking a keen interest in strategic alliances to quickly position themselves in the upper section of the market. Key M&As are Polynt and Reichhold merger, the formation of AOC Aliancys, and acquisition of Ashland’s composites business by INEOS. The merger of AOC and Aliancys in 2018 and the merger of Polynt and Reichhold in 2017 helped these companies to better position themselves not only in marine but also in other industries and strengthened their polyester and vinyl ester resin capabilities. The epoxy resins market has also registered some key acquisitions: Olin Corporation acquired the epoxy division of The Dow Chemical Company in 2015. Also, all the major players are increasingly enhancing their capabilities to capture a larger pie of the market. They have excellent product development capabilities, a wide geographical reach, and a large customer base for various end-use industries.
The supply chain of this market comprises raw material suppliers, intermediate products (prepreg) suppliers, distributors, part fabricators, boat/yacht manufacturers, and end-users.
Some of the key suppliers of marine composite materials are-
The key boat manufacturers creating a huge demand for composite materials are-
This report, from Stratview Research, studies the marine composite materials market for the forecast period of 2020 to 2025 at the global, regional, and country-level. The report provides detailed insights about the market dynamics and competitive landscapes to enable informed business decision making and growth strategy formulation based on the opportunities present in the market. Furthermore, we have exhaustively leveraged our huge marine database, gathered during the preparation of our comprehensive reports on the recreational fiberglass boat market and the marine epoxy resin market, in order to take the veracity of market estimations to the next level.
The following are the key features of the report:
For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of 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. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.
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Driven by a number of factors like an increasing number of outdoor participation; increasing the global HNWI population, the marine composite material market is projected to reach an estimated value of US$ 1,203.0 million in 2025.
Based on regions, Asia-Pacific is likely to remain the fastest-growing marine composite materials market during the forecast period.
Hull is likely to remain the most dominant application type during the forecast period.
Ashland Inc., Owens Corning, China Jushi Co., Ltd., Polynt-Reichhold Group, AOC Aliancys, Huntsman Corporation, Hexion Inc. and Interplastic Corporation are among the key players in the marine composite materials market.
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