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    Marine Composite Materials Market Size, Share & Forecast (2019-2024)

    Marine Composite Materials Market Size, Share & Forecast (2019-2024)
    Report code - SRCG114 Published On : Jul,2019 No. of Pages: 231
    Marine Composite Materials Market Size, Share, Trend, Forecast, & Competitive Analysis See more...
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    Marine Composite Materials Market Insights

    The marine industry was among the most suffered industries during the recession period. New boat sales have not yet reached their peak level attained in 2007. However, recovery of the global economy has gradually been impacting the sales of boats and yachts for the past few years. The demand for composites in the marine industry has also been surging with the growth in sales of boats and yachts. The marine industry currently accounts for less than 10% share of the overall global composite materials market. But the penetration of composites in this industry has been highest among all the industries where composite materials are used.

    The composite materials market in the marine industry is also heading towards the consolidation as major players are taking a keen interest in acquiring other companies to quickly position themselves in the upper section of the market. For instance; 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. Further, both mergers have strengthened the companies’ polyester and vinyl ester resin capabilities. There has also been an acquisition in the epoxy resins market: Olin Corporation acquired the epoxy division of The Dow Chemical Company in 2015. Also, all the major players are increasingly participating to capture a larger pie of the market. They are working with the industry stakeholders for the development of innovative products meeting the market requirements.

    The global marine composite materials market size is projected to grow at a healthy rate over the next five years to reach US$ 1,546.8 million in 2024. Increasing number of outdoor participation (recreational boats represent a good share), increasing global HNWI population, increasing new boat sales, and increasing share of fiberglass boats over traditional boats, are some of the key factors, boosting the growth of composite materials in the marine industry. Another factor expanding the market is the growing interest for marine leisure activities, which is booming the market for ski/wake boats and personal watercraft. Such kind of boats are preferably made with composite materials and are thickening the demand for composite materials.

    Marine Composite Market Forecast

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    Marine Composite Materials Market Share Analysis

    Insights by Boat Type

    The market is segmented 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 market during the forecast period. BRP Inc., Kawasaki, and Yamaha are the major players in the PWC segment, which generate sustainable demand for composite materials.

    Insights by Type of Applications

    Based on the application type the market is broadly segmented as Hull, Deck, Stringers, Roof, and Others. Hull is likely to remain the most dominant segment during the forecast period. Hull is the largest composite application in terms of volume consumed as well as in terms of dimension. Hull of PWC and inboard/sterndrive boats is preferably built using composite materials, mainly glass fibers impregnated with polyester or vinyl ester resins.

    Insights by Material Type

    Based on the material type, polyester resin is projected 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 forecast 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 a crucial parameter.

    Regional Insights

    Based on regions, North America is projected to remain the largest region, 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 the country to tap the growing potential of the country.

    Marine Composite Market Forecast

    Key Players

    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 Ashland Inc., Owens Corning, China Jushi Co., Ltd., Polynt-Reichhold Group, AOC Aliancys, Huntsman Corporation, Hexion Inc. and Interplastic Corporation. Major boat manufacturers using composites are Brunswick Corporation, White River Marine Group, Beneteau Group, Ferretti Group, Marine Products Corp., Correct Craft Inc., Malibu Boats Inc., and BRP Inc.

    Research Methodology

    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.

    Market Scope & Segmentation

    Marine Composites are high in demand today due to the benefits of manufacturing different parts of a ship or a boat or other marine options with composite materials. Composites offer an upper hand over the traditional manufacturing in terms of corrosion, designing, flexibility, weight, and many others.

    Marine Composites are extensively used today in manufacturing options such as the boat body, the hull, pumps, engines, and many others to reduce down the weight of the marine vehicle and also to provide a new look to it.

    Research Scope

    Trend & Forecast Period

    2013-2024

    Size in 2024

    US$ 1,546.8 million

    Forecast

     5.4% CAGR during 2019-2024

    Regions Covered

    North America, Europe, Asia-Pacific, Rest of the World

    Countries Covered

    The USA, Canada, Mexico, France, Germany, the UK, Spain, Sweden, Japan, New Zealand, China, Latin America, the Middle East and Others

    Figures & Tables

    >150

    Customization

    Up to 10% customization available free of cost

     

    The market is segmented in the following ways:

    Marine Composite Materials Market Size, Share & Forecast by Boat Type:

    • Outboard Boat
    • Inboard/Sterndrive Boat
    • PWC
    • Other Boat

    Marine Composite Materials Market Size, Share & Forecast by Application Type:

    • Hull
    • Deck
    • Stringers
    • Roof
    • Others

    Marine Composite Materials Market Size, Share & Forecast by Material Type:

    • Polyester Resin
    • Vinyl Ester Resin
    • Epoxy Resin
    • Glass Fiber
    • Carbon Fiber
    • Others

    Marine Composite Materials Market Size, Share & Forecast by Region:

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: France, Germany, the UK, Spain, Sweden, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, New Zealand, China, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Report Features

    This report, from Stratview Research, studies the marine composite materials market for the forecast period of 2019 to 2024 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:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

     


    A bird's eye view of the Marine Composite Materials Market

    What will be the size of the Marine Composite Materials Market in the foreseeable years?

    Driven by a number of factors like increasing number of outdoor participations; increasing global HNWI population, the marine composite material market is projected to reach an estimated value of US$ 1,546.8 million in 2024.

    Which country/region is expected to be the fastest growing Marine Composite Materials Market?

    Based on regions, Asia-Pacific is likely to remain the fastest-growing marine composite materials market during the forecast period.

    Which type of application is expected to remain dominant?

    Hull is likely to remain the most dominant application type during the forecast period.

    Who are the key players in the Marine Composite Materials Market?

    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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