The global marine composite materials market size was valued at USD 1.1 billion in 2019, and is projected to reach USD 1.2 billion by 2025, witnessing a market growth CAGR of 7.0 % from 2020 to 2025, according to an analysis by Stratview Research
Stratview Research, a global market research firm has launched a report on the global marine composite materials market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Market Statistics
Market Size in 2019: US$ 1.1 billion
Market Size in 2025: US$ 1.2 billion
Growth (CAGR): 7.0 % during 2020-2025
Leading Boat Type: Inboard/sterndrive boat
Leading Application Type: hull
Leading Material Type: Polyester
Leading Region: North America
Forecast Period: 2020-2025
Trend Period: 2014-2018
Base Year: 2019
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20
Segment Insights & Market Share Analysis of the Marine Composite Materials Market:
The global marine composite materials market is segmented based on boat type, application type, material type and region.
Based on Boat type –
- 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 -
- 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.
Based on the Material type –
- 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.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
“North America is projected to maintain its irrefutable lead, whereas Asia-Pacific is likely to remain the fastest-growing market during the forecast period.”
- 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.
- 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.
Marine Composite Materials Market Drivers:
Some of the key drivers listed in the report are given below.
- 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 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.
- 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).
Competitive Landscape: Top Companies in the Marine Composite Materials Market:
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 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 Global Holdings Inc.
- Owens Corning
- Polynt-Reichhold Group
- China Jushi Co. Ltd.
- AOC Aliancys
- Huntsman Corporation
- Hexion Inc.
- Interplastic Corporation.
The key boat manufacturers creating a huge demand for composite materials are-
- Brunswick Corporation
- White River Marine Group
- Beneteau Group
- Ferretti Group
- Marine Products Corp.
- Correct Craft Inc.
- Malibu Boats Inc.,
- BRP Inc.
Note: The above list does not necessarily include all the top players in the market.
What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?
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