Marine Composites Market to Show $2000.0 Million by 2021

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Marine Composites Market to Show $2000.0 Million by 2021
Marine Composites Market
Marine Composites Market

According to the report, the global marine composites market expected to reach approximately USD 2000.0 million by 2021, growing at a CAGR of around 7.1% till 2021.

Composites are a combination of one or more constituent material with different physical and chemical properties, which produce another unique characteristics material. The composite material is preferred in marine applications as they provide lighter, or less expensive when compared to traditional materials. The consumption of marine composites is more than 4 to 5% of the composite market. There are various composites used in different marine applications which include glass fiber composites, carbon fiber composites, and foam core materials.

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Adoption of latest technology and recyclability has resulted in increased demand across the globe during the forecast period.  Low manufacturing cost coupled with technological innovations is expected to further enhance the global marine composites market growth. Some key factors such as increasing demand for repairable composites and biodegradable composites are contributing to the growth of the marine composites market. However, stringent safety & health regulations are expected to be a major restraint for the marine composite market.

Some key products include in marine composites such as glass fiber composites, carbon fiber composites, and foam core materials. Glass fibers are mainly used in powerboats, sailboats, cruise liners & personal watercrafts and it is preferred over other composites as GFRP owing to its low cost.

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Thus, glass fiber reinforced plastics product segment accounted for largest share of the market in 2015. The carbon fiber composites market accounted for approximately 9.2% of the total market in 2015 and is estimated to be the fastest growing market in the year to come.

The marine composites are widely used in the various application includes powerboats, leisure boat, sailboats, cruise liners, personal watercrafts and others. Powerboat dominated application segment of the marine composite end-use market over the last few years.  Sailboats are one of the fastest growing application segments accounted for around 25.0% share of the global marine composites market share in 2015 and is expected to gain high market share in the forecast period. Increasing disposable income coupled with rising leisure market is estimated to raise demand for yachts and cruise ships. Rising demand for out-of-autoclave prepregs and bio-plastics composites in different application sectors are projected to exhibits various growth opportunities of the market during the forecast period.

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North America represents the largest and fastest growing regional market and it accounted for over 48.0% share of total volume consumption in 2015. Europe was another leading region and it accounted for over significant share. Increasing boat manufacturing industry in Asia Pacific, especially in China and South Korea has been driving the marine composite market.

Some key participants include  Cytec Industries Inc., 3A Composites GmbH, Toray Industries Inc., Zoltek Companies Inc., Hexcel Corporation and E. I. du Pont de Nemours and Company are the major players in the marine composites market.