Marine Composites Market |By Type |Resin Type|Vessel Type|Fiber Type |Region Analysis to 2023

The report includes market segmentation by composites type (metal matrix composite, ceramic matrix composite, polymer matrix composite); polymer matrix composite by fiber type (glass fiber, carbon fiber, others); polymer matrix composite by resin type (polyester, vinyl ester, epoxy, thermoplastic, others); vessel type (power boats, sailboats, cruise ships, others); and region (North America, Europe, APAC, Latin America, MEA).

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The marine composites market is estimated at USD 3.83 billion in 2018 and is projected to reach USD 5.04 billion by 2023, at a CAGR of 5.6% during the forecast period. The major factors driving the growth of the market are the increase in the use of marine composites due to the need for corrosion resistant and lightweight materials, growing recreation boating market, and increasing expending power of people. However, the high prices of carbon fiber and difficulty in recyclability of marine composites may restrain the growth of the market.

Target Audience
• Marine Composite Manufacturers
• Raw Material Suppliers
• Distributors & Suppliers
• Industry Associations

The carbon fiber segment is expected to lead the polymer matrix composites market owing to its superior properties and increasing use in the boat building industry. Carbon fiber based marine composites are used for the manufacture of high-speed boats. Growth is anticipated by decreasing the cost of carbon fiber composite processing technologies (resulting in low cost of carbon fiber composites), and better properties offered by carbon fiber composites, such as lightweight and high strength to weight ratio. Some of the major applications of carbon fiber composites include furniture in luxury yachts, hulls, and masts of racing yachts, keels, decks, transverse frames, rigs, bulkheads, and longitudinal stringers.

Scope of the Report:

By Composite Type

• Metal Matrix Composite (MMC)
• Ceramic Matrix Composite (CMC)
• Polymer Matrix Composite (PMC)

Polymer Matrix by Fiber Type

• Glass Fiber
• Carbon Fiber
• Others
• Aramid
• Natural Fibers

Polymer Matrix by Resin Type

• Polyester
• Vinyl Ester
• Epoxy
• Thermoplastic
• Others
• Phenolic
• Acrylic

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Vessel Type

• Power Boats
• Sailboats
• Cruise Ships
• Others
• Cargo Vessels
• Naval Boats
• Jet Boats
• Personal Watercraft

By Region
• North America
• Europe
• APAC
• Latin America
• MEA

The North American region is projected to dominate the marine composites market between 2018 and 2023 due to the presence of many power boat manufacturers. The demand for recreational boats is the highest in North America due to high per capita incomes in the region. The strong economy continues to bolster new boat sales and boating expenditures in the region.

Key Players Profiled:
• Toray Industries Inc. (Japan)
• Mitsubishi Rayon Co. Ltd. (Japan)
• Hexcel Corporation (US)
• Owens Corning (US)
• Cytec Solvay Group (US)
• E. I. Du Pont de Nemours and Company (US)
• Gurit Holding (Switzerland)
• SGL Group (Germany)
• Teijin Limited (Japan)
• Hyosung (South Korea)

This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following 3 categories:
• By Company Type: Tier 1 — 20%, Tier 2 — 55%, and Tier 3 — 25%
• By Designation: C Level — 50%, Director Level — 25%, and Others — 25%
• By Region: North America — 25%, Europe — 30%, Asia Pacific — 35%, MEA — 5%, and Latin America — 5%

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