Marine Composites Market Soaring at 5.6% CAGR to Reach at USD 5.04 Billion by 2023

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.

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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.

The polyester resin segment is projected to lead the marine composites market during the forecast period. The high market share of polyester resin is due to its better properties and lower prices than other resins. Ever since its development, polyester resin has dominated the global marine composites market. In addition, these are available at a lower price than epoxy and vinyl ester resins.

The power boat segment is projected to lead the marine composites market during the forecast period owing to the increasing leisure market and recreational boating in North America and Europe. Ever since their development, the power boats industry has been the main end user of marine composites. The growing recreation boating market and increasing expending power of people are expected to drive the market in the coming years.

The North American region is projected to dominate the marine composites market between 2018 and 2023 due to the presence of a large number of 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.

This report also provides a comprehensive analysis of the top companie such as 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) and Hyosung (South Korea).

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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%

Related Report:

Composite Adhesives Market by Resin (Epoxy Polyurethane) Component (One-Component Two-Component) Application (Automotive & Transportation Marine Aerospace Wind Energy) and Region - Global Forecast to 2022

The global composite adhesives market is projected to reach USD 1.78 billion by 2022, at a CAGR of 7.9% from 2017 to 2022. The demand for lighter vehicles has lad manufacturers switch from traditional mechanical fasteners to lightweight and more efficient adhesives, which is driving the global composite adhesives market. Stringent environmental regulations in the European countries are restraining the growth of the composite adhesives market.

The aerospace segment is estimated to be the fastest-growing application segment of the composite adhesives market. The high demand for advanced aircraft from the commercial aviation segment due to entry of new airlines and expansion of existing airlines is driving the demand for composite adhesives from the aerospace segment. Increasing air traffic, demand for fuel-efficient aircraft, replacement of obsolete aircraft, and strong economic growth in the emerging markets are expected to drive the demand for aerospace composite adhesives during the forecast period.

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