Epoxy Resin Market in Marine Composites is Likely to Grow at a CAGR of 4.4% Over the Next Five Years

Stratview Research has launched a new research report on Epoxy Resin Market in Marine Composites in five ways to provide a 360-degree holistic view.
The forecast of the market has been segmented by-
• by Platform Type: (Boats, Yachts and Others)
• by Application Type: (Hulls, Mast and Spars and Others)
• by Process Type: (Prepreg Layup, Resin Infusion and Others)
• by Curing Type: (Amine, Anhydride and Others)
• by Region
o North America
o Europe
o Asia – Pacific
o Rest of the World

The objective of this report is to identify the Trend, Forecast, Competitive Analysis, and Growth Opportunity of Epoxy Resin Market in Marine Composites.
Years considered for this report -
• base year 2018
• trend period 2012 - 2017
• forecast period 2018 - 2023

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The Global Epoxy Resin Market in Marine Composites: Highlights.
Marine industry was among the most suffered industries during the recession period. New boat sales have not yet reached its 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 growth in the sales of boats and yachts. Furthermore, the growing trend for the replacement of traditional bulky metal boats with composite boats is also elevating the demand for composites at a faster rate than the overall growth of the industry.

The marine industry has undergone a remarkable transition over a period with regards to the adoption of composite materials in various applications. Polyester composites dominate the overall marine composites market, owing to low cost coupled with moderate performance. However, in racing boats and yachts, epoxy resin is becoming the perennial choice of matrix system for manufacturing high-performance composite parts.

The global epoxy resin market in marine composites is likely to grow at a healthy CAGR of 4.4% over the next five years. Superior mechanical properties, excellent adhesiveness, improved fatigue resistance, reduced water ingression, weight reduction, and excellent chemical resistance are some of the key drivers of epoxy resins in marine composites. In addition to that, usage of epoxy resins in marine composites also reduces VOC emissions, which, in turn, would help composite part manufacturers to meet the stringent and US and EU standards.

Furthermore, organic growth of boat and yacht retail sales is also giving an additional boost to the demand for epoxy resins in the marine composites. Also, boat and yacht manufacturers are keen to develop lightweight boats or yachts in order to make them more fuel efficient and provide high-speed meeting the requirements of racing and recreation. This again is leading to a greater demand for epoxy resins in high-speed racing boats and yachts.

Another factor giving an impetus to the market is increasing use of carbon fiber composites in the marine industry. Carbon fiber is highly compatible with epoxy resin and has been gaining traction in racing boats and yachts at a faster rate. The cost of carbon fiber is extremely higher over glass fiber, which limits its mass adoption up to some extent; however, the advantages of significant weight reduction coupled with superior performance and strength act as an attraction for its usage.

Based on the platform type, the global epoxy resin market in marine composites is segmented as boats, yachts, and others. The boat is expected to remain the most dominant market during the forecast period, driven by higher production of boats globally and increasing usage of epoxy composites in high-speed racing boats in order to optimize strength-to-weight ratio of major components, such as hulls.

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Based on the application type, the global epoxy resin market in marine composites is segmented as hulls, mast & spreaders, decks, interiors, and others. The mast & spreaders segment is likely to remain the most dominant application type in the epoxy resin market in marine composites during the forecast period. Carbon-epoxy is the most preferred composite materials for making masts and spreaders, whereas glass-polyester is for making hulls and decks.

Based on regions, Europe dominates the global epoxy resin market in marine composites, owing to the presence of a large number of prepreggers, part fabricators, and boat and yacht manufacturers. Selden Masts, Sunseeker International Ltd., Future Fibers, Marstrom Composites AB, Gurit Holding AG, and Hexcel Corporation are some of the major consumers of epoxy composites for the marine industry in the European region.

The supply chain of this market comprises of raw material suppliers, epoxy resin manufacturers, distributors, prepreg manufacturers, composite part fabricators, boat manufacturers, and yacht manufacturers. Major epoxy resin suppliers in marine composites are Aditya Birla Chemicals Ltd., Hexion Inc., Huntsman Corporation, Olin Corporation, Sicomin Epoxy Systems, and Wessex Resin and Adhesives Ltd.

Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. 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.

Research Methodology
This report studies the market, keeping in mind the interest of all the stakeholders across the value chain. The rich quality of insights is outcome of -
• Extensive secondary research,
• Rigorous primary interviews with more than 10 industry stakeholders across the value chain.
• Validation and triangulation of data with Stratview Research’s internal database and statistical tools.
• More than 1000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

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