Marine Composite Materials Market estimated to grow at impressive CAGR in the forecast period (2019-2024)

Summary:
The report on the Marine Composite Materials Market has been launched in July,2019 by Stratview Research is an all-inclusive report that talks about the market structure and growth in the forecast period of 2019-2024. The report also offers insights into different market segments and other factors affecting the market.

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Stratview Research’s report states about the segment-wise current market condition, and also offers an estimation about future growths. The report has been generated after accumulating data from various authenticated sources such as journals, white papers, fact book, etc. As per the estimation, Marine Composite Materials Market is expected to inflate at impressive CAGR by the forecast period (2019 – 2024).

As per the report, the market is segmented by:
• By Boat Type: Outboard Boat, Inboard/Sterndrive Boat, PWC, Other Boat
• By Application Type: Hull, Deck, Stringers, Roof, Others
• By Material Type: Polyester Resin, Vinyl Ester Resin, Epoxy Resin, Glass Fiber, Carbon Fiber, Others
• By Region: North America, Europe, Asia-Pacific, Rest of the World

The Table of Contents can be gone through here:
https://www.stratviewresearch.com/toc/505/marine-composites-market.html

Highlights of the Report:

The marine industry was among the most suffered industries during the recession period. New boat sales have not yet reached their peak level attained in 2007. However, the 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 the growth in the sales of boats and yachts. The marine industry currently accounts for less than 10% share of the overall global composite materials market. But the penetration of composites in this industry has been highest among all the industries where composite materials are used.

The composite materials market in the marine industry is also heading towards the consolidation as major players are taking a keen interest in acquiring other companies to quickly position themselves in the upper section of the market. For instance; 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. Further, both mergers have strengthened the companies’ polyester and vinyl ester resin capabilities. There has also been an acquisition in the epoxy resins market: Olin Corporation acquired the epoxy division of The Dow Chemical Company in 2015. Also, all the major players are increasingly participating in the market to capture a larger pie of the market. They are working with the industry stakeholders for the development of innovative products meeting the market requirements.

The global marine composite materials market is projected to grow at a healthy rate over the next five years to reach US$ 1,546.8 million in 2024. An increasing number of outdoor participation (recreational boats represent a good share), increasing global HNWI population, increasing new boat sales, and increasing share of fiberglass boats over traditional boats, are some of the key factors, boosting the growth of composite materials in the marine industry. Another factor expanding the market growth is the growing interest for marine leisure activities, which is booming the market for ski/wake boats and personal watercraft. Such kind of boats are preferably made with composite materials and are thickening the demand for composite materials.

The global marine composite materials market is segmented 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 during the forecast period. BRP Inc., Kawasaki, and Yamaha are the major players in the PWC segment, which generate sustainable demand for composite materials.

Based on the application type the market is broadly segmented as Hull, Deck, Stringers, Roof, and Others. Hull is likely to remain the most dominant segment during the forecast period. Hull is the largest composite application in terms of volume consumed as well as in terms of dimension. Hull of PWC and inboard/sterndrive boats is preferably built using composite materials, mainly glass fibers impregnated with polyester or vinyl ester resins.

Based on the material type, polyester resin is projected 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 forecast 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 a crucial parameter.

Based on the regions, North America is projected to remain the largest region, whereas Asia-Pacific is likely to remain the fastest-growing market during the forecast period. 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 the country to tap the growing potential of the country.

Key Players of the Market
The market is consolidated in nature with five major players AOC Aliancys, Ashland Global Specialty Chemicals Inc., Hexion Inc., Huntsman Corporation, Interplastic Corporation holding together the major share in the market, with AOC Aliancys being the key player.
Other important firms are China Jushi Co., Ltd., Owens Corning, Polynt Reichhold Group

Features of the Report
The Report discusses about the working of the composite materials, the various types, and the growth of the marine composite materials in the global market. Here are the key features of the report:
• Strategic Segmentation
• Competitive Analysis
• Strategic Growth Opportunities
• Swot Analysis
• Key Players
• Forecast Analysis & Future Growth

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Ritesh Gandecha
Stratview Research
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Direct: +1-313-307-4176

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This release was published on openPR.