The Future of Marine Composite Materials Market in the forecast period (2019-2024) as predicted by Stratview Research

The report on Marine Composite Materials Market published by Stratview Research focusses on current trend insights and also predicts about the market condition and its future in the forecast period of 2019 - 2024

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This report, from Stratview Research, studies the marine composite materials market for the forecast period of 2019 to 2024 at the global, regional, and country-level. The report provides detailed insights about the market dynamics and competitive landscapes to enable informed business decision making and growth strategy formulation based on the opportunities present in the market. Furthermore, we have exhaustively leveraged our huge marine database, gathered during the preparation of our comprehensive reports on the recreational fiberglass boat market and the marine epoxy resin market, in order to take the veracity of market estimations to the next level.

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Boat Type Segment

The 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 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.

Application Type Segment

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.

Material Type Segment

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.

Region Wise Segment

Based on 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.

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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, 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 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 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. 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 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.

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
• 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

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