Epoxy Resin Market in Marine Composites likely projected to grow at a healthy CAGR 4.4% by 2023, as estimated by Stratview Research

Stratview Research in its recent report has offered an overlook of the current Epoxy Resin Market in Marine Composites scenarios and has also estimated the Epoxy Resin Market in Marine Composites size projected to grow at a healthy CAGR 4.4% by 2023. The insights highlighted in the report are based on data that is carefully collected from reliable sources and is then scrutinized to have a proper analysis.
Not only the report offers the market size but also details about the market segmentation with its share. Stratview Research also extends its research to offer a forecast of the market during the period of 2018 – 2023, to provide the clients with base knowledge of the market and make strategies to have beneficial results ahead.

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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.

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.

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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.

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.

Check out the Table of Contents here:
https://www.stratviewresearch.com/toc/360/Epoxy-Resin-Market-in-Marine-Composites.html

Highlights of the Report:
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.
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.

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.

The Epoxy Resin Market in Marine Composites analysis report discusses the following heads in great detail:
• 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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