Marine Composite Market to reach USD 6166.9 Million by 2026 with CAGR of 6.7% | Cytec Solvay Group, Mitsubishi Chemical Corporation. TEIJIN LIMITED., etc.

Based on current analysis, the global marine composite market was valued at USD 3672.8 million in 2018 and is expected to reach USD 6166.9 million by 2026, at a CAGR of 6.7% Marine composites provide excellent strength to weight ratios, make materials resistant to corrosion, require low maintenance cost and improves flexibility.

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Companies profiled for this market study
Owens Corning, SGL Group - The Carbon Company, TORAY INDUSTRIES, INC., Cytec Solvay Group, Mitsubishi Chemical Corporation. TEIJIN LIMITED., Hexcel Corporation, HYOSUNG, Gurit (UK), ZOLTEK, Premier Composite Technologies (PCT), Aeromarine Industries Ltd, Airborne, Composites One, Hexion, Marine Concepts / Design Concepts, Fleming Marine Composites, among others.

Segments covered in this market study
This report about global marine composite market forecasts revenue growth at a global, regional and country level also, provides an analysis on the industry trends in each of the sub segments from 2016 to 2026. For the purpose of this study, the market is segmented on the basis of fiber type, resin type, composite type, end users and regions:

Fiber type (Revenue, USD Million; 2016-2026)
Glass Fiber
Carbon Fiber
Aramid
Natural Fibers
Others

Resin Type (Revenue, USD Million; 2016-2026)
Polyester
Vinyl Ester
Epoxy
Thermoplastic
Phenolic
Acrylic
Others

Composite Type (Revenue, USD Million; 2016-2026)
Polymer Matrix Composite (PMC)
Ceramic Matrix Composite (CMC)
Metal Matrix Composite (MMC)
Other

Vessel Type (Revenue, USD Million; 2016-2026)
Power Boats
Sailboats
Cruise Ships
Cargo Vessels
Naval Boats
Jet Boats
Personal Watercraft
Others

Regional Outlook (Revenue in USD Million; 2016-2026)
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)

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North America is dominating the marine composites market and is likely to remain the revenue generating region during the forecast period. Composite materials are those materials in which strengthening material like carbon fibers, fiberglass or aramid fibers are reinforced in a resin to make a much stronger material with improved material properties for different applications. They offer higher strength to weigh ratio than traditional wood or steel material structures and can require less skill to generate a significant exterior. Marine composites are consumed in resins and fibers to impart their workable strength and advance their properties.

Minimized manufacturing cost due to technological innovations and developments is presumed to further progress the global marine composites market growth. Marine composite market is also boosted owing to robust requirement for marine composites in subsea applications worldwide. In addition, rising concern for emissions of greenhouse effects is likely to proper the overall market development.

Key findings of the marine composite market

Asia-Pacific registers the highest CAGR 7.6% in the marine composite market owing its growth to China and India's fast growing and developing economies. The emerging boat building industry is Asia-Pacific is further flourishing the growth of the marine composite market

In the progressively modest world, all the decisions are governed by commercial considerations. High capital cost of marine composites is identified as the key challenge for the marine composites market growth. The two most common commercial factors are the capital cost (CAPEX) and operating cost (OPEX)

Glass fiber is projected to lead the market with 42% of market share. Glass fiber is the fiber type of the polymer matrix composites. This growth is attributed to excellent properties and durable quality than those of other fiber composites

Growing demand for speed boats, increasing purchasing power of the public and innovation in the material technology are making it possible for marine composite industry to create its significance in the economy

The yacht is the hugest consumer of marine composites in the marine market. In a yacht, marine composites are used in hulls, swim ladders, deck fittings. As of now, more than 83% of yacht are manufactured with glass fiber-based composites...Continued

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In conclusion, the Marine Composite Market report is a reliable source for accessing the Market data that will exponentially accelerate your business. The report provides the principal locale, economic scenarios with the item value, benefit, supply, limit, generation, request, Market development rate, and figure and so on. Besides, the report presents a new task SWOT analysis, speculation attainability investigation, and venture return investigation.

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