Marine Composites Market - Growing Boat Building Industry Globally By 2019

Marine composites are used to provide the perfect balance of strength, stiffness, and lightweight properties to boats and vessels. Marine composites bring about a significant reduction in the overall weight of a watercraft, which leads to reduced operating costs, reduced greenhouse gas emissions, and greater fuel efficiency. Marine composites also help architects of boats to enjoy greater freedom in terms of design, thus enabling the manufacturing of boats and parts with complex design. Moreover, marine composites have inherent corrosion resistance and durability, making them highly useful for the marine industry.

The global marine composites market is driven by an increase in the manufacture of leisure boats. Technological advancements in the marine composites market are also encouraging the growth of the market. There have been many new developments in boat building industries in oceanic countries such as South Korea, China, and others, which has increased the demand for marine composites substantially, thus boosting the market.

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The growth of the marine composites industry is restricted by strict environmental regulations in Europe, especially those relating to concentration of styrene. However, the significant expansion of the prepegs market is expected to provide a huge opportunity for the marine composites market to capitalize on. Additionally, the rise in demand for bioplastics-based boats will create new opportunities for the marine composites market.

For a better understanding of the market, the report segments the marine composites market on the basis of products, applications, end user, and geography. By geography, the market is segmented into Europe, Asia Pacific, North America, and Rest of the World. In 2012, North America dominated the market, followed by Europe. The growth was attributed to increased demand for small boats and personal watercrafts. However, due to the development of boat building industries in China, the Asia Pacific market is expected to expand considerably between 2013 and 2019. Countries in the Rest of the Word will continue to exhibit steady demand for marine composites in the forecast period.

On the basis of product, the market is categorized into carbon fiber reinforced plastics, glass fiber reinforced plastics, foam core materials, and others. Due to the affordable price and lightness of weight, glass fiber reinforced plastics registered the highest demand and contributed maximum revenue to the global marine composites market in 2012. Foam core material was the second largest product segment and is expected to account for the largest share in the forthcoming years. The other marine composite products segment including out-of-autoclave prepegs and metal composites will emerge as dominant segments in the years to come.

Key market players profiled in the report are: 3A Composites GmbH, Taijin Ltd., Toray Industries Inc., Cytec Industries Inc., Hexcel Corporation, E.I. du Pont de Nemours, Koninklijke Ten Cate nv, Zoltek Companies Inc., and Gurit Holding AG.

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