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Global Marine Composites Market 2016-2020

  • Published: Oct 2016
  • Pages: 61
  • SKU: IRTNTR10438
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This market research report identifies players like 3A Composites, Cytec, DuPont, Mitsubishi Rayon (MRC), and Owens Corning to be the key vendors in the global marine composites market. This research report also presents a detailed segmentation of the market by product material (GFRP, CFRP, and foam core material), resin type (polyester, vinyl ester, epoxy, and thermoplastics), application (power boats, cruise ships, sailboats, and others), and geography (APAC, Europe, North America, and ROW).

Overview of the global marine composites market

Technavio’s market research analyst predicts that the global marine composites market will grow at a CAGR of more than 6% between 2016 and 2020.  At present, the demand for advanced composites is growing significantly in the marine sector. Boats and other marine vessels made from fiber marine composites are approximately 50% lighter than those made from steel and over 30% lighter than those made using aluminum. These composites are necessary for enhanced performance, high fuel efficiency, and reduced emissions and are replacing metal parts in large vessels. These developments have resulted in partnerships and joint ventures between large boat manufacturers and producers of marine composites. Marine composites offer design flexibility to the manufacturers to design complex parts with good shapes. The marine vessels manufacturing sector accounts for a substantial share of the marine composites market, and its fast growth will positively boost advancements in the marine composites market during the future.

In terms of geography, North America will dominate the global marine composites market during the marine composites market  period due to multiple product launches by the leading marine composite manufacturers, such as BAYLINER and Jespersen Boat Builders. The US is the key revenue generating country in North America due to the high rate of powerboat manufacturing. The growing demand for high-speed boats in the region is anticipated to drive the marine composites market over the next four years.

Competitive landscape and key vendors

The global marine composites market is dominated by key players who deal in the manufacture of carbon fiber, glass fiber, and metal composites, foam cores, and prepregs. The growth of the boating sector in countries such as the US, China, and European nations like the Netherlands has resulted in a subsequent high demand for marine composites. Technological advancement is a key driver for the marine composites market, which enables players to innovate and develop new and sustainable products. To sustain themselves in the market, several companies are focusing on factors such as design flexibility, reduced manufacturing costs, versatility of application, increased material strength, and lower weight, to gain greater market shares.

Leading vendors in the market are -

  • 3A Composites
  • Cytec
  • DuPont
  • Mitsubishi Rayon (MRC)
  • Owens Corning

Other prominent vendors in the marine composites market include Gurit, Hexcel, SGL Group, Teijin, and Toray Industries.

Segmentation by product material and analysis of the marine composites market

  • GFRP
  • CFRP
  • Foam core material

In 2015, the GFRP segment dominated the global marine composites market and generated maximum revenue. Much of the segment’s growth can be attributed to the low cost, easy availability, and advanced specifications of GFRP. Owing to their strength, lightweight, corrosion-resistant, cost-effective and versatile properties, GFRP marine composites are gaining massive popularity and are replacing fiberglass in the manufacture of marine vehicles, such as ships and yachts. GFRP marine composites have extensive usage across recreational marine, commercial marine, military, transportation, and other maritime industries.

Segmentation by application and analysis of the marine composites market

  • Power boats
  • Cruise ships
  • Sailboats

The powerboats segment accounted for the highest market share in the market during 2015 and is most likely to show the highest growth rates during the forecast period. With the growing demand for large-sized boats and subsequent advancements like new controls and propulsion systems have accelerated the requirement for marine composites. Marine composites are primarily used in interiors, ducts, and hull shells of powerboats.

 Key questions answered in the report include

  • What will the marine composites market size and the growth rate be in 2020?
  • What are the key factors driving the global marine composites market?
  • What are the key marine composites market trends impacting the growth?
  • What are the challenges to market growth?
  • Who are the key vendors in the global marine composites market?
  • What are the market opportunities and threats faced by the vendors in the global marine composites market?
  • Trending factors influencing the market shares of APAC, Europe, North America, and ROW.
  • What are the key outcomes of the five forces analysis of the global marine composites market?

Table of Content

PART 01: Executive summary

  • Highlights

PART 02: Scope of the report

  • Market overview
  • Top-vendor offerings

PART 03: Market research methodology

  • Research methodology
  • Economic indicators

PART 04: Introduction

  • Key market highlights
  • Product definition: Composites
  • Scope of use
  • Materials testing for marine composites
  • Outlook

PART 05: Market landscape

  • Market size and forecast
  • Five forces analysis

PART 06: Market segmentation by product material

  • Global marine composites market by product material
  • GFRP in global marine composites market
  • Foam core material in global marine composites market
  • CFRP in global marine composites market

PART 07: Market segmentation by resin type

  • Market outlook

PART 08: Market segmentation by application

  • Global marine composites market by application
  • Global marine composites market in powerboats segment
  • Global marine composites market in cruise ships segment
  • Global marine composites market in sailboats segment
  • Global marine composites market in other applications

PART 09: Market segmentation by geography

  • Global marine composites market by geography
  • Marine composites market in North America
  • Marine composites market in Europe
  • Marine composites market in APAC
  • Marine composites market in ROW

PART 10: Market drivers

  • High demand from small boats
  • Advantages of marine composites over substitutes
  • Emergence of new vendors
  • Rise in technological innovations

PART 11: Impact of drivers

PART 12: Market challenges

  • Disadvantages of marine composites
  • Lack of standardization
  • Fluctuating raw material prices

PART 13: Impact of drivers and challenges

PART 14: Market trends

  • Recovery of boat manufacturing industry
  • Increasing demand from emerging economies
  • High degree of vertical integration

PART 15: Vendor landscape

  • Competitive scenario
  • Major market vendors
  • Other prominent vendors
  • 3A Composites
  • Cytec Solvay Group
  • DuPont
  • Mitsubishi Rayon (MRC)
  • Owens Corning

PART 16: Appendix

  • List of abbreviations

PART 17: Explore Technavio

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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