Global Marine Composites Market 2016-2020

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?