Global Marine Composites Market, By Composite Type (Metal Matrix Composite, Ceramic Matrix Composite, Polymer Matrix Composite), Fiber Type (Glass Fiber, Carbon Fiber, Natural Fibers, Others), Resin Type (Polyester, Vinyl Ester, Epoxy, Thermoplastic, Phenolic, Acrylic, Others), Vessel Type (Power Boats, Sailboats, Cruise Ships, Cargo Vessels, Naval Boats, Jet Boats, Personal Watercraft, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029.
Market Analysis and Insights Global Marine Composites Market
The marine composites market is expected to witness market growth at a rate of 7.40% in the forecast period of 2022 to 2029. Data Bridge Market Research report on marine composites market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increase in demand for the product for various industrial applications is escalating the growth of marine composites market.
Marine composites is defined as a mixture of fibers and resin materials that are generally utilized for shaping and reinforcing marine components. Some of the most commonly used marine components include glass-reinforced plastic, carbon composites, aramid fiber, ferrocement and wood fibers. These composites are manufactured with the use of epoxy, thermoplastic, polyester, acrylic and phenolic resins.
The rise in the demand for high-speed boats across the globe acts as one of the major factors driving the growth of marine composites market. The increase in the inclination towards marine composites owning to the better properties than that of other alternatives, and rise in demand for high speed, power and luxury boats and yachts accelerate the market growth. The extensive use of the composites for manufacturing recreational boats that have a fuel-efficiency, lower magnetic signature, improved noise damping features and high strength-to-weight ratio further influence the market. Additionally, surge in investments, rapid industrialization, and marine transportation activities and cargo movement across borders positively affect the marine composites market. Furthermore, technological innovations to minimize the manufacturing cycle time extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
On the other hand, high cost associated with the carbon fiber, and availability of new high strength and lightweight alloys are expected to obstruct the market growth. The requirement of high capital cost and concern about reparability and recyclability are projected to challenge the marine composites market in the forecast period of 2022-2029.
This marine composites market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on marine composites market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Marine Composites Market Scope and Market Size
The marine composites market is segmented on the basis of composite type, fiber type, resin type and vessel type. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of composite type, the marine composites market is segmented into metal matrix composite, ceramic matrix composite and polymer matrix composite.
- On the basis of fiber type, the marine composites market is segmented into glass fiber, carbon fiber, natural fibers and others.
- On the basis of resin type, the marine composites market is segmented into polyester, vinyl ester, epoxy, thermoplastic, phenolic, acrylic, and others.
- On the basis of vessel type, the marine composites market is segmented into power boats, sailboats, cruise ships, cargo vessels, naval boats, jet boats, personal watercraft and others.
Marine Composites Market Country Level Analysis
The marine composites market is analyzed and market size, volume information is provided by country, composite type, fiber type, resin type and vessel type as referenced above.
The countries covered in the global marine composites market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific (APAC) dominates the marine composites market due to the increase in the demand for recreational boats within the region. North America is expected to be the fastest growing market during the forecast period of 2022 to 2029 because of the growth in powerboats and recreational boats owing to the high spending power in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Marine Composites Market Share Analysis
The marine composites market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to marine composites market.
Some of the major players operating in the marine composites market report are Owens Corning, SGL Group - The Carbon Company, TORAY INDUSTRIES, INC., Cytec Solvay Group, Mitsubishi Chemical Corporation., TEIJIN LIMITED., Hexcel Corporation, DuPont, HYOSUNG, Gurit (UK), ZOLTEK, Premier Composite Technologies (PCT), PJSC TATNEFT, ADVANCED CUSTOM MANUFACTURING, Aeromarine Industries Ltd, Airborne, Composites One, Hexion, Marine Concepts / Design Concepts, Cytec Solvay Group, Airex AG, Fleming Marine Composites, Multimarine Manufacturing Ltd and ACM&C among others.