Marine Composites Market– Statistics And Analysis & Forecast To 2025
Posted by Mrudula Anil Karmarkar on March 17th, 2021
The global marine composites market size is anticipated to reach USD 5.29 billion by 2025, registering a 5.0% CAGR over the forecast period, according to a new report published by Grand View Research, Inc. The market is anticipated to be driven growing demand for corrosion resistant, high strength, and light weight parts in shipbuilding industry.
The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor.
Composites materials have the potential to reduce maintenance and fabrication costs, enhance aesthetic appeal, increase reliability, and reduce the component weight. The market for marine Composites is highly influenced by rising demand for fuel efficient and high-speed power boats which is projected to boost the market demand over the forecast period.
Based on Composites, polymer matrix Composites is expected to dominate the market over the forecast period owing to the high strength, excellent corrosion resistance, light weight, and impact resistance, which makes it more suitable to use in marine industry. Ceramic matrix Composites is expected to be the fastest growing segment during the forecast period.
Demand for marine Composites is cruise ships are expected to witness substantial growth over the forecast period. The segment is expected to register a CAGR of 4.4% from 2019 to 2025. Power boat is expected to be the second largest vessel type segment accounting for 18.4% of revenue share in the marine composites market. Increasing demand for lightweight, high strength, impact resistance material in power boats expected to boost demand for marine Composites over the forecast period.
Further key findings from the report suggest:
In terms of revenue, Asia Pacific expected to have highest demand for marine Composites owing to the increasing demand for recreational boats in China, India, South Korea, and Japan. In 2018, the region is expected to account for 39.0% of the overall market share. Europe was the second largest market and expected to grow with a CAGR of 3.26% over the forecast period.
Composites have made good inroads in the marine sector globally owing to their excellent resistance property. Hybrid composites are used to craft racing powerboats with higher performance and enhanced driver safety. Structural elements such as bow modules, hatch covers, deckhouses, and king posts are manufactured using fiber-reinforced plastic composites. Technological innovations to minimize the manufacturing cycle time are expected to propel the demand in the marine sector. .
High-speed boats, fishing boats, ship components, naval vessels, high capacity trawlers, and sailboats are manufactured using composite materials. Composite materials have the potential to reduce maintenance and fabrication costs, enhance aesthetic appeal, increase reliability, and reduce the component weight. Prospective ship applications for composite materials are valves and strainers, shafting overwraps, gear cases, masts, stacks and foundations, propellers vanes, fans and blowers, and condenser shells.
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The competitive rivalry among manufacturers is high as the market is characterized by the presence of a large number of global and regional players. The key players have undertaken various initiatives such as technology innovations, research and development, partnerships, and mergers and acquisitions to manufacturing cost-effective and lightweight products. These initiatives are projected to propel the market growth over the forecast period.
Owens Corning.; Toray Industries, Inc.; Cytec Industries (Solvay S.A.); SGL Group; Hexcel Corporation; Teijin Limited.; E. I. Du Pont Nemours & Co.; Mitsubishi Rayon Co.; Gurit Holding; 3A Composites; and Hyosung. are some of the key players engaged in the R&D and manufacturing of high-quality composites products.
Grand View Research has segmented the global marine composites market based on Composites, vessel type, and region:
Marine Composites Outlook (Revenue, USD Million, 2014 - 2025)
o Polymer Matrix Composites By Fabric Type
o Glass Fiber Marine Composites
o Carbon Fiber Marine Composites
o Polymer Matrix Composites By Resin Type
o Polyester Marine Composites
o Vinyl Ester Marine
o Epoxy Marine Composites
o Thermoplastic Marine Composites
Marine Composites Vessel Type Outlook (Revenue, USD Million, 2014 - 2025)
o Racing Boats
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 1,717
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