By Composite Type (Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC), Polymer Matrix Composite (PMC)), Fiber Type (Glass Fiber, Carbon Fiber, Aramid, 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), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Marine Composites Market is expected to reach USD 6.85 billion by 2029 in the forecasted period of 2020-2029 with a substantial CAGR 5.50%. As a result of increased leisure activities, especially in the US the demand for high speed boats is rapidly growing. Low weight and high impact strength combine with the high strength / weight ratio that is desirable in most recreational boats for all types of applications is the key driver for the growth of the marine composite market in the forecasted period.
The market growth can be attributed to high demand for marine boat composites due to the growing European and North American recreational boat market. Due to the growing demand for lightweight and corrosion-resistant boats, the market has experienced significant growth in forecasted period.
Marine Composites are used in resins and fibers to impart their tensile strength and improve their properties. Marine composite products in use include pipes, hull covers, ducts, shafts, gratings and many more. Ferric cement, glass enhanced plastic, composites of wood & adhesives and aramid & carbon fiber are some of the frequently used marine composite materials. Marine composites provide outstanding weight-to-weight performance, render products corrosion-resistant, cost low maintenance and increase flexibility. Composites are a key element for the development of marine production when looking at increasing efficiency and reducing the costs of the maritime industry.
Marine Composites Market Scope and Market Size
Marine Composites market is segmented on the basis of composite type, fiber type, resin type, vessel type.
- Marine composites market on the basis of composite type has been segmented into metal matrix composite (MMC), ceramic matrix composite (CMC), and polymer matrix composite (PMC). Due to its large application sizes and excellent properties needed for the marine industry, polymer matrix composite is expected to be the largest segment on the market during the forecast period. Composite polymer matrix provides excellent tolerance to degradation, damage and lightweight.
- On the basis of fiber type, the marine composites market has been categorized as glass fiber, carbon fiber, aramid, natural fibers, others. In the forecast period, glass fibers will dominate the marine composite market. The growth of the fiber composite product is attributed to its better characteristics and lower prices. Glass fiber composites have always been the primary marine composites for boat building worldwide since their creation.
- Based on resin type, the marine composites market consists of polyester, vinyl ester, epoxy, thermoplastic, phenolic, acrylic, 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, others. Power boats are expected to be the largest segment on the marine composite market in 2018 because of the growing demand for yacht and sailing maritime composites.
Country Level Analysis of Marine Composites Market
- On the basis of region, the Marine Composites Market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- In terms of its value between forecasted periods, the North American region is projected to dominate the marine composites market. The main reason for this is the growing number of leisure boats in this area, especially in the USA. Another factor which is expected to support market growth in the coming years is the presence of leading North American marine composite manufacturers.
- 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 new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs 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 sales channels are considered while provided forecast analysis of the country data.
Key Developments in the Market:
- In November 2018, Sicomin Epoxy Systems has announced new marine partnerships and is launching a new bio foaming epoxy. In order to achieve the high-performance Foiler motor yacht design, the company's epoxy resins have been selected. The ENATA Foiler is equipped with a unique hydro foiling system which flies 1,5 m above the water surface of the yacht. The boat is made of carbon fibre-infused and epoxy. The high strength and rigidity of carbon fibers are especially needed on all four panels to enable for the creation of a lower weight hull that allows full lifting of the hybrid drive system.
- In October 2019, Sika International, the leading supplier of revolutionary maritime glue, sealant, composite resins and tooling technologies, is proud to announce the launch of a new marine retail product and system. In a newly-designed three-unit tube packaging, Sika will provide a line of sealants and adhesives. The new Sika package is an easy-to-squeeze laminated, smoothing surface tube with a broader opening of the bottle in comparison with the existing aluminum packing available today in the marine retail environment. The funnel often comes with a side twist and a lock. Every product comes in a colorful blister pack and is packaged 10 in a master cardboard containing easy to cut side panels and a tray, which can easily be used to display the product on a shelf or counter.
Competitive Analysis and Marine Composites Market Share Analysis:
Marine composites market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of marine composites market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Marine Composites Market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated, and global presence. Marine composites market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in the marine composites market are Solvay, DuPont, Hexcel Corporation, Mitsubishi Chemical Corporation, Owens Corning, Airborne, Composites One, GMS COMPOSITES, Gurit, Hexion, SGL Carbon, TEIJIN LIMITED, ZOLTEK, and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved