The marine composites market is estimated to experience notable growth in the coming years. There has been a high demand from leisure boat industry. In the recent past, the technology has advanced significantly along with the surge in leisure boat industry that has stirred the demand for marine composites in the market. On the global platform, the growth of marine composites market is being propelled by the increased usage of bio-plastics and out-of-autoclave prepregs composites in the market.
The market is expected to showcase a healthy CAGR of 7.0% from 2013-2019. The market value was evaluated to be US$954.6 mn in 2012, which is anticipated to reach US$1,549.6 mn by the end of 2019.
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Efficient Fuel Utilization Property Boosts Up the Market Growth of Marine Composites
There has been a rise in boat building industry in the past few years in Asia Pacific region mainly in countries such as Mainland China and South Korea. The demand has was the highest from cruise liners in 2012. Marine composites offer flexibility in design to the makers to develop complicated parts with great shapes. Fiber marine composites are preferred over the steel ones as boats and other marine vessels turn out be light in weight. Usage of marine composites ensures efficient utilization of fuel, increase in performance, and less carbon emission. The progress in the industry has led to several tie-ups and partnerships among marine composites producers and large boat manufacturers. The marine vessels manufacturing represents a considerable shares of the marine composites market. The high paced development will decidedly support progress in the marine composites industry in the coming years.
North America to Dominate as the Marine Industry Gains Momentum
On the basis of geography, the marine composites industry is segmented into Europe, North America, Asia-Pacific, and Rest of the World. Asia Pacific is foreseen to be the fastest developing regional market for marine composites. This emerging trend is attributed to the increased demand from China and South Korea. Interest for marine composites was most noteworthy from North America in 2012 representing around 45% of the worldwide market, owing to developed interest for small and leisure boats. Another reason for North America market to flourish is the launch of various products by marine vendors, for example, Jespersen Boat Builders, and BAYLINER. Moreover, there has been a soaring demand in this region due to the manufacturing of high-speed boat. The interest in marine composites is likely going to rise over the forecast period. Also, request from several other regions, for example, Europe is anticipated to shoot up because of tremendous demands from private watercraft. Due to the development in boating sectors in nations, for example, China, the US, and European nation such as the Netherlands has brought about a soaring demand for marine composites. On the basis of type, the carbon fiber reinforced polymer (CFRP) is expected to be second-fastest surging segment in the market over the estimated time frame elucidating 8.8% of the entire market in 2012.
Marines Composites Market to Grow Due to Shorter App Processing Time and Design Flexibility
The worldwide marine composites industry is ruled by leading players who bargain in the production of metal composites and carbon fiber, glass fiber, prepregs and foam cores. Technological innovations is a key driver for the marine composites market, which empowers players to advance and grow new and sustainable items. To manage themselves in the market, a few organizations are concentrating on variables, for example, diminished assembling costs, flexibility of use, expanded material quality, and lower weight, design flexibility in order to increase more share in the overall industry.
Hexcel Corporation and E. I. du Pont de Nemours and Company Cytec Industries Inc., Zoltek Companies Inc., 3A Composites GmbH, Toray Industries Inc. are the major players in the marine composites market.