Marine Composites Market was estimated to be around US$1.70 Billion as of 2022

Business Dec 28, 2017 No Comments

Zion Market Research has published a new report titled “Marine Composites Market (Carbon Fiber Reinforced Plastics, Foam Core Materials, and Glass Fiber Reinforced Plastics) for Cruise Liners, Powerboats, Sailboats and Other Applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, the global marine composites market was valued at around USD 1.12 billion in 2016 and is expected to reach around USD 1.70 billion by 2022, growing at a CAGR of around 7.3% between 2017 and 2022. In terms of volume, global marine composites market stood at approximately 156.54-kilo tons in 2016.

Marine Composites Market

Marine Composites Market

Composites are a multitude of materials that retain distinct properties of the end product. Marine composites are eligible for reduced weight and carbon emission as well as increase the stiffness and strength of the end applications. They are produced using different techniques and process depending on the material. For instance, for building long, continuous cable trays pultrusion is a process used. Marine composite is primarily used for subsea and defense applications worldwide.

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Growing demand for fuel-efficient vehicles for subsea applications is a major driving force of global marine composites market. Stringent rules and regulations to lessen the greenhouse gas emissions are expected to drive the demand for marine composites in the near future. However, the high cost of technology coupled with stringent regulations related to styrene in Europe is a major restraint of the market. Nonetheless, advancing technologies and growing demand for leisure boats are projected to offer new wings to the marine composites market during the years to come.

Based on different types of composites, the global marine composites market is primarily driven by rising demand for glass fiber reinforced plastics. In addition, glass fiber reinforced plastics dominated the global marine composites market in 2016. It accounted for more than 45% share of the total market and further this trend is predicted to continue over the next few years. Moreover, carbon fiber reinforced plastics are expected to be the fastest-growing segment of global marine composites market. Foam core material is also expected to witness moderate growth in the forthcoming years.

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Cruise liners, powerboats, sailboats are major applications of global marine composites market. Among these, power boat was the leading segment of the marine composite market in 2016.  It accounted for a significant share of the total market in 2016. In addition, powerboats are projected to be the fastest growing application segment of global marine composites market within the forecast period. Growing penetration of out-of-autoclave prepregs coupled with growing usage of bio-plastics composites in numerous sectors is likely to fuel the demand for marine composites in the near future.

North America dominated the market of global marine composites market in 2016. It accounted for the largest share of the total volume consumption and is also predicted to be the fastest-growing market of marine composites over the next few years. North America was followed by Europe and Asia-Pacific in the same year. Furthermore, Latin America and Asia-Pacific are expected to experience noteworthy growth due to the emerging boat manufacturing industries in both the region. Middle East & Africa is likely to have decent growth of marine composites market in the coming years.

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Major vendors of global marine composites market include E. I. du Pont de Nemours and Company, 3A Composites GmbH, Hexcel Corporation, Cytec Industries Inc., Zoltek Companies Inc., Toray Industries Inc. Owens Corning and among others.

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