Published Date : Nov 21, 2016
ALBANY, NY, Nov 21, 2016 –The report titled “Global Marine Composites Market 2016-2020” shines light on major market trends using valuable information procured through extensive primary and secondary research. Analyzing such trends along with historical data, the report predicts the market will expand at a CAGR of 6.04% between 2016 and 2020.
Having discussed the scope of the report, the research methodology, and economic indicators, the market study proceeds to define marine composites. Marine composites are an amalgamation of fibres and resin materials in a particular proportion, depending upon their applications. They supersede materials such as steel and aluminum, on account of their higher stiffness, strength, lighter weight, and ability to segue into flexible design patterns. Because of this, they are the preferred building materials for ships and other marine, aerospace, defense, automotive, and industrial structures.
Composites have been used on a commercial scale for around 50 years. Defense and aerospace are two areas in which they were primarily used. With technological advancements along the line, the marine recreational craft industry became the prime consumer of composite materials. By sheer dint of being lighter, they help in achieving better performance, significantly improving fuel efficiency, and slashing emissions. Owing to so many advantages over metals, their market has seen steady growth, notwithstanding a downswing from 2008 to 2010, due to recession affecting the boat building industry. To avoid losses, manufacturers started focusing on smaller boats during the period and soon enough they started boosting the marine composites market yet again. Speed boats and other fuel-efficient vehicles are at the forefront of driving growth these days.
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The high growth potential of the market, however, is being hampered by deterrents such as the steep price of carbon fiber, recyclability and reparability issues, and stifling regulations on styrene. The market will see opportunities in the coming years arising from its growing application in power boats, jet boats, sail boats, and personal watercrafts.
The report segments the market based on application into powerboats, cruise ship, and sailboat among others. Geography-wise it divides the market into Asia Pacific, North America, Europe, and Rest of the World (RoW). North America has held a dominant market share because of the U.S., in which the high disposable income of the people has propelled the demand for power boats and sail boats for leisure, thereby pushing the demand for marine composites.
The report studies each market segment in depth and presents their revenue and growth figures. It leverages Porter’s Five Forces reports, which gauges the competitive dynamics in the market by factoring in supplier power, buyer power, competitive rivalry, threat of substitution, and threat of new entry. Some of the top vendors listed in the report are Du Pont, 3A Composites, Mitsubishi Rayon (MRC), and Owens Corning.
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