Marine Composites Market Augmenting With A Rapid Speed To Reach USD 1.70 Billion In 2022

11-Sep-2018 | Zion Market Research

Major players of global marine composites market comprise 3A Composites GmbH, E. I. du Pont de Nemours and Company, Cytec Industries Inc., Hexcel Corporation, Toray Industries Inc. Zoltek Companies Inc., and Owens Corning. These players are set to boost the marine composite market in the years to come.

According to the analysts at Zion Market Research, the global marine composites market was capitalized at almost USD 1.12 Billion in 2016 and is likely to cross almost USD 1.70 Billion by end of 2022, developing at a CAGR of almost 7.3% from 2017 to 2022. The global marine composites market stood at almost 156.54 Kilo Tons in terms of volume in 2016.

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This review is based on a report by Zion Market Research, 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”- Report at http://www.zionmarketresearch.com/report/marine-composites-market

Robust Requirement For Marine Composites In Subsea Applications To Power The Development Of Global Marine Composites Market

As per analysts at Zion Market Research, the global marine composites market is majorly boosted by increasing robust requirement for marine composites in subsea applications all over the world. Apart from this, rising concern for emissions of greenhouse gas is likely to propel the marine composites market in the years to come. On the other hand, expensive production price may hamper the marine composites market.

Global-Marine-Composites-Market-Revenue_011

Nevertheless, acceptance of advanced technologies for developments of production for marine composites is expected to provide new growth opportunities to the marine composites market in the coming years. For example, in March 2018, Hexion declared one-shot ground-breaking resin infusion procedure for marine composites, thereby propelling the marine composites market. In addition to this, increasing mergers and acquirements among market players is expected to augment the growth of marine composites market. For instance, in January 2018, Toray reached to a deal with Koninklijke Ten Cate B.V. to buy all its facilities for a price tag of USD 1.15 Billion.

Increasing Requirement For Leisure Yachts And Boats Likely To Propel Demand For Marine Composites Market In North America

North America was the leading region for marine composites market in 2016 and it added up for more than 42% share of the global marine composites market. Increasing requirement for leisure yachts and boats is likely to boost the requirement for marine composites market in North America in the coming years. Europe was the second biggest area of marine composites market in the similar time frame. Asia Pacific is planned to be the quickest developing area for marine composites market in the near future. The Middle East & Africa is likely to develop at a sluggish rate in the marine composites market in the years to come.

Based on application, the global marine composites market is divided into powerboats, cruise liners, sailboats, and others. Powerboat was the most eye catching application sector in 2016 for global marine composites market.

The global marine composites market is segmented as follows:

By Product

  • Carbon fiber reinforced plastics 
  • Foam core materials
  • Glass fiber reinforced plastics 

By Application

  • Cruise liner
  • Powerboats
  • Sailboats
  • Others (including personal watercraft, jet boats, etc.)

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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