-Innovative product developments crucial to sustain market growth
MOUNTAIN VIEW, California, March 6, 2013 /PRNewswire/ -- Recreational boat builders are beginning to gain trust in composites that help reduce weight, create higher impact strength, enhance fuel efficiency and design flexibility for their vessels. As such, this has stimulated the global marine composite market. This market will continue to grow steadily as technological advancements reduce the cost of manufacturing marine composite parts and encourage further adoption.
New analysis from Frost & Sullivan (http://www.chemicals.frost.com), Strategic Analysis of the Global Marine Composites Market, finds that the market earned revenue of more than $940 million in 2012 and estimates this to reach approximately $1.5 billion in 2018. The research covers polymer matrix composites (PMCs) and foam core materials used in marine recreational vessels, such as powerboats, sailboats, jetboats and personal watercrafts.
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The increasing incorporation of composites in large marine recreational vessels by manufacturers to offset extra weight and enhance fuel efficiency has boosted the global marine composite market.
"Due to their superior performance, composites like carbon fiber reinforced polymers and glass fiber reinforced polymers are becoming more popular than traditional materials such as steel or aluminum," said Frost & Sullivan Industry Analyst Sandeepan Mondal. "For instance, a 35-foot yacht's primary load-bearing structures, such as the hull, rig and deck, are made out of a carbon and epoxy composite and a carbon and polyurethane foam core sandwich, resulting in significant weight reduction, as well as greater strength and firmness."
Despite these benefits, the poor reparability and recyclability of composites can restrain their adoption to an extent. Styrene legislations limit the uptake of low-cost polyesters, and the perception that composites are expensive further curbs new investments in the manufacturing of composite marine parts.
These cost concerns, along with the economic downturn, also forced several small boat builders to exit the market, restricting the growth in use of advanced composites to larger vessels during 2008 to 2010.
The downturn has likewise affected the purchasing power of consumers, reducing the sale of marine recreational vessels. Consumers' caution in spending their savings on a luxurious activity like boating has led to a decline in marine sales, which has eventually hampered marine composite market growth.
"Consolidation through mergers or acquisitions will enable companies to gain market share," said Mondal. "Composite suppliers must widen their product portfolio and engage in large-scale joint development activities with existing marine original equipment manufacturers and tier I suppliers to ensure market expansion."
Developing and marketing composite solutions that comply with evolving styrene legislations and possess faster processing time will strengthen competitive advantage in the long term.
Strategic Analysis of the Global Marine Composites Market is part of the Chemicals & Materials Growth Partnership Service program. Frost & Sullivan's related research services include: Global Aviation Composites Market, Supply Chain Analysis of the Automotive Carbon Fiber Composites Market, European Composite Resins Market in Public Transport, and Prevalent Substitution Trends within Materials and Chemicals in Automotive Lightweighting. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Strategic Analysis of the Global Marine Composites Market
SOURCE Frost & Sullivan