According to the new market research report "Marine Composites Market by Type (Metal Matrix, Ceramic Matrix, and Polymer Matrix (Fiber Type (Glass, Cabon), Resin Type (Polyester, Epoxy))), Vessel Type (Power Boats, Sailboats, Cruise Ships), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated at USD 3.83 billion in 2018 and is projected to reach USD 5.04 billion by 2023, at a CAGR of 5.6% between 2018 and 2023. The Marine Composites Market is driven by the increasing demand for lightweight, corrosion resistant, and impact resistant boats. The booming recreational boating industry and rise in demand for high-speed boats are also driving the Marine Composites Market. In addition, the design flexibility offered by marine composites and the demand for fuel-efficient vessels, especially in the luxury boat building industry are also driving the market.
Polymer Matrix Composite (PMC) is estimated to be the largest marine composite type in the Marine Composites Market in 2018
Polymer Matrix Composites (PMCs) are the most commonly used composite material in marine applications. These can be manufactured easily as the processing and curing temperature of PMCs is normally in the lower range, and moreover, the densities of polymers are usually very low; therefore, the cost of manufacturing PMC is substantially lower as compared to Metal Matrix Composites (MMC) and Ceramic Matrix Composites (CMC).
Glass fiber projected to be the largest fiber type of the polymer matrix composites market during the forecast period
The glass fiber segment is projected to lead the Marine Composites Market during the forecast period. This growth is attributed to its better properties and lower prices than those of carbon fiber composites. Ever since their development, glass fiber composites have been the main type of fiber composites used for the construction of boats, globally.
Polyester resin projected to be the largest resin type of the polymer matrix composites market during the forecast period
The polyester resin segment is projected to lead the Marine Composites Market during the forecast period. The large market share of the polyester resin is because polyester resin provides excellent properties, such as these do not expand with high temperature and exhibit good mechanical, electrical, and high heat resistance properties. In addition, these are available at lower prices than epoxy and vinyl ester resins.
Power boats is estimated to be the largest vessel type segment of the Marine Composites Market in 2018
Boats powered by engines are termed power boats or motor boats. Based on the location of the propulsion system, there are generally 3 types of power boats, namely, inboard, outboard, and stern drive. Some of the major boat types in which marine composites are used include yachts, catamarans, racing boats, bass boats, and runabouts.
The yacht is the largest consumer of marine composites in the marine industry. In yachts, marine composites are used in deck fittings, rudders, hulls, swim ladders, and masts. Carbon fiber based composites are mostly used to manufacture mast or rudderstock components, or entire boats. Currently, more than 90% yachts are made of glass fiber based composites.
North America is estimated to be the largest market for marine composites during the forecast period
North America is projected to lead the global Marine Composites Market during the forecast period due to the presence of a large number of power boat manufacturers in the region. Demand for recreational boats is the highest in the North American region due to the high spending power in the region. The strong economy continues to bolster new boat sales and expenditure on boating in the region. Europe is the second largest market due to the presence of large marine composite manufacturers, driven by the high demand for boats in the region. The Asia Pacific Marine Composites Market is expected to grow at the highest CAGR due to the new contracts awarded to cruise ship builders and increasing demand for recreational boats in the region due to rising sporting activities. This is supported by countries, such as Japan, South Korea, and China.
Some of the key players in the Marine Composites Market include Owens Corning (US), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Solvay Group (US), and Teijin (Japan). These players have adopted various organic and inorganic strategies over the last 5 years to achieve growth in the Marine Composites Market.
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