Marine Structural Core Materials Market is Forecast to Reach US$ 180 Million in 2026, Says Stratview Research

The Marine Structural Core Materials market is likely to rise at a CAGR of 6.6% during 2021-2026, to reach US$ 180 million in 2026, states Stratview Research.

DETROIT, May 3, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the Marine Structural Core Materials market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on Marine Structural Core Materials Market

The global Marine Structural Core Materials market is segmented based on boat type, core material type, and region.

Based on boat type - The marine structural core materials market is segmented as outboard boats, sterndrive boats, PWC, and others. The outboard boat is expected to remain the biggest demand generator for core materials during the forecast period. There has been a growing penetration of fiberglass boats in the outboard category. Also, there has been a paradigm shift from sterndrive to outboard boats.

Based on core material type - The market is segmented as PVC, SAN, PET, and others. PVC is expected to remain the most dominant material type in the market during the forecast period. Key driving factors of PVC foam core are moisture resistance and cost-effectiveness with excellent durability. PET held the smallest share of the market in 2020; however, it is anticipated to experience the fastest growth during the forecast period. SAN holds a fair share but there has been a gradual shift from SAN to PVC and PET cores.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that North America is expected to remain the largest market for Marine Structural Core Materials during the forecast period. This growth is majorly attributed to the following:

• The region is the largest producer of recreational boats.
• In 2020, there were total sales of nearly 320 thousand boats (Outboard, Sterndrive, Inboard, PWC, Jetboats, etc.) in the USA.

Likewise, the Asia-Pacific is likely to witness the fastest growth during the forecast period with strong potential from China and Japan.

Marine Structural Core Materials Market Drivers

Some of the key drivers listed in the report are given below.

• Growing powerboat sales in the USA:

The U.S. being a developed economy has a high disposable income, where people often indulge in luxuries like powerboats. In addition to this, most areas in the United States of America have favorable boating conditions, including access to lakes, rivers, and oceans, making it an attractive activity for many. Consequently, the U.S. has emerged as a hub for powerboat manufacturers. 

• Excellent performance of composites:

When compared to traditional materials like wood or metal, composites are widely used in the construction of powerboats. Some of the key reasons are:

• Lightweight
• Corrosion resistance
• Superior strength-to-weight ratios
• Durability
• Reduced maintenance

Composites are relatively lighter than other materials, thereby enhancing the boat's performance, handling, and supporting fuel efficiency. Additionally, unlike metals, composites do not corrode, making them suitable for use in harsh marine environments.

The aforementioned factors are some of the main reasons why powerboat manufacturers are using composite cores for the construction of boats. 

• Increasing the use of recyclable materials:

Realizing the grave need to reduce carbon emission levels and promote sustainability, governments in many countries are encouraging the use of recyclable materials to manage waste disposal and pollution levels. Pertaining to the construction of boats, governments in many countries have passed laws stressing on the need for industry players to adopt sustainable practices. For instance, the Clean Marina Program in the U.S. is a voluntary program that aims at encouraging marinas to adopt environmentally sustainable practices, including the use of recyclable materials.

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Top Companies in Marine Structural Core Materials Market?

The following are the key players in the marine structural core materials market. Most of the major players are providing core materials for other end-use industries too.

• DIAB International AB
• Gurit Holding AG
• 3A Composites GmbH
• Armacell International
• Changzhou Tiansheng New Materials Co. Ltd.
• Maricell S.r.l.
• I-Core Composites
• Carbon-Core Composites

What Deliverables will You Get in this Report?

 Related reports which might be useful:

• Structural Core Materials Market
• High-Performance Core Materials Market

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