Marine Composite Materials Market to Reach US$ 1.5 Billion in 2024, Says Stratview Research

DETROIT, July 30, 2019 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Marine Composite Materials Market by Boat Type (Outboard, Inboard/Sterndrive, PWC, and Others), by Application Type (Hull, Deck, Stringers, Roof, and Others), by Material Type (Polyester Resin, Vinyl Ester Resin, Epoxy Resin, Glass Fiber, Carbon Fiber, and Others), and by Region (North America, Europe, Asia-Pacific and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.

This report, from Stratview Research, studies the marine composite materials market for the forecast period of 2019 to 2024 at the global, regional, and country level. The report provides detailed insights about the market dynamics and competitive landscapes to enable informed business decision making and growth strategy formulation based on the opportunities present in the market. Furthermore, we have exhaustively leveraged our huge marine database gathered during the preparation of our comprehensive reports on the recreational fiberglass boat market and the marine epoxy resin market, in order to take the veracity of market estimations to the next level.

Marine Composite Materials Market: Highlights

The marine industry was among the most suffered industries during the recession period. New boat sales have not yet reached their peak level attained in 2007. However, recovery of the global economy has gradually been impacting sales of boats and yachts for the past few years, thereby surging the demand for composites in the marine industry. The industry currently accounts for less than 10% share of the global composite materials market. But, the penetration of composites in this industry has been highest among all the industries where composite materials are used.

As per Stratview Research, the global marine composite materials market is projected to grow at a healthy rate over the next five years to reach US$ 1,546.8 million in 2024. Increasing number of outdoor participation (recreational boats represent a good share), increasing global HNWI population, increasing new boat sales, and increasing share of fiberglass boats over traditional boats, are some of the key factors boosting the growth of composite materials in the marine industry. Another factor expanding the market growth is the growing interest for marine leisure activities, which is booming the market for ski/wake boats and personal watercraft. Such kind of boats are preferably made with composite materials and are thickening the demand for composite materials.

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Inboard/sterndrive boat is likely to remain the most dominant boat type in the market during the forecast period. BRP Inc., Kawasaki, and Yamaha are the major players in the PWC segment, which generate sustainable demand for composite materials.

Based on the application type, hull is likely to remain the most dominant segment during the forecast period. Hull is the largest composite application in terms of volume consumed as well as in terms of dimension. Hull of PWC and inboard/sterndrive boats is preferably built using composite materials, mainly glass fibers impregnated with polyester or vinyl ester resins. 

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Based on the material type, polyester resin is projected to remain the most dominant material over the next five years, whereas carbon fiber is expected to be the fastest-growing material type over in same period. Carbon fiber offers numerous advantages, such as high strength-to-weight ratio, high tensile and compressive strength, low coefficient of thermal expansion, and high fatigue resistance at lightweight. Carbon fiber is majorly used with epoxy resins in racing boats and yachts, where weight reduction is a crucial parameter.

In terms of region, North America is projected to remain the largest region for marine composite materials market, whereas Asia-Pacific is likely to remain the fastest-growing market during the forecast period. China is likely to be one of the fastest-growing marine composite material markets in the coming five years. There has been an increasing presence of country-level boat and yacht manufacturers in the country to tap its growing potential.

The composite materials market in the marine industry is also heading towards consolidation as major players are taking a keen interest in acquiring other companies to quickly position themselves in the upper section of the market. For instance; the merger of AOC and Aliancys in 2018 and the merger of Polynt and Reichhold in 2017 helped these companies to better position themselves not only in marine, but also in other industries. Further, both mergers have strengthened the companies' polyester and vinyl ester resin capabilities. There has also been an acquisition in the epoxy resins market, Olin Corporation acquired the epoxy division of The Dow Chemical Company in 2015.

Some of the key suppliers of marine composite materials are Ashland Inc., Owens Corning, China Jushi Co., Ltd., Polynt-Reichhold Group, AOC Aliancys, Huntsman Corporation, Hexion Inc. and Interplastic Corporation. Major boat manufacturers using composites are Brunswick Corporation, White River Marine Group, Beneteau Group, Ferretti Group, Marine Products Corp., Correct Craft Inc., Malibu Boats Inc., and BRP Inc. 

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

This report studies the global marine composite materials market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:

Marine Composite Materials Market, by Boat Type

• Outboard Boat (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Inboard/Sterndrive Boat (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• PWC (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Other Boat (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Marine Composite Materials Market, by Application Type

• Hull (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Deck (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Stringers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Roof (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Marine Composite Materials Market, by Material Type

• Polyester Resin (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Vinyl Ester Resin (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Epoxy Resin (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Glass Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Carbon Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Marine Composite Materials Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: France, Germany, the UK, Spain, Sweden, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, New Zealand, China, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Stratview Research has several high value market reports in the composites industry. Please refer to the following link to browse through our reports:
Click Here for Other Reports from Stratview Research in the Composites Industry

Related premium market reports in the advanced materials industry are:

High-Temperature Composite Resins Market by Resin Type (BMI, Cyanate Ester, Polyimide, Thermoplastics, and Others), by End-Use Industry Type (Aerospace & Defense, Transportation, and Others), by Manufacturing Process Type (Prepreg Layup, RTM, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.

Flame-Retardant Resin Market in the Composites Industry by Resin Type (Phenolic Resin, Polyester Resin, Epoxy Resin, and Others), by Composites Type (Glass Composites and Others), by End-Use Industry (Aerospace & Defense, Transportation, Building & Construction, Electrical & Electronic, Marine, Pipe & Tank, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.

Epoxy Resin Market in Marine Composites by Platform Type (Boats, Yachts and Others), by Application Type (Hulls, Mast & Spreaders, Decks, Interiors, and Others), by Process Type (Prepreg Layup, Resin Infusion and Others) by Curing Type (Amine, Anhydride, and Others) and by Region (North America, Europe, Asia-Pacific and Others), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.

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