Marine Composite Materials Market to grow beyond US$ 1,546.8 million by 2024
February 17, 2020
Marine Composite Materials Market Overview:
The global marine composite materials market size 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 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.
Report Overview:
This report, from Stratview Research, studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Marine Composite Materials Market Segment Insights:
Inboard/sterndrive boat: The growth engine
The market is segmented based on the boat type as Outboard Boat, Inboard/Sterndrive Boat, PWC, and Other Boats. 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.
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Dominance of: Hull
Based on the application type the market is broadly segmented as Hull, Deck, Stringers, Roof, and Others. 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.
A highly/moderately/fragment consolidated Market
The supply chain of this market comprises raw material suppliers, intermediate products (prepreg) suppliers, distributors, part fabricators, boat/yacht manufacturers, and end-users. 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.
Regional Hegemony of North America
North America is projected to remain the largest region, 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 the growing potential of the country.
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