The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Marine Composite Materials Market.
It was estimated prior to this unanticipated outbreak that the Marine Composite Materials Market was likely to witness an impressive CAGR of 7.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Marine composite materials market accounted for less than a 3% share of the total composites market (in terms of volume). But the penetration of composites in this industry has been highest among all the industries where composite materials are used. The marine industry endured a massive blow in 2009 with the global economic slowdown due to the Great Recession. The USA, the ruling market in the marine industry hit an all-time low boat sale in 2010. Nevertheless, the past six years (2014-2019) proved to be propitious with a gradual recovery.
Market Share Analysis
Marine Composite Materials Market Share: By Boat Type
Stratview has segmented the marine composite materials market 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 marine composite materials market, whereas PWC to remain the fastest-growing boat type during the forecast period. BRP Inc., Kawasaki, and Yamaha are the major players in the PWC segment, generating a sustainable demand for composite materials. The market is experiencing a gradual shift from inboard boats to outboard boats, owing to ease in maintenance.
Marine Composite Materials Market Share: By Application Type
Based on the application type, we have broadly segmented the market as hull, deck, stringers, roof, and others. Being the largest composite application in terms of volume consumed and dimension, hull is likely to remain the most dominant application during the forecast period. Hull of PWC and inboard/sterndrive boats is preferably built using composite materials, mainly glass fibers impregnated with polyester or vinyl ester resins, creating significant demand in the market.
Our analysis based on the material type connotes that polyester resin is expected to remain the most dominant material over the next five years, whereas carbon fiber is expected to be the fastest-growing material type over the 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 of paramount importance.
Marine Composite Materials Market Share: By Region
All regions are estimated to suffer huge plunges in 2020 due to the pandemic in which Europe to be the worst-hit region. As per the European Commission, in the second quarter of 2020, the tourism sector is expected to endure a massive 70% downfall in turnover, with the requirement for approx. 161 billion euros as a direct investment in tourism.
Despite taking a severe blow in 2020, North America is projected to maintain its irrefutable lead, 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 China to tap the growing potential.
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