What is the future of Marine Composite Materials Market? Know Covid Impact on Size, Share & Forecasts

What is the future of Marine Composite Materials Market? Know Covid Impact on Size, Share & Forecasts

July 24, 2020

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.

For a more detailed breakdown of the COVID-19 impact on this Market, request a free sample of the report here: https://www.stratviewresearch.com/Request-Sample/505/marine-composites-market.html

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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Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

Based on the research, a proper report is crafted with the following key features:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis
  • COVID-19 Impact Assessment.
  • 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 

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About Stratview Research

Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.

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Author : Emily

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