[129 Pages Report] The marine composite market is projected to grow from USD 3.8 billion in 2018 to USD 5.0 billion by 2023, at a CAGR of 5.6% between 2019 and 2024. Growth of the market can be attributed to the high demand for marine composites from the power boats segment due to the growing recreational boating market in Europe and North America. The market has witnessed significant growth over the last few years due to the increasing demand for lightweight and corrosion-resistant boats.

Polymer matrix composite is the largest segment between 2018 and 2023.

The marine composites market is segmented on the basis of composite type, polymer matrix composite by fiber type, polymer matrix composite by resin type, vessel type, and region. Based on composite type, the market is segmented into metal matrix composite, ceramic matrix composite, and polymer matrix composite. Polymer matrix composite is projected to be the largest segment of the market during the forecast period, owing to its large-scale applications and excellent properties required for the marine industry. Polymer matrix composite provides excellent corrosion resistance, impact resistance, and lightweight.

Power boats accounted for a major share in the marine composite market, in terms of both value and volume during the forecast period.

Based on vessel type, the marine composites market is segmented into power boats, sailboats, cruise ships, and others. Power boats is estimated to be the largest segment of the marine composites market in 2018, owing to the growing demand for marine composites for yachts and racing boats.

Based on polymer matrix composite by fiber type, glass fiber is expected to dominate the marine composites market during the forecast period. This growth is attributed to its better properties and lower prices than those of carbon fiber composites. Ever since their development, glass fiber composites have been the main type of marine composites used for boat building, globally.

North America is expected to lead the marine composite market during the forecast period.

The North American region is projected to dominate the marine composites market, in terms of value between 2018 and 2023. This is primarily due to increasing recreation boating in this region, especially in the US. The presence of major manufacturers of marine composites in the North American region is another factor expected to support the growth of the market in the coming years.

Market Dynamics

Driver: Rise in demand for high-speed boats

The demand for high-speed boats is rising rapidly due to increasing recreational activities, especially in the US. The low weight and high impact strength of composites combine to form high strength-to-weight ratio, which is desirable for all types of applications in most of the recreational boats. The low weight of composites increases the fuel efficiency, whereas the high impact strength leads to better shear resistance of boats.

Light-weight composites are suitable for making various parts of ships such as funnels, bulkheads, decks, watertight doors, pipes, ventilation ducts. A major effort has been made for the development of composite propellers, propulsors, and propulsion shaft. The composite offers many benefits when used in propellers, which include lower cost, reduced weight, better noise damping, lower magnetic signature, and superior corrosion resistance. All these factors reduce the propeller weight by 18.0�25.0% and reduce life-cycle cost by almost around 25.0%.

Restraint: High cost of carbon fiber

Carbon fiber is not used frequently in the marine industry, but its low weight and other advanced properties are desirable in high-speed boats. Racing boats are specially designed using carbon fiber due to its low weight characteristics. The current price of carbon fiber is around USD 20-30/kg, which is 10 to 15 times higher than glass fiber. However, the ongoing advancement in the manufacturing process in line with the increased production of carbon fiber will cut down the prices of carbon fiber in the long-run.

Opportunity: Growing leisure boat market

The leisure boat industry is a small part of the global leisure industry. Growing use of recreational boats, increasing consumer spending power, and a rise in the number of HNWIs (high net worth individuals) are driving the leisure boat industry. The growing tourism industry and increasing urban population will further fuel the growth of the leisure market in the forecast period. Growth in the aging population (50-62 years) will further back the demand since boat purchase is more common during the retirement.

Top boat manufacturers are organizing boat shows which are increasing the popularity of leisure boats. In addition, the increase in R&D expenditure by boat manufacturers is driving the market. Various governments are taking initiatives to boost the leisure boating market. For instance, the French government is providing support to yacht manufacturers in various forms, thus enabling companies to invest in expanding their yacht maintenance and construction capacities. The Chinese government is also taking measures for the development of yachting for recreational activity as well as the development of marinas in coastal regions. All these factors will create more demand for composites in the leisure boat market.

Challenge: High Capital Cost

In the increasingly competitive world, all the decisions are governed by commercial considerations. The two most common commercial factors are the capital cost (CAPEX) and operating cost (OPEX). Improving the design of boats using composites can have a significant impact on the cost of boats (5�10%) of the final product cost comes from design cost). The high cost of raw material and high expenditure in the processing of composites increase the overall cost of composites resulting in decreased economy of scale.

Composite is a highly capital-intensive industry, which discourages many potential players to enter the market. The cost of raw material (or precursor) for this industry is the major chunk of the total cost. Also, the conversion process is highly energy-intensive. In addition, the industry requires large and capital-intensive equipment with long product development and qualification cycles.

Scope of the Report

Report Metric Details Market size available for years 2016�2023 Base year considered 2017 Forecast period 2018�2023 Forecast units Million (USD) and Kiloton Segments covered By Composite Type (Metal Matrix Composite, Ceramic Matrix Composite, Polymer Matrix Composite), Polymer Matrix by fiber type (Glass Fiber, Carbon Fiber, Others), Polymer Matrix by resin type (Polyester, Vinyl Ester, Epoxy, Thermoplastic, Others), by Vessel Type (Power boats, Sailboats, Cruise Ships, Others) and by Region Geographies covered North America, Europe, APAC, MEA and Latin America Companies covered Owens Corning (US), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Solvay Group (US), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), Hexcel Corporation (US), E. I. Du Pont de Nemours and Company (US), and Hyosung (South Korea)

The research report categorizes the marine composite market to forecast the revenues and analyze the trends in each of the following sub-segments:

By Composite Type

Metal Matrix Composite (MMC)

Ceramic Matrix Composite (CMC)

Polymer Matrix Composite (PMC)

Polymer Matrix by Fiber Type

Glass Fiber

Carbon Fiber

Others

Aramid

Natural Fibers

Polymer Matrix by Resin Type

Polyester

Vinyl Ester

Epoxy

Thermoplastic

Others

Phenolic

Acrylic

Vessel Type

Power Boats

Sailboats

Cruise Ships

Others

Cargo Vessels

Naval Boats

Jet Boats

Personal Watercraft

By Region

North America

Europe

APAC

Latin America

MEA

Key Market Players

Owens Corning (US), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Solvay Group (US), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), Hexcel Corporation (US), E. I. Du Pont de Nemours and Company (US), and Hyosung (South Korea) are some of the leading players in the marine composites market. Owens Corning is the leading manufacturer of marine composites. It is a prominent player in the marine composites market, inclined towards providing innovative and cost-efficient solutions for marine composites. The company adopted expansions and agreements as the main strategies to increase its presence in the market. The marine composites manufactured by the company are widely used in the marine industry.

Recent Developments

In February 2018, Teijin Limited (Japan) launches a new high tensile, highly shock-resistant prepreg that incorporates carbon fiber developed by Toho Tenax and specialized carbon nanotubes. This helped the company offer CFRP with improved tensile strength and shock resistance.

In September 2017, Owens Corning expanded glass melter production capacity by, approximately, 25% at its Chamb�ry, France, composites manufacturing facility. This helped the company support the growing thermoplastic chopped strand market in the region.

Key Questions Addressed by the Report

Which are the major composite type of marine composite?

Which industry is the major consumer of marine composite?

Which region is the largest and fastest-growing market for marine composite?

What is the major vessel type of marine composite?

What are the major strategies adopted by the leading market players?

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