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