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Over 50 KT Marine Composites to be Consumed by 3D Boat Manufacturers by 2031
NEW YORK , Aug. 11, 2021 /PRNewswire/ -- According to a survey conducted by Fact.MR, the global marine composites market registered a valuation of US$ 4 billion in 2020. Thanks to the increasing adoption of marine composites in manufacturing recreational boats, high-speed boats, yachts, and fishing boats among others, the market is estimated to expand at a CAGR of over 6%, surpassing US$ 5 billion during the forecast period, from 2021 to 2031.
Increasing demand for marine vehicles is a chief factor boosting the market. As per a report published by the National Marine Manufacturers Association (NMMA) in January 2020 , the retail sales of new boats approximately totaled 280,000 units in the year 2019, out of which personal watercraft accounted for around 73,000 units.
Marine composites are increasingly used for manufacturing marine vehicles due to their favorable characteristics such as high strength-to-weight ratio, lightweight, fuel efficiency, less noise emission, and flexibility in design. Thus, rising demand for marine vehicles will therefore present remunerative opportunities for the market players over the coming years.
As per Fact.MR, Asia Pacific is estimated to dominate the global marine composites market. Surge in demand for recreational boats is on cards due to the initiatives undertaken for promoting yachting as a leisure activity by countries such as China , South Korea , and India . Consequently, Asia Pacific is expected to account for over 39% of the global market share by 2031.
says the Fact.MR analyst.
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Companies operating in the marine composites are undertaking various initiatives such as research and development, technology innovations, production expansion, strategic mergers, and acquisitions to manufacture cost-effective and lightweight products. For instance,
Some of the leading market players operating in the marine composites market profiled by Fact.MR are:
Fact.MR, in its new report, offers an unbiased analysis of the global marine composites market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in marine composites market with detailed segmentation:
Medical Composites Market - In the medical industry, medical composites have many functions. These are employed in systems, implants, diagnostic medications, prostheses and surgical devices for wound repairs. They are also employed to develop new medical diagnostic or therapy gadgets that ultimately help patients heal more effectively and return to their usual healthy and active lives. The market for medicinal composites is anticipated to increase by 2.6X and will be more expensive than in the prior.
Aerospace Composites Market - Market demand for aerospace composites is predicted to increase by factors, such as the growth of air travel, the growth of tourism and low cost carriers as well as the growing need for aircraft fuel economy. Manufacturing lightweight and economic composites with high strength to weight and great impact strength for the aerospace sector, manufacturers are strongly investing in research and development. The usage of aerospace composites in the manufacture of fuel tanks and structural composition of space launch vehicles has been increased by increasing space and research activities.
Automotive Composites Market - Over the next decade, global demand for automotive composites is set to expand steadily. Advances in automotive production have unveiled a number of industry growth potential. In addition, supremacy over their steel equivalents of automotive composites has prompted the automobile sector to favor the former. Automotive vendors have become dependent on the use of automotive composites to improve production efficiency.
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