(EMAILWIRE.COM, October 04, 2022 ) Marine composites are used in various applications due to their versatile properties. These are corrosion resistant, reliable, impact resistant, and lightweight. In the past few years, the use of marine composites has increased for boats in masts, stacks, foundations, doors, hatches, life rails, bulkheads, propellers, tanks, ladders, gratings, etc. The Marine composites Market is projected to reach USD 5.04 billion by 2023, at a CAGR of 5.6% between 2018 and 2023.
Download PDF brochure of the Report @
Power boats is estimated to be the largest vessel type segment of the marine composites market in 2018
Boats powered by engines are termed power boats or motor boats. Based on the location of the propulsion system, there are generally 3 types of power boats, namely, inboard, outboard, and stern drive. Some of the major boat types in which marine composites are used include yachts, catamarans, racing boats, bass boats, and runabouts.
The yacht is the largest consumer of marine composites in the marine industry. In yachts, marine composites are used in deck fittings, rudders, hulls, swim ladders, and masts. Carbon fiber based composites are mostly used to manufacture mast or rudderstock components, or entire boats. Currently, more than 90% yachts are made of glass fiber based composites.
North America is estimated to be the largest market for marine composites during the forecast period
North America is projected to lead the global marine composites market during the forecast period due to the presence of a large number of power boat manufacturers in the region. Demand for recreational boats is the highest in the North American region due to the high spending power in the region. The strong economy continues to bolster new boat sales and expenditure on boating in the region. Europe is the second largest market due to the presence of large marine composite manufacturers, driven by the high demand for boats in the region. The Asia Pacific marine composites market is expected to grow at the highest CAGR due to the new contracts awarded to cruise ship builders and increasing demand for recreational boats in the region due to rising sporting activities. This is supported by countries, such as Japan, South Korea, and China.
Some of the key players in the marine composites market include Owens Corning (US), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Solvay Group (US), and Teijin (Japan). These players have adopted various organic and inorganic strategies over the last 5 years to achieve growth in the marine composites market.
Don’t miss out on business opportunities in the Marine Composites Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow.
Browse in-depth TOC on “Marine Composites Market
131 – Market Data Tables
58 – Figures
129 – Pages
Owens Corning is a leading manufacturer of composite resins. In the fiscal year 2017, the company generated a total revenue of USD 6,384.0 million. 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 strengthen its presence in the market. For instance, in June 2018, the company signed an agreement with Chongqing Polycomp International Corp. (China) for the manufacture of high-modulus glass fiber products in China. This helped the company cater to the increasing demand for glass fiber in Asia.
Hexcel Corporation is a renowned manufacturer of marine composites. In 2017, the company registered total sales of USD 1,973.3 million. It has expertise in manufacturing, developing, and supplying marine composites across various industries worldwide. It adopts various growth strategies to increase its market share and customer base. For instance, in June 2017, the company acquired a French composites company, Structil. This helped the company increase its production of composites for the aerospace, defense, and industrial sectors. In September 2017, the company launched Fast-Curing HexPly M77HF Prepreg for low-pressure processing. This expanded the companys prepreg range for various applications.
Get Sample Pages of This Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=73767608
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the Growth Engagement Model GEM. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write Attack, avoid and defend strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarketss flagship competitive intelligence and market research platform, Knowledge Store connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.