High Growth & Smooth Sailing of Marine Composite Materials Market, a US$ 1,546.8 million Opportunity
The Cutting-Edge Stratview Insights:
Stratview Research
prognosticates the market to grow at a healthy CAGR over the next five years and expects the market to
cross over of US$ 1,546.8 million mark by
2024.
The estimates are a result of market analysis over a period
of 2013-18, Stratview Research goes to the depth
of the issues shaping the market and estimates the most probable future growth
rate for the Marine Composite Materials Market during the period 2019-24.
Identifying the Factors & Avenues of Growth
Tending to the most frequent questions and problems that consume the psyches of business visionaries and leaders, the new report of "Stratview Research" on the Marine Composite Materials Market responds to all the significant inquiries.
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 the sales of boats and yachts for the past few years. The demand for composites in the marine industry has also been surging with the growth in sales of boats and yachts. The marine industry currently accounts for less than 10% share of the overall global composite materials market. But the penetration of composites in this industry has been highest among all the industries where composite materials are used.
The composite materials market in the marine industry is also heading towards the consolidation 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. Also, all the major players are increasingly participating to capture a larger pie of the market. They are working with the industry stakeholders for the development of innovative products meeting the market requirements.
The global marine composite materials market is projected to grow
at a healthy rate over the next five years to reach US$ 1,546.8 million in
2024. 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 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.
Unravelling the Critical Segments
The true picture of
the market shall not emerge till the time the market is analyzed from various
point of views. Each vantage point gives a better understanding of the market.
It would mean a lot understand
with clarity that the market has various parts and insights on them might be
critical to many players.
The market of marine composite materials has been divided into
categories such as by Boat Type, Application Type, Material Type, By Region. Insights on each segment can be of
critical importance to any player.
Each segmented view helps us answer a
prominent question, and we bring out the best market intelligence which is of
interest to each and every player in the market, no matter where he lies in the
value chain.
The answers to the prominent questions which are evinced
out of above slicing of the market are:
●
Which
are the best performing segments of the market?
●
Which
is the most dominant region?
●
Which
material is the most promising?
●
Who
are the movers and shakers of the market?
●
What
are the regional growth hotspots?
●
What
are the segmental growth forecasts?
To get the feel of
how our best in class, cutting-edge market research report feels, request a
sample: https://www.stratviewresearch.com/Request-Sample/505/marine-composites-market.html
Ashland Inc. at the Helm
Some of the key suppliers of marine composite materials are Ashland
Inc., Owens Corning, China Jushi Co., Ltd., Polynt-Reichhold Group, AOC
Aliancys, Huntsman Corporation, Hexion Inc. and Interplastic Corporation. 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.
Emerging Trends:
Inboard/Sterndrive Boat to Remain the Growth Engine
The market
is segmented 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 market during the
forecast period. BRP Inc., Kawasaki, and Yamaha are the major players in the
PWC segment, which generate sustainable demand for composite materials.
Hull to remain dominant application
Based on
the application type the market is broadly segmented as Hull, Deck, Stringers,
Roof, and Others. Hull is likely to remain the most dominant segment during the
forecast period. 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.
North America to be the Largest Market
Based on
regions, North America is projected to remain the largest region, 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 the country to tap
the growing potential of the country.
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