Growing high speed boats demand is expected to positively influence the marine composites market over the forecast period. Major marine composite products include glass fiber composites, foam core materials and carbon fiber composites. Key marine composite applications include speed boats, cruise ships, power boats and sail boats manufacturing. Power boat manufacturing dominated the marine composite end-use market over the past few years. Carbon fiber composites market is expected to witness significant growth over the next six years. Superior marine composite properties such as increased strength & fuel efficiency, reduced weight and flexibility in design provide a competitive advantage to marine composites over conventional materials. Reduced manufacturing cost owing to technological innovations is presumed to further augment the global marine composites market growth. Increasing disposable income coupled with growing leisure market is expected to drive demand for cruise ships and yachts which in turn are expected to aid the global marine composite market. However, economic downturn may hamper the leisure market development resulting in reduced marine composite market growth. Stringent safety & health regulations and rising marine composite prices are anticipated to negatively influence the global marine composite market. Recyclability and reparability issues associated with marine composites are major challenges threatening the global market growth. Innovations in developing superior quality marine composites with myriad applications promise vast opportunities to the market participants over the forecast period.
North America was the global marine composite market leader. The U.S. dominated the North American market where power boat manufacturing was the most widespread marine composite application. North American market is characterized by multiple product launches and increasing application scope. Emerging economies, such as China, India and Brazil show promising growth prospects over the next six years. This is expected to have positive influence on Asia Pacific and Latin America marine composites markets.
Major industry participants are engaged in widening their product portfolio and developing superior quality marine composites to attain sustainability and gain market share. M&A offer another route to the leading industry participants to gain market share and consolidate their position. Prominent marine composite industry participants include Toray Industries, Owens Corning, Cytec Industries Inc., Gurit Holding AG, SGL Group, Mitsubishi Rayon Co. Ltd., 3A Composites, E.I. du Pont de Nemours and Company, Hexcel Corporation and Teijin Limited.
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