Composite material is made by combining two or more materials with different properties that forms unique property material. Some key marine composites includes glass fiber composites, carbon fiber composites, and foam core materials that are used in manufacturing of power boats, sail boats, cruise ships, and others. Marine composites possess favorable characteristics such as high strength, fuel efficiency, reduced weight and flexibility in design. The global marine composites market was valued at approximately US$1050 mln in 2015 and expected to reach approximately US$2000 mln by 2021, growing at a CAGR of around 7.1% between 2016 and 2021, as per Zion Research. In terms of volume, global marine composites market stood at approximately 148,000 tons in 2015. The global marine composite market is anticipated to exhibit witness significant growth during the forecast period, driven by increasing demand for repairable and biodegradable composites coupled with technological advancement. Moreover, low manufacturing cost is projected to drive the growth of marine composite market. However, legislations related to styrene may hamper the market growth in the years to come. Furthermore, environmental awareness is expected to open up new growth opportunities of marine composites market within the forecast period. Based on products, the global marine composites market can be classified into glass fiber composites, carbon fiber composites, and foam core. In 2015, glass fiber reinforced plastics product segment accounted for largest share of market. This growth is mainly because of GFRP are affordable and offers various design for the powerboats and personal watercrafts sectors. Carbon fiber composite is another key segment accounted for over 8.9 % share of total market in 2015. Rapidly growing applications and technological advancements has been resulted into increased demand for marine composites across the globe during forecast period. Marine composites are widely used in various industries, such as powerboats, sailboats, cruise liner and others. Power boat dominated the marine composites market and is projected to show rapid growth within the forecast period. In terms of growth rate, sailboats was another leading application segment accounted for 25% market share in 2015 and is anticipated to gain high market share in the year to come. Strong demand for out-of-autoclave prepregs and bio-plastics composites in different application sectors are anticipated to exhibit substantial growth in the years to come. In terms of geography, the global marine composite market was dominated by North America followed by Europe. In 2015, Europe was the second largest regional market on account of high demand for small and water boats and is expected to be fastest growing market in the forecast period. Boat manufacturing industry is emerging in Asia Pacific, especially in China and South Korea which has been driving the marine composite market. Asia Pacific is expected to witness significant growth in the years to come. Global marine composite market is highly competitive, with the presence of key participants such as Cytec Industries Inc., Toray Industries Inc., Hexcel Corporation, Koninklijke Ten Cate nv, Taijin Ltd., E.I. du Pont de Nemours, 3A Composites GmbH, Gurit Holding AG, and Zoltek Companies Inc. are some of the major companies operating in the global marine composites market.
The marine composites market is estimated to be worth US$4975.66 mln by 2019, as per Markets and Markets. Some of the drivers include rise in demand of high speed boats, increasing demand for fuel efficient vehicles, and design flexibility offered by marine composites (which leads to low cost of manufacturing). Some of the restraints include high cost of carbon fiber, reparability, recyclability issues related composites, increasing styrene regulations. Some opportunities which are projected to change the dynamics of the marine composites industry in the years to come include increasing leisure market and increased applications of marine composites in power boats, sail boats, jet boats, and personal watercrafts. The North America region was the world's largest market for marine composites in 2013. The U.S. is the key consumer in North America. Rising expense of people towards leisure coupled with increasing number of HNWI (high net worth individuals) shifted manufacturers' focus towards marine composites especially for power boats and sail boats. Various product launches, developments, and expansions in different industries have in turn made the region a potential growth market for marine composites.
Carbon fiber is a material made up of carbon atoms that are aligned parallel to the main axis of the fiber. The fibers are thin in diameter, about 1/10th the size of a human hair. The crystal alignment makes the fiber strong for its size. Normally, carbon fibers are molded with other materials, such as plastic resin and graphite to form carbon fiber composites. Carbon fiber composite is the fastest-growing marine composite driven by its high use in racing boats. The power boats market for marine composites has a wide scope for its expansion, which in turn would help in increasing the consumption for marine composites. Power boat is the biggest application of marine composites and is projected to be worth US$2628.98 mln by 2019.
As per Grand View Research, 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. 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.
As per Transparency Market Research, the global marine composites market, which valued at US$954.6 mln in 2012, is expected to reach a valuation of US$1549.6 mln by 2019, expanding at a CAGR of 7% from 2013 to 2019. Marine composites are used to provide the perfect balance of strength, stiffness, and lightweight properties to boats and vessels. Marine composites bring about a significant reduction in the overall weight of a watercraft, which leads to reduced operating costs, reduced greenhouse gas emissions, and greater fuel efficiency. Marine composites also help architects of boats to enjoy greater freedom in terms of design, thus enabling the manufacturing of boats and parts with complex design. Moreover, marine composites have inherent corrosion resistance and durability, making them highly useful for the marine industry. The global marine composites market is driven by an increase in the manufacture of leisure boats. Technological advancements in the marine composites market are also encouraging the growth of the market. There have been many new developments in boat building industries in oceanic countries such as South Korea, China, and others, which has increased the demand for marine composites substantially, thus boosting the market. The growth of the marine composites industry is restricted by strict environmental regulations in Europe, especially those relating to concentration of styrene. However, the significant expansion of the prepegs market is expected to provide a huge opportunity for the marine composites market to capitalize on. Additionally, the rise in demand for bioplastics-based boats will create new opportunities for the marine composites market. In 2012, North America dominated the market, followed by Europe. The growth was attributed to increased demand for small boats and personal watercrafts. However, due to the development of boat building industries in China, the Asia Pacific market is expected to expand considerably between 2013 and 2019. Countries in the Rest of the Word will continue to exhibit steady demand for marine composites in the forecast period. Due to the affordable price and lightness of weight, glass fiber reinforced plastics registered the highest demand and contributed maximum revenue to the global marine composites market in 2012. Foam core material was the second largest product segment and is expected to account for the largest share in the forthcoming years. The other marine composite products segment including out-of-autoclave prepegs and metal composites will emerge as dominant segments in the years to come