Global marine composites market poised to surge to US$2 bln by 2021

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 kilo tons in 2015. 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 composite market is anticipated to exhibit witness significant growth during the forecast period. The marine composite market is mainly 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 25.0% 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.