Marine composites market estimated to be worth US$4975.66 mln by 2019

Some of the drivers of the Marine Composites market 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 market is forecast on the basis of key regions, such as North America, Europe, Asia-Pacific, and Rest of the World (RoW) by both value and volume. The regional marine composites market is further segmented on the basis of main applications. As per MarketsandMarkets, 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 $ 2,628.98 million by 2019. Toray Industries (Japan), Mitsubishi Rayon Co. Ltd (Japan), Owens Corning (U.S.), 3A composites (Switzerland), Cytec Industries Inc (U.S.), E. I. Du Pont de Nemours and Company (U.S.), Gurit Holding Ag (Switzerland), Hexcel Corporation Inc. (U.S.), SGL Group (Germany), and Teijin Limited (Japan) are some of the key manufacturers of marine composites.