The shortage of Chinese ingredients, raw materials, and semi-finished goods is the latest example of the global economy’s dependence on products made in China, from iPhones to auto parts to pharma. Much of the fallout may still be hidden and is likely to play out over months. Even before the coronavirus outbreak, business investment was already in poor health in the United States. It fell in the last three quarters of 2019. Some analysts now expect more companies could soon announce reductions in their capital spending.
Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Marine Composites market.
Trusted Business Insights presents an updated and Latest Study on Marine Composites Market 2019-2030. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Marine Composites market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Marine Composites Market
The global marine composites market size was valued at USD 3.8 billion in 2018 and is estimated to expand at a CAGR of 5.0% from 2019 to 2025. Growing demand for corrosion resistant, high strength, and lightweight parts in the shipbuilding industry is anticipated to drive the growth. Increasing demand for fuel-efficient and high-speed boats is expected to further fuel the market.
Composites have made good inroads in the marine sector globally owing to their excellent resistance property. Hybrid composites are used to craft racing powerboats with higher performance and enhanced driver safety. Structural elements such as bow modules, hatch covers, deckhouses, and king posts are manufactured using fiber-reinforced plastic composites. Technological innovations to minimize the manufacturing cycle time are expected to propel the demand in the marine sector.
High-speed boats, fishing boats, ship components, naval vessels, high capacity trawlers, and sailboats are manufactured using composite materials. Composite materials have the potential to reduce maintenance and fabrication costs, enhance aesthetic appeal, increase reliability, and reduce the component weight. Prospective ship applications for composite materials are valves and strainers, shafting overwraps, gear cases, masts, stacks and foundations, propellers vanes, fans and blowers, and condenser shells.
U.S. is one of the leading markets for marine composites on account of its highly developed technology industries, skilled workforce, advanced processing capabilities, and growing R&D initiatives. Increasing demand in powerboats, sailing yachts, and cruise vessels are expected to drive the market in the country over the forecast period.
The market is also anticipated to witness significant growth opportunities in emerging regions of Asia Pacific and Central and South America, where the demand for marine composites is high owing to the growing shipbuilding industry. Countries including South Korea, China, Argentina, Brazil, and Australia are some of the potential markets, which in turn, expected to propel the demand over the forecast period.
Based on composites, the marine composites market is segmented into the Ceramic Matrix (CMC), Metal Matrix (MMC), and polymer matrix composites. PMC segment is expected to dominate the global market owing to the numerous applications and excellent properties in the marine industry. PMC offers high strength, excellent corrosion resistance, lightweight, and impact resistance, which makes it more suitable to use in shipbuilding.
PMC can be easily manufactured and has a low manufacturing cost compared to CMC and MMC. Based on fiber type, glass fiber is projected to be the largest PMC market over the forecast period. Polyester resin is anticipated to be the largest resin type segment in the overall PMC market during the forecast period. Polyester resin exhibits excellent mechanical, thermal, and electrical properties. Moreover, the cost of polyester resin is substantially low compared to the epoxy, and vinyl ester resins.
CMC is expected to witness the fastest growth over the forecast period. The segment accounted for 29.04% of the global market share in 2018. CMC possesses properties such as high stiffness, chemical inertness, and thermal stability, among others, which increases the application scope in marine industries.
MMC segment is anticipated to grow significantly during the forecast period owing to the properties of MMC, such as higher transverse stiffness and strength, fire resistance, no moisture absorption, and radiation resistance. The demand for MMC is expected to surpass USD 1.03 billion by 2025.
Type Insights of Marine Composites Market
Based on vessel type, the market is segmented into powerboats, sailboats, cruise ships, and others. Cruise ships vessel type segment expected to dominate the overall market, accounting for 31.35% of revenue share in 2018. The segment is projected to propel a CAGR of 4.40% over the forecast period.
Powerboat is anticipated to be one of the most significant vessel type segments and expected to register a CAGR of 3.82% for 2019 to 2025. Power boats are driven by engine or motor. Usually, powerboats have a higher power to weight ratio that allows for improved handling and higher speed. As marine composites have favorable properties, including low weight and high strength, it makes it more suitable to use in high-speed boats.
Increasing demand for high speed and fuel-efficient power boats expected propel the demand over the forecast period. Some of the significant types of powerboats in which marine composites are used include racing boats, yachts, and catamarans to produce. Rudders, swim ladders, hulls, deck fittings, and masts. Glass fibers composites are mostly used in the manufacturing of rudder stock components, or mast.
The demand from the sailboat vessel type segment was valued at USD 0.52 billion in 2018. In sailboats, masts are generally manufactured using carbon fiber, as they offer vessel stability and performance benefits. Whereas bow and kneel sections are manufactured using aramid fibers due to shock absorption properties.
Regional Insights of Marine Composites Market
Asia Pacific emerged as the leading regional market and accounted for 39.0% of the market share in 2018. The region is expected to witness substantial growth over the forecast period owing to the increasing demand for recreational boats. Measures taken to promote yachting as a leisure activity by China, India, and South Korea is projected to boost the demand for recreational watercraft, which in turn is expected to drive the regional market.
Europe was the second-largest market and is expected to expand at a CAGR of 3.26% over the forecast period. The European shipbuilding industry is very dynamic and competitive owing to the presence of a large number of competitors in the region. European shipbuilding has a strong position in the construction of complex vessels, submarines, and other naval vessels, which is expected to have a positive influence on the marine composites industry in the region over the forecast period.
North America is one of the mature markets and is projected to surpass USD 774.6 billion by 2025. The demand in North America is driven by the robust growth in powerboats and recreational boats owing to the high spending power in the region.
MEA and CSA are expected to showcase significant opportunities, registering a CAGR of 5.99% and 7.68% respectively over the forecast period. In recent years, leisure, marine, and shipbuilding sector in Argentina and Brazil have been showing significant growth. Increasing purchasing power expected foster demand in these sectors over the forecast period.
Market Share Insights of Marine Composites Market
The competitive rivalry among manufacturers is high as the market is characterized by the presence of a large number of global and regional players. The key players have undertaken various initiatives such as technology innovations, research and development, partnerships, and mergers and acquisitions to manufacturing cost-effective and lightweight products. These initiatives are projected to propel the market growth over the forecast period.
Owens Corning.; Toray Industries, Inc.; Cytec Industries (Solvay S.A.); SGL Group; Hexcel Corporation; Teijin Limited.; E. I. Du Pont Nemours & Co.; Mitsubishi Rayon Co.; Gurit Holding; 3A Composites; and Hyosung. are some of the key players engaged in the R&D and manufacturing of high-quality composites products.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Marine Composites Market Research Report:
This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global marine composites market report on the basis of composite, vessel type, and region:
Composite Outlook (Revenue, USD Million, 2019 – 2030)
Ceramic Matrix Composites
Metal Matrix Composites
Polymer Matrix Composites
Polymer Matrix Composites By Fabric Type
Glass Fiber Marine Composites
Carbon Fiber Marine Composites
Polymer Matrix Composites By Resin Type
Polyester Marine Composites
Vinyl Ester Marine
Epoxy Marine Composites
Thermoplastic Marine Composites
Vessel Type Outlook (Revenue, USD Million, 2019 – 2030)
Quick Read Table of Contents of this Report @ Marine Composites Market Research Report 2020 | Industry Report, Industry Analysis, Key Players, Trends, Revenue, Regional Segmented, Outlook Until 2030
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