The global marine composites market was valued at US$ 4 Billion in 2020, and is projected to top US$ 5 Billion by 2031, expanding at a CAGR of 6%. Demand for carbon fiber polymer matrix composites is projected to surge at a CAGR of 7%, with that for foam core composites increasing at 6%.
As per Fact.MR – a market research and competitive intelligence provider, the global market for marine composites was valued at US$ 2 Bn in 2016, and is anticipated to expand at a CAGR of 6% to top US$ 5 Bn by 2031.
What are the Key Opportunities Awaiting Marine Composite Manufactures?
One of the key factors creating positive outlook for the market is significant growth of the maritime industry across the globe. Furthermore, growing demand for high-speed, power, and luxury boats and yachts is also providing a boost to market growth.
Marine composites are extensively used for manufacturing recreational boats that have a high strength-to-weight ratio, fuel-efficiency, improved noise damping features, and lower magnetic signature. In line with this, increasing marine transportation activities and cargo movement across borders is contributing to market growth.
Composites such as fiber-reinforced composites are being increasingly used as they can withstand extreme pressures from winds, waves, and tides, and maintain their physical properties when submerged in saltwater.
Additionally, various product innovations such as development of marine composites using renewable materials and vacuum infusion are acting as growth-inducing factors. These composites provide additional stiffness, vibration damping, water repellence, and impact and abrasion resistance.
All these factors will propel demand for for marine composites across the forecast period, creating lucrative opportunities for manufacturers.
Competitive rivalry among manufacturers is high as the market for marine composites is characterized by the presence of a large number of global and regional players.
Key players have undertaken various initiatives such as technology innovations, research & development, partnerships, mergers, and acquisitions to manufacturing cost-effective and lightweight products. These initiatives are projected to propel market growth over the forecast period.
Some of the key developments are
- In February 2018, Teijin Limited (Japan) launched a new high tensile, highly shock-resistant prepreg that incorporates carbon fiber developed by Toho Tenax and specialized carbon nanotubes. This helped the company offer CFRP with improved tensile strength and shock resistance.
- In September 2017, Owens Corning expanded glass melter production capacity by approximately 25% at its Chambéry, France, composites manufacturing facility. This helped the company support the growing thermoplastic chopped strand market in the region.
Key Companies Profiled
- Owens Corning
- Toray Industries, Inc.
- SGL Group
- Cytec Solvay Group
- Teijin Limited
- Mitsubishi Rayon Co. Ltd.
- Hexcel Corporation
For More Insights of Fact.MR:- https://www.globenewswire.com/news-release/2022/03/23/2409003/0/en/North-America-Is-One-Of-The-Lucrative-Markets-For-Marine-Composites-And-Is-Projected-To-Surpass-US-700-Mn-By-2031-Fact-MR-Analysis.html