Zion Market Research has published a new report titled “Marine Composites Market (Carbon Fiber Reinforced Plastics, Foam Core Materials, and Glass Fiber Reinforced Plastics) for Cruise Liners, Powerboats, Sailboats and Other Applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, the global marine composites market was valued at around USD 1.12 billion in 2016 and is expected to reach around USD 1.70 billion by 2022, growing at a CAGR of around 7.3% between 2017 and 2022. In terms of volume, global marine composites market stood at approximately 156.54-kilo tons in 2016.
Marine composites play a vital role in the marine industry. Marine composites are primarily employed to reduce the overall weight of the ship, boats, etc. Therefore, this parameter increases the fuel efficiency and provides high performance to the water vehicle. Thus, marine composites market is expected to pose the surging CAGR during the coming years.
Browse the full report at https://www.zionmarketresearch.com/report/marine-composites-market
The global marine composites market is primarily driven by growing robust demand for marine composites in subsea applications across the globe. In addition, increasing concern for greenhouse gas emissions is expected to boost the market of marine composites in the near future. However, expensive production cost may impede the market of marine composites. Nevertheless, adoption of latest technologies for developments of marine composites production is likely to offer new avenues to the market during the years to come.
Carbon fiber reinforced plastics, foam core materials, and glass fiber reinforced plastics are key products of global marine composites market. Among these, glass fiber reinforced plastics was the largest product segment of global marine composites market and it holds 45% share of the entire market in 2016. Moreover, foam core material was the second largest segment of the market in the same year. Carbon fiber reinforced plastics is expected to be the fastest-growing segment of the market during the next few years owing to the surging demand for marine composites in the leisure boats and yachts. Growing penetration of prepregs technologies in the production of boats and ships is likely to fuel the demand for carbon fiber reinforced plastics within the forecast period.
In terms of application, the global marine composites market is bifurcated into cruise liners, powerboats, and sailboats. Powerboat was the most attractive application segment of global marine composites market in 2016. It accounted for more than 30% share of the total market in 2016 and expected to remain foremost application segment in the near future. In addition, powerboat segment is expected to the fastest growing application of global marine composites in the near future. Cruise liners and sailboats are likely to exhibit moderate growth of marine composites market within the forecast period.
North America was the leading market for marine composites in 2016 and it accounted for above 42% share of the overall market. Growing demand for leisure boats and yachts is projected to drive the demand for marine composites in North America during the years to come. Europe was the second largest market of marine composites in the same year. Asia-Pacific is projected to be the fastest-growing market of marine composites within the forecast period. The Middle East & Africa is anticipated to grow at a sluggish rate during the next few years.
Major vendors of global marine composites market include E. I. du Pont de Nemours and Company, 3A Composites GmbH, Hexcel Corporation, Cytec Industries Inc., Zoltek Companies Inc., Toray Industries Inc. Owens Corning and among others.