Getting new technological advancements for development of production for marine composites is projected to provide new growth opportunities to the marine composites market in the forthcoming years.
Market Size – USD 3672.8 Million in 2018, Market Growth – CAGR of 6.7%, Market Trends – Product Launches and Research for Advanced Tech Developments
NEW YORK, June 10, 2019 (GLOBE NEWSWIRE) -- Based on current analysis, the global marine composite market was valued at USD 3672.8 million in 2018 and is expected to reach USD 6166.9 million by 2026, at a CAGR of 6.7% Marine composites provide excellent strength to weight ratios, make materials resistant to corrosion, require low maintenance cost and improves flexibility. North America is dominating the marine composites market and is likely to remain the revenue generating region during the forecast period.
Composite materials are those materials in which strengthening material like carbon fibers, fiberglass or aramid fibers are reinforced in a resin to make a much stronger material with improved material properties for different applications. They offer higher strength to weigh ratio than traditional wood or steel material structures and can require less skill to generate a significant exterior.
Marine composites are consumed in resins and fibers to impart their workable strength and advance their properties. Minimized manufacturing cost due to technological innovations and developments is presumed to further progress the global marine composites market growth. Marine composite market is also boosted owing to robust requirement for marine composites in subsea applications worldwide. In addition, rising concern for emissions of greenhouse effects is likely to proper the overall market development.
On the other hand, expensive production price may hamper the growth and development of the market. Acceptance of new technological advancements for development of production for marine composites is projected to provide new growth opportunities to the marine composites market in the forthcoming years.
Request free sample of this research report at: https://www.reportsanddata.com/sample-enquiry-form/1492
Further key findings from the report suggest
- Asia-Pacific registers the highest CAGR 7.6% in the marine composite market owing its growth to China and India’s fast growing and developing economies. The emerging boat building industry is Asia-Pacific is further flourishing the growth of the marine composite market
- In the progressively modest world, all the decisions are governed by commercial considerations. High capital cost of marine composites is identified as the key challenge for the marine composites market growth. The two most common commercial factors are the capital cost (CAPEX) and operating cost (OPEX)
- Glass fiber is projected to lead the market with 42% of market share. Glass fiber is the fiber type of the polymer matrix composites. This growth is attributed to excellent properties and durable quality than those of other fiber composites
- Growing demand for speed boats, increasing purchasing power of the public and innovation in the material technology are making it possible for marine composite industry to create its significance in the economy
- The yacht is the hugest consumer of marine composites in the marine market. In a yacht, marine composites are used in hulls, swim ladders, deck fittings. As of now, more than 83% of yacht are manufactured with glass fiber-based composites
- Hexion announced, in early 2018, a path breaking process of one-shot resin infusion process. Such initiatives are likely to increase the marine composite market growth rate
- Polyester resin segment is projected to dominate the marine composite market during the forecast period. It dominated the market because of its exceptional properties to not expand with high temperature and exhibit good mechanical, technical, electrical and high heat resistance properties
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/marine-composite-market
Segments covered in the report:
This report about global marine composite market forecasts revenue growth at a global, regional and country level also, provides an analysis on the industry trends in each of the sub segments from 2016 to 2026. For the purpose of this study, the market is segmented on the basis of fiber type, resin type, composite type, end users and regions:
Fiber type (Revenue, USD Million; 2016–2026)
- Glass Fiber
- Carbon Fiber
- Aramid
- Natural Fibers
- Others
Resin Type (Revenue, USD Million; 2016–2026)
- Polyester
- Vinyl Ester
- Epoxy
- Thermoplastic
- Phenolic
- Acrylic
- Others
Composite Type (Revenue, USD Million; 2016–2026)
- Polymer Matrix Composite (PMC)
- Ceramic Matrix Composite (CMC)
- Metal Matrix Composite (MMC)
- Other
Vessel Type (Revenue, USD Million; 2016–2026)
- Power Boats
- Sailboats
- Cruise Ships
- Cargo Vessels
- Naval Boats
- Jet Boats
- Personal Watercraft
- Others
Order Now: https://www.reportsanddata.com/checkout-form/1492
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- U.S.
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Germany
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- India
- Middle East & Africa
- Latin America
- Brazil
Browse more reports of Pharmaceutical category at: https://www.reportsanddata.com/report/category/fibers-and-composites
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Contact Us:
John Watson
Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-800-819-3052
E-mail: sales@reportsanddata.com