Marine Composites Market Size is USD 4,216.3 Million at a CAGR of 6.5% by 2028

 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.

Based on current analysis, the global Marine Composites Market was valued at USD 4,216.3 Million in 2020 and is expected to reach USD 7,024.6 Million by 2028, at a CAGR of 6.5% 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 fibres 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.

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Top Leading Players: Owens Corning, SGL Group – The Carbon Company, TORAY INDUSTRIES, INC., Cytec Solvay Group, Mitsubishi Chemical Corporation. TEIJIN LIMITED., Hexcel Corporation, HYOSUNG, Gurit (UK), ZOLTEK, Premier Composite Technologies (PCT), Aeromarine Industries Ltd, Airborne, Composites One, Hexion, Marine Concepts / Design Concepts.

Further Key Finding from the Report Suggestion:

·         Asia-Pacific registers the highest CAGR 7.6% in the Marine Composites 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 Composites market

·         In the progressively modest world, all the decisions are governed by commercial considerations. High capital cost of Marine Compositess is identified as the key challenge for the Marine Compositess 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 Composites industry to create its significance in the economy

·         The yacht is the hugest consumer of Marine Compositess in the marine market. In a yacht, Marine Compositess are used in hulls, swim ladders, deck fittings. As of now, more than 83% of yacht are manufactured with glass fiber-based composites

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The global Marine Composites market is segmented into:

Fiber type (Revenue, USD Million; 2020–2028)

·         Glass Fiber

·         Carbon Fiber

·         Aramid

·         Natural Fibers

·         Others

Resin Type (Revenue, USD Million; 2020–2028)

·         Polyester

·         Vinyl Ester

·         Epoxy

·         Thermoplastic

·         Phenolic

·         Acrylic

·         Others

Composite Type (Revenue, USD Million; 2020–2028)

·         Polymer Matrix Composite (PMC)

·         Ceramic Matrix Composite (CMC)

·         Metal Matrix Composite (MMC)

·         Other

Vessel Type (Revenue, USD Million; 2020–2028)

·         Power Boats

·         Sailboats

·         Cruise Ships

·         Cargo Vessels

·         Naval Boats

·         Jet Boats

·         Personal Watercraft

·         Others

Regional Outlook:

·         North America (U.S.A., Canada, Mexico)

·         Europe (Italy, U.K., Germany, France, Rest of Europe)

·         Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)

·         Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)

·         Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

  • What are the dominating factors that are influencing the growth of the industry?
  • In the forecast period, which market segment is expected to rise the most?
  • What are the risks and challenges that the industry is facing?
  • In the coming years, which area is projected to dominate the market?
  • Who are the major players in the market?
  • What kind of strategic business plans have they made?

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