Marine composites are primarily used for various end-use applications such as in the manufacturing of high speed boats, cruise ships, power boats, and sail boats.
Rising demand for marine composites, owing to its excellent characteristics over others alternatives is a major factor expected to drive growth of the global marine composites market over the forecast period. In addition, growing demand for high-speed boats coupled with the fuel-efficient vessels is another factor expected to boost growth of the market in near future.
However, high cost of carbon fiber is factor expected to hamper growth of the target market over the forecast period.
The global marine composites market has been segmented on basis of composite type, vessel type, and region. On the basis of composite type, the target market is segmented into metal matrix composite (MMC), ceramic matrix composite (CMC), and polymer matrix composite (PMC). On the basis of vessel type global marine composites market is segmented into power boats, sailboats, cruise ships, and others that includes cargo vessels, naval boats, jet boats, and personal watercraft. Power boats segment dominates the global market in terms of revenue and is expected to maintain its dominance over the forecast period, owing to growing demand for marine composites for racing boats.
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On the basis of region, the global marine composites market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. The market in North America is accounted to be highest share in terms of revenue, owing to rising demand for the high-speed boats, in the region. The markets in Europe is expected to register significant growth in terms of revenue, owing to growing demand for marine composites in the region over the forecast period.
Key players operating in the global marine composites market include Owens Corning, Toray Industries, Inc., Cytec Solvay Group, Teijin Limited, Mitsubishi Rayon Co. Ltd., Hexcel Corporation, and E. I. Du Pont de Nemours and Company (US).