Sarasota, FL, May 05, 2017 (GLOBE NEWSWIRE) -- 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 poise the surging CAGR during the coming years.
Browse through 26 Market Tables and 25 Figures spread through 110 Pages and in-depth TOC on “Global Marine Composites Market: By Type, Product, Application, Size, Share, Analysis, Segment and Forecast 2016 – 2022”.
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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.
Browse the full " 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 " report at https://www.zionmarketresearch.com/report/mar...tes-market
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.
In terms of volume, North America held the largest share of the global marine composites market in 2016. The U.S. over the last decade has emerged as the largest consumer of the marine composites market. Technological advancement is estimated to reduce manufacturing costs, which in turn is anticipated to witness the lucrative market growth. Power boat and sail boat manufacturing was the dominant application in this region. Growing penetration of carbon fiber in powerboats application is expected to drive the market with robust demand for marine composites in the region during the next few years.
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Europe was the second largest market of marine composites in 2016 and is expected to witness a significant growth within the forecast period. This growth is primarily attributed to the growing demand for small boats and personal watercrafts in this region. This, in turn, is predicted to grow the demand for marine composites in Europe market in the near future. Germany was the major contributor of marine composites consumption in 2016. Moreover, ongoing research on bio-composites may open growth opportunities for the market in Europe.
Asia-Pacific is expected to be the fastest growing regional market in the coming years on account of high demand for bio-composites. Emerging economies, such as China, India show promising growth prospects in the near future owing to increasing boat building industry. Furthermore, technological advancement is another key factor contributing to driving the market growth. Thus, Asia Pacific is projected to show strong growth over the years.
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Middle East & Africa is estimated to witness significant growth in the forecast period. New product launches, developments and expansions in different industries have in turn made the region a potential growth of marine composites market. Rising disposable income along with the increasing leisure market is expected to propel the marine composites market growth in the near future. Latin America another key region expected to exhibits moderate growth in the years to come. The marine market is led by Brazil in the Latin America. This is mainly due to technological advancement and increasing demand from boat industries.
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.
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This report segments marine composites the global market as follows:
Marine Composites Market: Product Analysis
- Carbon fiber reinforced plastics
- Foam core materials
- Glass fiber reinforced plastics
Marine Composites Market: Application Analysis
- Cruise liner
- Powerboats
- Sailboats
- Others (including personal watercraft, jet boats, etc.)
Marine Composites Market: Region Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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