According to the latest report of the IMARC group, entitled “Marine Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which includes information on marine composites market report. The report also includes competitor and regional analysis, as well as contemporary advancements in the global market. The global marine composites market reached a value of US$4.6 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$5.8 billion by 2027 growing at a CAGR of 4.1% during the period 2022-2027.

Marine composites refer to a combination of two or more fibers and resin materials that help improve the physical and chemical properties of marine components. They are mainly used to assign proper shape with increased strength and improved material properties to parts. They give components excellent corrosion resistance which allows them to withstand high water pressure at great depths and provide watertight joints. Some of the commonly used marine composites include wood fibers, fiberglass, ferrocement, glass reinforced plastic, carbon composites, and aramid fiber. They are widely used when assembling sailboats, cruisers, pleasure boats and submarines.

Like the new coronavirus (COVID-19[feminine]) the crisis is taking over the world, we are constantly monitoring the changes in the markets, as well as the purchasing behavior of consumers around the world and our estimates on the latest market trends and forecasts are made after taking into account the impact of this pandemic.

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Global Marine Composites Market Trends:

The global market is mainly driven by the rapid expansion of the maritime sector across the world, coupled with the widespread popularity of maritime tourism and the growing demand for light sailing yachts and cruise ships. Marine fiber composites are increasingly being used for manufacturing various marine parts to improve overall vehicle efficiency and performance. Along with this, there has been a huge increase in the demand for high-speed and luxurious pleasure craft globally. These vehicles make extensive use of the use of high quality marine composites as they provide flexibility in designs, excellent strength to weight ratio and improved fuel efficiency with improved noise dampening characteristics. Catalyzed by inflation in the disposable income levels of the masses, changing lifestyle preferences and significant growth in the tourism sector across the globe, this is expected to create a positive outlook for the market. The market is further driven by the increasing integration of renewable and vacuum infusion materials in the manufacture of marine composites, as they offer improved stiffness and excellent impact, moisture and abrasion resistance. Some of the other factors contributing to the growth of the market include increasing activity in freight transportation across borders and growing preference for lower carbon marine vehicles.

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Competitive landscape with key players:

The report has also analyzed the competitive landscape of the market with some of the key players.

  • 3A Composites GmbH
  • I. Du Pont De Nemours and Company
  • Supermarket composites
  • Gurit AG
  • Hexcel Corporation
  • Hyosung Marine Co.Ltd.
  • Owens Corning
  • Solvay S.A.
  • SGL Carbon SE
  • teijin limited
  • Zoltek Company

Marine Composites Market Segmentation:

Our report has categorized the market based on region, composite type, fiber type, resin type, and end-use industry.

Breakdown by composite type:

  • Metal Matrix Composite (MMC)
  • Ceramic Matrix Composite (CMC)
  • Polymer Matrix Composite (PMC)

Breakdown by fiber type:

  • Glass fibers
  • Carbon fiber
  • Aramid fiber
  • Natural Fiber
  • Others

Breakdown by type of resin:

  • Polyester
  • vinyl ester
  • Epoxy
  • Thermoplastic
  • Phenolic
  • Acrylic
  • Others

Breakup by vessel type:

  • Motor boats
  • Boat
  • cruise ships
  • Others

Breakdown by region:

  • North America (USA, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)

Main highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Porter’s Five Forces Analysis
  • Market drivers and success factors
  • SWOT analysis
  • Value chain
  • Complete mapping of the competitive landscape

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