Market Research Report
Marine Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||952984|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|Marine Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: July 18, 2020||Content info: 112 Pages||
The global marine composites market grew at a CAGR of around 6% during 2014-2019. Marine composites refer to a mixture of fibers and resin materials that are used to shape and reinforce marine components. Ferrocement, glass-reinforced plastic, wood fibers, carbon composites and aramid fiber are some of the most commonly used marine components. They are usually manufactured using polyester, vinyl ester, epoxy, thermoplastic, acrylic and phenolic resins. They are also used for manufacturing gratings, ducts, shafts, piping and hull shells. These composite-based parts are used for assembling powerboats, sailboats and cruise ships as they offer advantageous properties, such as high mechanical strength, fuel efficiency, reduction in the overall weight, corrosion resistance, and customizability.
One of the key factors creating a positive outlook for the market is the significant growth in the maritime industry across the globe. Furthermore, the growing demand for high speed, power and luxury boats and yachts is also providing a boost to the market growth. Marine composites are extensively used for manufacturing recreational boats that have a high strength-to-weight ratio, fuel-efficiency, improved noise damping features and lower magnetic signature. In line with this, increasing marine transportation activities and cargo movement across borders is contributing to the market growth. Composites, such as fiber-reinforced composites, are being increasingly used as they can withstand extreme pressures from winds, waves and tides and maintain their physical properties when submerged in saltwater. Additionally, various product innovations, such as the development of marine composites using renewable materials and vacuum infusion, are acting as another growth-inducing factor. These composites provide additional stiffness, vibration damping, water repellency and impact and abrasion resistance. Looking forward, IMARC Group expects the global marine composites market to continue its moderate growth during the next five years.