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(IT-NEWSWIRE.COM, October 04, 2022 ) Marine composites are used in various applications due to their versatile properties. These are corrosion resistant, reliable, impact resistant, and lightweight. In the past few years, the use of marine composites has increased for boats in masts, stacks, foundations, doors, hatches, life rails, bulkheads, propellers, tanks, ladders, gratings, etc. The Marine composites Market is projected to reach USD 5.04 billion by 2023, at a CAGR of 5.6% between 2018 and 2023.
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Power boats is estimated to be the largest vessel type segment of the marine composites market in 2018
Boats powered by engines are termed power boats or motor boats. Based on the location of the propulsion system, there are generally 3 types of power boats, namely, inboard, outboard, and stern drive. Some of the major boat types in which marine composites are used include yachts, catamarans, racing boats, bass boats, and runabouts.
The yacht is the largest consumer of marine composites in the marine industry. In yachts, marine composites are used in deck fittings, rudders, hulls, swim ladders, and masts. Carbon fiber based composites are mostly used to manufacture mast or rudderstock components, or entire boats. Currently, more than 90% yachts are made of glass fiber based composites.
North America is estimated to be the largest market for marine composites during the forecast period
North America is projected to lead the global marine composites market during the forecast period due to the presence of a large number of power boat manufacturers in the region. Demand for recreational boats is the highest in the North American region due to the high spending power in the region. The strong economy continues to bolster new boat sales and expenditure on boating in the region. Europe is the second largest market due to the presence of large marine composite manufacturers, driven by the high demand for boats in the region. The Asia Pacific marine composites market is expected to grow at the highest CAGR due to the new contracts awarded to cruise ship builders and increasing demand for recreational boats in the region due to rising sporting activities. This is supported by countries, such as Japan, South Korea, and China.
Some of the key players in the marine composites market include Owens Corning (US), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Solvay Group (US), and Teijin (Japan). These players have adopted various organic and inorganic strategies over the last 5 years to achieve growth in the marine composites market.
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Owens Corning is a leading manufacturer of composite resins. In the fiscal year 2017, the company generated a total revenue of USD 6,384.0 million. It is a prominent player in the marine composites market, inclined towards providing innovative and cost-efficient solutions for marine composites. The company adopted expansions and agreements as the main strategies to strengthen its presence in the market. For instance, in June 2018, the company signed an agreement with Chongqing Polycomp International Corp. (China) for the manufacture of high-modulus glass fiber products in China. This helped the company cater to the increasing demand for glass fiber in Asia.
Hexcel Corporation is a renowned manufacturer of marine composites. In 2017, the company registered total sales of USD 1,973.3 million. It has expertise in manufacturing, developing, and supplying marine composites across various industries worldwide. It adopts various growth strategies to increase its market share and customer base. For instance, in June 2017, the company acquired a French composites company, Structil. This helped the company increase its production of composites for the aerospace, defense, and industrial sectors. In September 2017, the company launched Fast-Curing HexPly M77HF Prepreg for low-pressure processing. This expanded the company’s prepreg range for various applications.
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