Report: Marine composites market worth $4.9 billion by 2019

After a devastating recession, Increasing leisure time and a growing class of wealthy individuals are expected to drive increased use of composites in marine applications in North America, Europe and Asia-Pacific through 2019.

Related Topics:

Markets and Markets (Dallas, Texas) has announced that it has issued a new report, “Marine Composites Market by Type (Glass Fiber Composites, Carbon Fiber Composites, Foam Core Materials), by Application (Power Boats, Cruise Ships, Sail Boats) Global Trends and Forecasts to 2019.” 

The report also defines driving and restraining factors for the marine composites market with the analysis of trends, opportunities, burning issues, winning imperatives and challenges. Some of the drivers include rise in demand of high-speed boats, increasing demand for fuel-efficient vehicles and design flexibility offered by marine composites (which leads to low cost of manufacturing). Some of the restraints include the high cost of carbon fiber, reparability and recyclability issues related to composites and increasing styrene regulations.

Some opportunities, which are projected to change the dynamics of the marine composites industry in the years to come, include the increasing size of the leisure market and increased applications of marine composites in power boats, sail boats, jet boats and personal watercrafts. The market is forecast on the basis of key regions, such as North America, Europe, Asia-­Pacific, and Rest of the World (ROW) by value and volume. The regional marine composites market is further segmented on the basis of main applications.

The North America region was the world’s largest market for marine composites in 2013. The U.S. is the key consumer in North America. Increasing leisure time, coupled with the growing number of HNWI (high net worth individuals) shifted manufacturers’ focus towards marine composites, especially for power boats and sail boats. Various product launches, developments and expansions in different industries have in turn made the region a potential growth market for marine composites.

Carbon fiber composites is the fastest ­growing marine composite, driven by its strong use in racing boats. The power boats market for marine composites has a wide scope for its expansion, which in turn would help in increasing the consumption for marine composites. Power boats represent the biggest application of marine composites and is projected to be worth $2.6 billion by 2019.