According to the latest market research study released by Technavio, the global marine composites market is expected to grow at a CAGR of around 6% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global marine composites market based on product material:
Global marine composites market share by product material 2015
|
GFRP |
82.02% |
|
CFRP |
13.94% |
|
Foam core material |
4.04% |
Source: Technavio
GFRP in global marine composites market
The global marine composites market by GFRP materials was valued at almost 135 thousand metric tons in 2015 and will grow at a CAGR of around 6% by 2020. GFRP composites contain a plastic matrix such as epoxy, polyester, vinyl ester, or thermoplastics reinforced by fine fibers of glass. These composites are used for manufacturing marine vehicles, such as ships and yachts. The primary end-users for this material are a recreational marine, commercial marine, military, transportation, and other maritime industries. The use of conductive fillers and extended fillers enhance the properties of GFPR which includes thermal conductivity, friction, wear resistance, electrical resistivity, and flame resistance. Extensive demand from countries like US, Germany, and the Netherlands will fuel the growth prospects for this market segment.
“The extensive use of GFPR in the marine industry is mainly due to its product features like cost-effectiveness, strength, lightweight, and corrosion-resistant. These properties are contributing to the improvement of ship and yacht manufacturing. The easy availability and advanced specifications of these form materials are resulting in latest advancements in technology and production processes in the marine industry. These form composites reduce the weight of the vessel, increases flexibility, and reduces the cost of the ship,” says Swapnil Tejveer Sharma, a lead analyst at Technavio for research on textile, fiber, and composites.
CFRP in global marine composites market
The global marine composites market by CFPR material was close to 7 thousand metric tons in 2015 and will grow at a CAGR of around 7% by 2020. The usage of these materials to reduce the weight of yachts, cruisers, and marine racing vessels will boost the demand for these composites during the forecast period. These composites have a weight advantage over other composites, and its flexibility increases the vessel designing and performance. These products are used for manufacturing of composite masts, oars, rudders, fishing rods and reels, yachts, sailboats, canoes, and rowing boats.
Foam core material in global marine composites market
The global marine composites market by foam core materials was almost 23 thousand metric tons in 2015 and will grow at a CAGR of around 6% by 2020. The different form of foam core used in the market is polyvinyl chloride (PVC), polystyrene, polyurethane, polyisocyanurate, polymethyl methacrylate, and polyetherimide. These materials are used to lighten, stiffen, and strengthen beams or panels without adding excessive weight. These materials are sandwich structures with properties like low density, consistency, and moisture-resistant core material. The primary use of these composites in the marine applications is to lighten, stiffen, and strengthen hull bottoms and fly bridges. These composites have various benefits that include high moisture resistance, good physical properties, and consistency.
The top leading vendors operating in the global marine composites market are:
- 3A Composites
- Cytec
- DuPont
- Mitsubishi Rayon (MRC)
- Owens Corning
Other prominent vendors in the market include Gurit, Hexcel, SGL Group, Teijin, and Toray Industries.
A more detailed analysis is available in the Technavio report titled, ‘Global Marine Composites Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Advanced Composites Market 2016-2020
- Global Tooling Composite Market 2016-2020
- Global Aluminum Powders Pastes and Flakes Market 2016-2020
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