Strong demand for high speed boats is expected to drive the global marine composites market over the next six years. Cruise ships, speed boats, sail boats, and power boats manufacturing are the major marine composites applications. Power boat production was the most dominant application in 2013. Carbon fiber composites, glass fiber composites and foam core materials are the key marine composites products. Carbon fiber is presumed to witness rapid growth owing to high demand over the forecast period. Superior properties such as higher fuel efficiency, increased strength and flexibility are presumed to have positive impact on the overall carbon fiber demand.
Technological innovations are projected to reduce manufacturing costs, which in turn is expected to further aid the market growth. Rising disposable income along with a rapidly burgeoning leisure market is touted to fuel the global marine composites market. Economic slowdown across the globe is anticipated to retard the marine composites demand growth over the next six years. Stringent regulations, lower reparability and rising raw material prices are slated to further hamper the market growth in the foreseeable future. R&D to develop superior quality composites with more robust physical attributes and alternative applications provide ample opportunities to the industry participants.
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North America, characterized by multiple product launches, dominated the global marine composites market in the recent years. U.S. led the regional consumption market, where power boat manufacturing was the dominant application. Rising disposable income levels in emerging economies such as India, China and Brazil are projected to fuel the Asia Pacific and Latin American market over the forecast period.
Prominent industry participants are anticipated to widen their product portfolio and develop superior quality composites to cater to the growing consumer demand and gain market share.
Major marine composite industry participants include Owens Corning, Cytec Industries Inc., Gurit Holding AG, Toray Industries, Mitsubishi Rayon Co. Ltd., 3A Composites, E.I. DuPont de Nemours, SGL Group, Company, Teijin Limited and Hexcel Corporation.
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