Posted on Leave a comment

Marine Composites Market is Poised to Reach $6,266.8 Million by 2027 – Exclusive Report by MarketsandMarkets™

Marine Composites Market is Poised to Reach $6,266.8 Million by 2027 - Exclusive Report by MarketsandMarkets™
Browse 131 market data Tables and 58 Figures spread through 129 Pages and in-depth TOC on “Marine Composites Market”

Marine Composites Market by Type (Metal Matrix, Ceramic Matrix, and Polymer Matrix), Polymer Matrix Composite (Fiber (Glass, Carbon), Resin (Polyester, Epoxy), Vessel Type (Power Boats, Sailboats, Cruise Ships), Application, and Region

The global marine composites market is estimated at USD 3.83 billion in 2018 and is projected to reach USD 5.04 billion by 2023, at a CAGR of 5.6% during the forecast period. North America is expected to be the largest market for marine composites during the forecast period due to the presence of a large number of powerboat manufacturers in the region. The demand for recreational boats is the highest in North America due to the high per capita incomes in the region. 

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=73767608  

Sailboats are expected to be the fastest-growing vessel type of the marine composites market. This can be attributed to the increasing use of marine composites in the hull, tiller, rudder, mainsail, mast, boom, jib, and keel of the sailboat. In addition, the increasing demand for recreational boats is also fueling the growth of the sailboats segment. 

In terms of value, ceramic matrix composite is the fastest-growing segment in the marine composites market globally. The excellent high-temperature resistance property is the main driver for the ceramic matrix composite market. The use of ceramic matrix composites in marine engine components can enhance engine performance by reducing weight and thereby achieve a higher thrust-to-weight ratio.  

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=73767608 

By fiber type, carbon fiber is projected to be the fastest–growing fiber in the polymer matrix composite market. This growth is attributed to its superior properties and increasing use in the boat building industry. Some of the major applications of carbon fiber composites include furniture in luxury yachts, hull, and masts of racing yachts, keels, decks, transverse frames, rigs, bulkheads, longitudinal stringers, and masts. 

Key players in the global marine composites market undertook various development strategies during the last 5 years. New product launches, expansions, acquisitions, and agreements are some of the key strategies undertaken by major companies, such as Owens Corning (US), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Solvay Group (US), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), Hexcel Corporation (US), E. I. Du Pont de Nemours and Company (US), and Hyosung (South Korea). The growing leisure boat market is a major opportunity in the marine composites market during the forecast period. Top boat manufacturers are organizing boat shows to increase the popularity of leisure boats.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=73767608  

About MarketsandMarkets™ 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. 

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. 

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The Knowledge Store™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. 

Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/marine-composites-market-73767608.html