According to the latest report by IMARC Group, titled "Marine Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global marine composites market reached a value of US$ 4.4 Billion in 2020. Marine composites refer to a combination of two or more fibers and resin materials that assist in enhancing the physical and chemical properties of marine components. They are majorly used to attribute proper shape with enhanced strength and improved material properties to the parts. They provide the components with excellent corrosion resistance that enables them to withstand high water pressure at great depths and provide water-tight seals. Some of the commonly utilized marine composites include wood fibers, fiberglass, ferrocement, glass-reinforced plastic, carbon composites and aramid fiber. They are widely used during the assembling of sailboats, cruise ships, recreational boats and submarines.As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Global Marine Composites Market Trends:
The global market is primarily driven by the rapid expansion of the maritime sector across the globe, coupled with the widespread popularity of marine tourism and the rising demand for lightweight sailboats and cruise vessels. Fiber marine composites are increasingly utilized for the manufacturing of various marine parts to improve the overall efficiency and performance of the vehicles. Along with this, there has been a considerable increase in the demand for high-speed and luxurious recreational boats on the global level. These vehicles extensively employ the use of high-quality marine composites as they offer flexibility in designs, excellent strength-to-weight ratio and enhanced fuel efficiency with improved noise damping features. Catalyzed by the inflating disposable income levels of the masses, shifting lifestyle preferences and significant growth in the tourism sector across the globe, this is expected to create a positive outlook for the market. The market is further driven by the increasing integration of renewable materials and vacuum infusion in the manufacturing of marine composites as they offer improved stiffness and excellent resistance to impact, moisture and abrasion. Some of the other factors contributing to the market growth include increasing transportation cargo activities across borders and the rising preference for marine vehicles with lesser carbon emissions. On account of the aforementioned factors, the market is expected to witness moderate growth during 2021-2026.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
3A Composites GmbH
I. Du Pont De Nemours and Company
GMS Composites
Gurit AG
Hexcel Corporation
Hyosung Marine Co. Ltd.
Owens Corning
Solvay SA
SGL Carbon SE
Teijin Limited
Zoltek Corporation