12:17 PM The changing dynamics in Composites Market in the Personal Watercrafts Industry with covid-19 impact assessment |
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Composites Market in the Personal Watercrafts Industry. It was estimated prior to this unanticipated outbreak that the Composites Market in the Personal Watercrafts Industry was expected to grow at >5% CAGR by 2025. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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One sector of the watersports world that uses composites extensively is personal watercraft. Almost all major personal watercraft manufacturers are heavily relying on the composite materials for their structural applications. Composites offer many advantages, such as lightweight, superior strength, higher durability, and ability to withstand extreme temperature. Healthy growth in personal watercraft sales, driven mainly by increasing demand in the North American market and increasing use of composites in the personal watercrafts are the key growth drivers of the composites in the global personal watercrafts industry.
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LFI and SMC are expected to remain the dominant manufacturing processes for composite parts fabrication in the personal watercrafts industry. Glass fiber is widely used in most of the composite applications in the personal watercrafts industry. North America is expected to remain the largest market for composites in the global personal watercrafts industry due to high demand of watersports equipment in the USA and Canada.
Key Players: The supply chain of this market comprises raw material manufacturers, composite part manufacturers, and personal watercrafts OEMs. The key raw material suppliers are Owens Corning, PPG Fiberglass, and Ashland and key personal watercrafts manufacturers are Yahama Motors, BRP Inc, Honda Motors, and Kawasaki Motors. The composite products for personal watercrafts, such as hull decks are produced by independent manufacturers as well as personal watercraft OEMs. Many personal watercraft manufacturers have in-house composites manufacturing capacity, such as Yahama, Kawasaki, and BRP. The key composite part manufactures in the global personal watercrafts industry are Yahama Motors, Roski Composites, Kawasaki Motors, BRP Inc., and Honda Motors. New product development and upgradation of existing technologies are key strategies adopted by the key players to gain competitive edge in the market.
Features of the Report This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Composites Market in the Personal Watercrafts Industry analysis report discusses the following heads in great detail:
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