8:51 AM High Growth & Smooth Sailing of Marine Composite Materials Market, a US$ 1,546.8 million Opportunity |
| Stratview Research prognosticates the market to grow at a healthy CAGR over the next five years and expects the Marine Composite Materials Market to cross over of US$ 1,546.8 million mark by 2024.
The estimates are a result of market analysis over a period of 2013-18, Stratview Research goes to the depth of the issues shaping the market and estimates the most probable future growth rate for the Marine Composite Materials Market during the period 2019-24.
Identifying the Factors & Avenues of Growth Tending to the most frequent questions and problems that consume the psyches of business visionaries and leaders, the new report of "Stratview Research" on the Marine Composite Materials Market responds to all the significant inquiries. The marine industry was among the most suffered industries during the recession period. New boat sales have not yet reached their peak level attained in 2007. However, recovery of the global economy has gradually been impacting the sales of boats and yachts for the past few years. The demand for composites in the marine industry has also been surging with the growth in sales of boats and yachts. The marine industry currently accounts for less than 10% share of the overall global composite materials market. But the penetration of composites in this industry has been highest among all the industries where composite materials are used. The composite materials market in the marine industry is also heading towards the consolidation as major players are taking a keen interest in acquiring other companies to quickly position themselves in the upper section of the market. For instance; the merger of AOC and Aliancys in 2018 and the merger of Polynt and Reichhold in 2017 helped these companies to better position themselves not only in marine, but also in other industries. Further, both mergers have strengthened the companies’ polyester and vinyl ester resin capabilities. There has also been an acquisition in the epoxy resins market: Olin Corporation acquired the epoxy division of The Dow Chemical Company in 2015. Also, all the major players are increasingly participating to capture a larger pie of the market. They are working with the industry stakeholders for the development of innovative products meeting the market requirements. The global marine composite materials market is projected to grow at a healthy rate over the next five years to reach US$ 1,546.8 million in 2024. Increasing number of outdoor participation (recreational boats represent a good share), increasing global HNWI population, increasing new boat sales, and increasing share of fiberglass boats over traditional boats, are some of the key factors, boosting the growth of composite materials in the marine industry. Another factor expanding the market is the growing interest for marine leisure activities, which is booming the market for ski/wake boats and personal watercraft. Such kind of boats are preferably made with composite materials and are thickening the demand for composite materials. Unravelling the Critical Segments The true picture of the market shall not emerge till the time the market is analyzed from various point of views. Each vantage point gives a better understanding of the market. It would mean a lot understand with clarity that the market has various parts and insights on them might be critical to many players. The market of marine composite materials has been divided into categories such as by Boat Type, Application Type, Material Type, By Region. Insights on each segment can be of critical importance to any player. Each segmented view helps us answer a prominent question, and we bring out the best market intelligence which is of interest to each and every player in the market, no matter where he lies in the value chain. The answers to the prominent questions which are evinced out of above slicing of the market are:
To get the feel of how our best in class, cutting-edge market research report feels, request a sample: https://www.stratviewresearch.com/Request-Sample/505/marine-composites-market.html Ashland Inc. at the Helm Some of the key suppliers of marine composite materials are Ashland Inc., Owens Corning, China Jushi Co., Ltd., Polynt-Reichhold Group, AOC Aliancys, Huntsman Corporation, Hexion Inc. and Interplastic Corporation. Major boat manufacturers using composites are Brunswick Corporation, White River Marine Group, Beneteau Group, Ferretti Group, Marine Products Corp., Correct Craft Inc., Malibu Boats Inc., and BRP Inc. Emerging Trends: Inboard/Sterndrive Boat to Remain the Growth Engine The market is segmented based on the boat type as Outboard Boat, Inboard/Sterndrive Boat, PWC, and Other Boats. Inboard/sterndrive boat is likely to remain the most dominant boat type in the market during the forecast period. BRP Inc., Kawasaki, and Yamaha are the major players in the PWC segment, which generate sustainable demand for composite materials. Hull to remain dominant application Based on the application type the market is broadly segmented as Hull, Deck, Stringers, Roof, and Others. Hull is likely to remain the most dominant segment during the forecast period. Hull is the largest composite application in terms of volume consumed as well as in terms of dimension. Hull of PWC and inboard/sterndrive boats is preferably built using composite materials, mainly glass fibers impregnated with polyester or vinyl ester resins. North America to be the Largest Market Based on regions, North America is projected to remain the largest region, whereas Asia-Pacific is likely to remain the fastest-growing market during the forecast period. China is likely to be one of the fastest-growing marine composite material markets in the coming five years. There has been an increasing presence of country-level boat and yacht manufacturers in the country to tap the growing potential of the country. Subscribe to the Stratview advantage and Advance Your Business. The insights delivered in our report helps business take bold decisions and make smarter moves. It is the emerging trends that have to be understood well in advance for the firms to take an informed decision. We can help you by giving you the market scenario and its growth hotspots. The decision still rests with you. Click Here for Other Reports from Stratview Research in the Consumer Goods Industry: https://www.stratviewresearch.com/market-reports/Consumer-Goods.html |
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