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Strategic Analysis of the Global Marine Composites Market

Global marine composites market: $1.5 billion industry by 2018


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2014-03-10 19:34:06 - Strategic Analysis of the Global Marine Composites Market - a new market research report on companiesandmarkets.com

The global marine composites market is suggested to have grown to a value of around $940 million by the end of 2012, and is forecast to grow to a total of $1.5 billion by 2018.Recreational boat builders are beginning to gain trust in composites that help reduce weight, create higher impact strength, enhance fuel efficiency and design flexibility for their vessels. As such, this has stimulated the global marine composite market. This market will continue to grow steadily as technological advancements reduce the cost of manufacturing marine composite parts and encourage further adoption.The increasing incorporation of composites in large marine recreational vessels by manufacturers to offset extra weight and enhance fuel efficiency has boosted the global marine composite market.Due to

 

 

their superior performance, composites like carbon-fiber-reinforced polymers and glass fiber reinforced polymers are becoming more popular than traditional materials such as steel or aluminum. For instance, a 35-foot yacht´s primary load-bearing structures, such as the hull, rig and deck, are made out of a carbon and epoxy composite and a carbon and polyurethane foam core sandwich, resulting in significant weight reduction, as well as greater strength and firmness.Despite these benefits, the poor reparability and recyclability of composites can restrain their adoption to an extent. Styrene legislations limit the uptake of low-cost polyesters, and the perception that composites are expensive further curbs new investments in the manufacturing of composite marine parts.These cost concerns, along with the economic downturn, also forced several small boat builders to exit the market, restricting the growth in use of advanced composites to larger vessels during 2008 to 2010.The downturn has likewise affected the purchasing power of consumers, reducing the sale of marine recreational vessels. Consumers´ caution in spending their savings on a luxurious activity like boating has led to a decline in marine sales, which has eventually hampered marine composite market growth.Consolidation through mergers or acquisitions will enable companies to gain market share. Composite suppliers must widen their product portfolio and engage in large-scale joint development activities with existing marine original equipment manufacturers and tier I suppliers to ensure market expansion.Developing and marketing composite solutions that comply with evolving styrene legislations and possess faster processing time will strengthen competitive advantage in the long term.Report ScopeThis study covers the global marine composites market; composites are used to achieve weight reduction in recreational marine crafts amid fuel efficiency requirements and operating cost concerns. The research includes a market overview, manufacturing trends, and market drivers and restraints for growth. Moreover, it examines pricing, demand, and application trends. Furthermore, it offers an in-depth analysis of advanced fibre properties, prevalent fabrication methods, and resin systems used in marine vessels. The market is broken down into two segments: CFRP and GFRP. The base year is 2011 with forecasts running through 2018.

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