Marine Composites Market globally is forecast to reach US$4.2 billion by 2026, growing at a CAGR of 5.5% during 2021-2026.
HYDERABAD, TELANGANA, INDIA, December 22, 2022 /EINPresswire.com/ -- The Marine Composites Market globally is forecast to reach US$4.2 billion by 2026, growing at a CAGR of 5.5% during 2021-2026. The shipbuilding industry's incredible demand for corrosion-resistant, lightweight, and high-strength components is expected to spur Marine Composites Market growth. Also, the surge in demand for high-speed and fuel-efficient boats is projected to further expand the market. Composites have been widely used in the marine industry because of their excellent resistance quality. Various structural elements of ships and boats such as decks, hulls, hatch covers, bulkheads are created using lightweight composites. Glass fiber reinforced plastics, carbon fiber reinforced plastics, and aramid fiber are the marine composites, commonly used for manufacturing boats and ships structural elements. The high-quality properties of marine composites as compared to different alternatives are expected to propel the growth of the target market in the forecast period globally. However, the high raw material cost used in this industry may hinder the growth of the market. Click here to browse the complete report summary:URL Key takeaways: This IndustryARC report on the Marine Composites market highlights the following areas - 1. Increase in demand for high-speed boats due to the increased recreational activities are boosting the growth of the Marine Composites Market. 2. Increasing footfalls in the tourism industry is expected to increase the demand for cruise ships, which, in turn, will uplift the Marine Composites Market. According to the report titled State of the Cruise Industry Outlook report 2021 by Cruise Lines International Association (CLIA), 58% of international tourists, who are yet to travel by Cruise Ships, are likely to cruise in the coming years. 3. Asia Pacific region is projected to witness further growth in the Marine Composites Market during the forecast period. Under the joint venture of cruise company Carnival Corporation and China State Shipbuilding Corporation (CSSC), China market is expected to get the first cruise ship built in China, projected to be delivered in 2023. 4. Marine composite market is expected to recover from COVID-19 impact with a slow, but steady growth during the forecast period. Interested in knowing more relevant information? Click here:URL.php?id=500346 Segmental Analysis: 1. Marine Composite Market - By Composite Type : Owing to its excellent properties and large-scale applications required for the marine industry, Polymer matrix composite dominated the market in 2020. Polymer matrix composite offers excellent impact resistance, corrosion resistance, and lightweight property, which makes it suitable for use in ship manufacturing. Also, due to its great design flexibility property, polymer matrix composite has made good inroads in the marine industry. 2. Marine Composite Market - By Fiber Type : Based on fiber type, the glass fiber reinforced plastics, otherwise known as glass fiber, dominated the Marine Composites Market in 2020. This is due to its lower prices and better properties than those of carbon fiber composites. Also, glass fiber reinforced plastic is lightweight, which makes it suitable for manufacturing boats and various marine vessels, globally. The non-magnetic property of glass fiber reinforced plastics makes it suitable for manufacturing naval ships, which is further expected to drive the Marine Composites Market growth. Marine Composite Market - By Resin Type : Polyester resin held the largest share in the Marine Composites Market in 2020. Polyester resin demonstrates excellent thermal, mechanical, and electrical properties. Furthermore, the cost of polyester resin is generally low as compared to the epoxy, and vinyl ester resins. Polyester resin is widely used in marine components such as boat hulls and yachts and is expected to maintain steady growth in the forecast period. Epoxy resin is likely to witness decent growth during the forecast period. Competitive landscape: The top 5 players in the Marine Composite industry are: 1. Toray Industries, Inc.2. Cytec Industries (Solvay S.A)3. Teijin Limited4. Hexcel Corporation5. SGL Group. Click on the following link to buy the Marine Composite Market Report:URL Why Choose IndustryARC? IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports. Related Reports: A. Marine Coatings Market URL.html Contact Us: Mr. Venkat ReddyIndustryARC Email: EMAIL, __EMAIL__SA: (+1) 970-236-3677, (+1) 815-656-4596IND: (+91) 40-485-49062Venkat Reddy
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