Global marine composites market to continue to grow

The global marine composites market is set to continue to grow.
The global marine composites market is set to continue to grow.

The report is entitled  Marine Composites (Carbon Fiber Reinforced Plastics, Glass Fiber Reinforced Plastics, Foam Core Materials and Others) Market for Powerboats, Sailboats, Cruise Liners and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.

The Transparency Market Research report adds that huge leisure boat building coupled with advantages and technological advancements in marine composites have been driving the marine composites market. The development of the boat building industry in China, South Korea and Oceanic region is likely to be one of the key factors driving the demand for marine composites over the next few years.

However, stringent environmental legislations over styrene in marine composites industry, especially in European market are anticipated to restrain the growth of the market. Although, increasing demand for bio-plastics and rise in out-of-autoclave prepregs market are expected to open opportunities for the growth of the market over the next few years.

Glass fibre reinforced plastics (GFRPs) were the most widely consumed marine composites and generated majority of the revenue in 2012. GFRPs are most preferred marine composites as they are cheaper and offer lighter weight to the components than others.

The demand for GFRPs was more owing to rise in demand from powerboats and personal watercraft. Foam core materials are second-largest product segment in marine composites market and are expected to gain more market share in the near future. Other marine composites such as metal composites, out-of-autoclave prepregs are expected to be fastest growing product type in marine composites market.

Cruise liners were the largest application segment for marine composites in 2012. Marine composites are being widely used in decks, hulls, masts and other interior components.

Powerboats (inboard, outboard and stern drive) were the second largest application for marine composites and are likely to show similar growth in the next few years. However, other applications such as personal watercraft and jet boats are likely to emerge as growing markets for marine composites in the near future.

North America dominated the marine composites market in 2012 followed by Europe owing to increasing demand for personal watercraft and small boats. Asia Pacific is anticipated to show potential growth for marine composites market. The demand for marine composites is likely to grow in China and South Korea owing to growing boat building industry. The RoW is expected to exhibit stable demand for marine composites between 2013 and 2019.