Marine Composites Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 Polymeric composites used for manufacturing parts of aquatic vessels like ships, recreational boats, racing boats, power-boats, jet-boards, and sub-marines are called marine composites. It helps to reduce vessel weight and cost of production, improve fuel efficiency, impact resistance, and longevity of the vessel. Marine composites include carbon fiber reinforced plastics (CFRP), glass fiber reinforced plastics (GFRP), and foam core materials, used to manufacture different parts of a vessel, for different end-uses.
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It is in use for the past forty years, and has technically developed over time, responding to market needs. This is an industry which has witnessed strong market growth over the past years and is expected to remain buoyant in the near future. The market revenue as well as volume is estimated to rise in tandem. It has high scope of growth in North America, Asia Pacific, and Europe.
Smaller boats are expected to lead the usage of composites, as their production is on the rise. There is huge demand for composites for manufacturing of hulls of yachts and sailing boats, as they are practically maintenance-free. A rise in the number of recreational boats is a key driver of this market. A lot of research is currently undertaken to improve the casting and molding techniques of the composites, which has reduced the cost considerably.
There has been a surge in the demand for glass fibers for small boats, while large marine crafts continue to demand CFRP. Rise in the cost of fuel is another driver for this market as manufacturers look to increase fuel efficiency, and reduce the maintenance cost, which is possible with the use of marine composites.
Although the demand is increasing every year, so is the cost of raw materials. The high cost of raw materials negates the market attractiveness of the product, although the technological improvements attempt to bring down the manufacturing costs. This industry is also highly susceptible to the prevailing macro-economic conditions, as demand and output both fall during recessionary periods.