Globally increasing high speed boats demand is expected to be a key driving factor for marine composites market demand over the next seven years. Foam core materials, carbon fiber composites and glass fiber composites are the major marine composite products while key marine composite applications include cruise ships, sail boats, speed boats and power boats manufacturing. Power boat manufacturing was the major marine composite end-use market in the past few years. Carbon fiber composite market is projected to witness considerable growth rate over the forecast period. Marine composite properties such as reduced weight & design flexibility and increased fuel efficiency provide marine composites a competitive edge over its conventional counterparts. Declining manufacturing costs owing to technological up gradation and advancement is expected to complement marine composites market growth.
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Rising disposable income coupled with increasing leisure market is projected to increase cruise ships and yachts demand which in turn is expected to drive marine composites market demand over the forecast period. Economic downturn is projected to hamper leisure market development and in turn obstruct marine composites market growth. Stringent safety and health regulations coupled with increasing marine composite prices are anticipated to hinder marine composites market growth and pose challenges to industry participants. Concerns regarding marine composites recyclability and reparability are expected to obstruct marine composites market growth over the forecast period. Innovations in marine composite products with numerous new applications are slated to yield opportunities to industry participants.
North America was the dominant regional market for marine composites market owing to increasing power boat manufacturing in U.S. North America is characterized for product inventions and wider product applications. Emerging economies including China, India and Brazil are expected to witness significant marine composites market growth owing to increasing per capita disposable income over the forecast period.
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