Market Research Global Marine Composites Market Analysis 2018

The market for marine composites is expected to register significant growth during the forecast
period, 2018 to 2023.This significant growth is the result of increasing production of leisure
boats to cater to the flourishing global tourism industry.
Increasing Production of Leisure Boats
The leisure boat industry includes runabouts, towboats, fishing boats, sail boats, pontoon boats,
stern drive power boats, jet boats, personal watercraft, propulsion systems, and cabin cruisers.
There has been a growing demand for leisure boats around the world in the recent years, which,
in turn, ignites the demand for marine composites in the leisure boats industry. The prospects of
the global recreational boating industry look promising, with opportunities in the inboard and
stern drive, outboard, and sailboat. The marine composites market is anticipated to grow
significantly in the future, owing to the tremendous growth of the tourism industry worldwide.
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2023/inquiry
Glass Fiber Reinforced Composites Segment to Dominate the Market
Marine composites are one of the first significant application segments of glass fiber reinforced
composites. Fiberglass has been the common material for recreational boats and yachts for many
years due to the good environmental resistance, better damage tolerance for impact loading, high
specific strength, and stiffness. Since carbon fiber is too expensive for the application of large
structures, glass fiber presents the most commercially viable solution for marine applications. As
of 2017, the glass fiber reinforced composites segment accounted for the largest share of the
global marine composite market.
Asia-Pacific to Dominate the Market Growth
The emerging boat-building industry in Asia-Pacific (Mainland China, India, and South Korea)
is expected to fuel the demand for marine composites in the future. The increasing scope of out
of autoclave prepreg and the bio-based composites market are expected to open new
opportunities for marine composites during the forecast period. North America accounted for the
largest share of the global marine composite market in 2017.
Key Developments in the Market
March 2018: Hexion announced potentially path breaking one-shot resin infusion process for
marine composites.
January 2018: Toray reached an agreement with Koninklijke Ten Cate B.V. to purchase all its
subsidiaries at USD 1.15 billion.
Major Players: DowDuPont, Toray Industries, Inc., Cytec Solvay Group, Airex AG, Gurit,
Branagh Marine Composites, and Hexion, amongst others.
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market-segmented-by-type-application-and-geography-growth-trends-and-forecast-2018-
2023
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Identify the current and future prospects of the global marine composite market in the developed