Market size for marine composites worth USD 7,024.6 million by 2028 with a CAGR of 6.5%

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Obtaining new technological advancements for the development of marine composites production is expected to provide new growth opportunities for the marine composites market in the coming years..

Based on the current analysis, the global marine composites market is valued at USD 4,216.3 million in 2020 and is expected to reach USD 7,024.6 million by 2028, at a CAGR of 6.5%. Marine composites offer excellent strength to weight ratios, make the materials corrosion resistant, require low maintenance costs and improve flexibility. North America dominates the marine composites market and is likely to remain the revenue generating region during the forecast period. Composite materials are materials in which reinforcing materials such as carbon fibers, glass fibers or aramid fibers are reinforced in a resin to make it a much stronger material with improved material properties for different applications. They offer a higher strength-to-weight ratio than traditional timber or steel structures and may require less skill to generate a sizable exterior. Marine composites are consumed in resins and fibers to impart their resistance to machining and improve their properties. Minimized manufacturing costs due to innovations and technological developments are expected to advance the growth of the global marine composites market. The marine composites market is also boosted due to the high demand for marine composites in subsea applications around the world. In addition, the growing concern about greenhouse effect emissions is likely to promote the overall development of the market. On the other hand, a high production price can hamper the growth and development of the market. The acceptance of new technological advancements for the development of marine composites production is expected to provide new growth opportunities for the marine composites market in the coming years.

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The major manufacturers of the Marine Composites Market studied in the report are:

  • Owens Corning,
  • SGL Group – The Carbon Company,
  • TORAY INDUSTRIES, INC.,
  • Cytec Solvay Group,
  • Mitsubishi Chemical Corporation.
  • TEIJIN LIMITED.,
  • Hexcel Corporation,
  • HYOSUNG,
  • Gurit (United Kingdom),
  • ZOLTEK,
  • First Order Composite Technologies (PCT),
  • Aéromarine Industries Ltd,
  • Airborne, Composites One,
  • Hexion, Marine concepts / Design concepts,

Segmentation of the marine composites market according to product types:

  • Fiberglass
  • Carbon fiber
  • Aramid
  • Natural fibers
  • Other

Vessel Type (Revenue, USD Million; 2016-2026)

  • Motor boats
  • Boat
  • Cruise ships
  • Cargo ships
  • Warships
  • Jet boats
  • Watercraft
  • Other

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The regional analysis of the marine composites market includes:

  • North America (United States, Canada)
  • Europe (UK, Italy, Germany, France, rest of the EU)
  • Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
  • Latin America (Chile, Brazil, Argentina, rest of Latin America)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)

Highlights of the report:

  1. The latest report on Global Marine Composites Market offers an elaborate list of company profiles of major industry players.
  2. The report highlights the most important aspects of the industry such as manufacturing / production capacity, sales, future expansion strategies, and financial condition of manufacturers and major companies.
  3. The report emphasizes the key application areas of the main products and services of the market.
  4. The report involves a SWOT analysis of the global marine composites market.
  5. The report provides vital information on the major investors, stakeholders, policy makers, manufacturers, suppliers and service providers involved in the Marine Composites industry.
  6. Furthermore, the latest study is an accurate account of the market and offers actionable insights into the size and growth rate of the global market during the estimated period.

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