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Marine Composites Market estimated to be worth US$1,549.6 million by 2019, registering growth at an impressive CAGR of 7.0%: Transparency Market Research

Globe Newswire

Albany, NY, June 24, 2015 (GLOBE NEWSWIRE) -- According to "Marine Composites Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 ", a new research report in the repository of Transparency Market Research, the global marine composites market that was valued at US$954.6 million in 2012 is estimated to be worth US$1,549.6 million by the end of 2019, registering growth at an impressive CAGR of 7.0%.

The report is drafted to present a decisive view on the overall market performance and market behavior of the global industry of marine composites on the basis of industrial growth and the output the market is estimated to register. The research presents an in-depth study in terms of global industry analysis, growth trends, and forecasts.

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According to the report, factors such as the increased construction of leisure boats together with the technological advancements taking place in the segment are driving growth in the global market for marine composites. The market is experiencing a substantial rise in demand in recent years. This growth in market opportunities is contributed to the advent of new boat building industries in countries such as South Korea, China, and other Oceanic regions. Despite registering strong demand in the Asia Pacific region, the global marine composites market might face restraints in Europe owing to the stringent environmental regulations on styrene observed in the region. However, enhanced bio-plastics demand and growing scope for expansion in the prepegs market are anticipated to provide significant prospects for the industry to capitalize on.

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In order to present a comprehensive research study, the report segmented the global marine composites market on the basis of product types, end users, and applications. According to the report, in 2012 glass fiber reinforced plastics (GFRPs) generated maximum revenue and maximum demand in the year. GFPR is lightweight and it is available at a cheap price. This created increased demand for the variant in the global market. Moreover, a steady increase in demand for GFPRs from private watercrafts and powerboats sectors also enhanced the market opportunities for the segment. In the same year foam core material emerged as the second largest segment in the global marine composites market. In fact, the segment is projected to gain an increased share in the global market in forthcoming years. Marine composite product segments such as out-of-autoclave prepegs and metal composites are also expected to emerge as dominant players in the market.

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Geographically, the global market for marine composites was dominated by North America in 2012. Rise in demand for small boats and personal watercrafts created increased demand for marine composites in Europe, which made the region the second largest market for the industry in 2012. The global marine composites market is likely to expand in Asia Pacific considerably between 2013 and 2019 owing to the growth of boat building industries in countries such as South Korea and China. Rest of the World, on the other hand, is expected to register unwavering demand during the forecast period.

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The Market has been Segmented as below:

Marine Composites Market: Product Segment Analysis

  • Carbon fiber reinforced plastics (CFRPs)
  • Glass fiber reinforced plastics (GFRPs)
  • Foam core materials
  • Others (including metal composites, etc.)

Marine Composites Market: End-user Analysis

  • Powerboats
  • Sailboats
  • Cruise liner
  • Others (including personal watercraft, jet boats, etc.)

Marine Composites Market: Regional Analysis

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

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About Us:

Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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Source:Transparency Market Research