Marine Composites Market To Boost Up With 5.0% CAGR By 2025 Based on High Demand For Lightweight, Corrosion-Resistance and High Strength Materials in Shipbuilding Industry | Million Insights

December 24 06:10 2020
Marine Composites Market To Boost Up With 5.0% CAGR By 2025 Based on High Demand For Lightweight, Corrosion-Resistance and High Strength Materials in Shipbuilding Industry | Million Insights

Million Insights – World’s Fastest Growing Market Research Database
According to new report available with Million Insights, the global marine composite industry report provides in-depth market analysis by production, share, size, demand, economic trends, investment feasibility, major key players, SWOT analysis and forecast.

The global marine composites market size is anticipated to reach USD 5.29 billion by 2025, according to a report published by Million Insights. The market is expected to grow at a CAGR of 5.0% from 2019 to 2025. Growing demand for lightweight, corrosion-resistance and high strength materials in the shipbuilding industry is anticipated to propel the market growth of the market.

Composite materials reduce the overall component weight and maintenance cost apart from providing aesthetic appeal to end-use products. Growing demand for high-speed and fuel-efficient powerboats is attributing to the market growth.

On the basis of composites, polymer matrix composites held the largest share owing to its lightweight, high strength and corrosion resistance properties. On the other hand, ceramics matrix composites are likely to grow fastest over the forecast period.

To download the sample pdf of Marine Composites Market Report “Please” click here:

Marine composites are projected to be used substantially in cruise ships over the next few years. Cruise ships segment is estimated to grow at a CAGR of 4.4% over the forecast years. This segment is projected to be followed by powerboats that accounted for 18.4% of the revenue share in 2018. Growing demand for high strength, impact resistance and lightweight materials in the powerboats are likely to drive the demand for marine composites in the near future.

In 2018, Asia Pacific accounted for 39.0% of the marine composites market share owing to rising demand for recreational boats from countries such as India, South Korea and China. On the other hand, Europe held the second-largest share in the market and projected to grow at a CAGR of 3.26% from 2019 to 2025.

To browse report summary & detailed TOC, please click the link below:

Further key findings from the report suggest:

• Ceramics matrix composites is estimated to grow at CAGR of 5.5% over the forecast duration.

• In 2018, carbon fiber polymer matrix composites accounted for USD 796.3 million owing to its features such as high strength and lightweight.

• Powerboats is projected to be the leading segment in vessel type and estimated to register a CAGR of 3.8% over the forecast duration.

• In 2018, China accounted for USD 321.4 million owing to rising demand for recreational boats and powerboats.

• Major manufacturers are emphasizing on reducing the cost of composites to increase the material adoption.

Million Insights has segmented the global marine composites market based on Composites, vessel type, and region:

Marine Composites Outlook (Revenue, USD Million, 2014 – 2025)
    • Ceramic Matrix Composites
    • Metal Matrix Composites
    • Polymer Matrix Composites
        • Polymer Matrix Composites By Fabric Type
            • Glass Fiber Marine Composites
            • Carbon Fiber Marine Composites
            • Others
        • Polymer Matrix Composites By Resin Type
            • Polyester Marine Composites
            • Vinyl Ester Marine
            • Epoxy Marine Composites
            • Thermoplastic Marine Composites
            • Others

Marine Composites Vessel Type Outlook (Revenue, USD Million, 2014 – 2025)
    • Power Boats
        • Racing Boats
        • Yachts
        • Catamarans
        • Others
    • Sailboats
    • Cruise Ships
    • Others

Marine Composites Regional Outlook (Revenue, USD Million, 2014 – 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • Germany
        • Russia
        • Spain
        • U.K.
    • Asia Pacific
        • China
        • Japan
        • India
        • South Korea
        • Australia
    • Central & South America
        • Brazil
        • Argentina
    • Middle East And Africa
        • Saudi Arabia
        • South Africa

Browse the Latest Market Research Reports with Million Insights:

Hand Care MarketThe global hand care market size is expected to reach USD 16.9 billion by the year 2025. The rising awareness about the maintenance of personal health coupled with the increasing risks of communicable diseases in the society is the major factors driving the market growth of hand care products.

Carpet & Rug Shampoo MarketThe global carpet and rug shampoo market size is anticipated to register revenue of USD 64.4 Million by the year 2025. It is expected to grow with 3.4% CAGR over the forecasted period, 2019 to 2025.

About Million Insights
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

Media Contact
Company Name: Million Insights
Contact Person: Ryan Manuel
Email: Send Email
Phone: 91-20-65300184
Address:Office No. 302, 3rd Floor, Manikchand Galleria, Model Colony, Shivaji Nagar
City: Pune
State: Maharashtra
Country: India