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It is in use for the past forty years, and has technically developed over time, responding to market needs. This is an industry which has witnessed strong market growth over the past years and is expected to remain buoyant in the near future. The market revenue as well as volume are estimated to rise in tandem. It has high scope of growth in North America, Asia Pacific, and Europe.
Smaller boats are expected to lead the usage of composites, as their production is on the rise. There is huge demand for composites for manufacturing of hulls of yachts and sailing boats, as they are practically maintenance-free. A rise in the number of recreational boats is a key driver of this market. A lot of research is currently undertaken to improve the casting and molding techniques of the composites, which has reduced the cost considerably. There has been a surge in the demand for glass fibers for small boats, while large marine crafts continue to demand CFRP. Rise in the cost of fuel is another driver for this market as manufacturers look to increase fuel efficiency, and reduce the maintenance cost, which is possible with the use of marine composites.
Although the demand is increasing every year, so is the cost of raw materials. The high cost of raw materials negates the market attractiveness of the product, although the technological improvements attempt to bring down the manufacturing costs. This industry is also highly susceptible to the prevailing macro-economic conditions, as demand and output both fall during recessionary periods.
Some of the major players in this market are Cytec Engineered Materials, Hexcel, Toray Carbon Fiber, Zoltek, Mitsubishi Rayon Co., and Nippon Graphite Fiber Corporation among many other prominent players.
More reports on Chemicals & Materials market:
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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