A recent market intelligence report that is published by Data Insights Partner on Marine Composites Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international. The research study also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and world Marine Composites Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of international Marine Composites Market is offered.
In accordance with the report, the Marine Composites Market is projected to expand at a CAGR of X.X% over the period of forecast. The global Marine Composites Market was valued at USD XX.X Mn in 2019 and is expected to reach USD XX.X Mn in 2031, growing with a significant CAGR rate during the forecast period. Owing to its highly developed technology industries, trained workforce, advanced processing capabilities, and rising R&D initiatives, the United States is one of the main markets for marine composites. Over the projection period, the country’s market is likely to be driven by rising demand for powerboats, sailing yachts, and cruise ships. The leisure boat sector is fueled by increased recreational boat use, greater consumer spending power, and an increase in the number of HNWIs (high net worth individuals), all of which provide potential for the marine composites market to develop throughout the projection period. Due to increased demand for lightweight and corrosion-resistant boats, the industry has grown significantly in recent years. The market’s expansion can be linked to increase recreational boating in Europe and North America, which has resulted in a high demand for marine composites for use in power boats. The tourist industry has been expanding at a rapid pace, and with the growing popularity of coastal and marine tourism activities, demand for cruise ships has risen over time. This in turn is expected to boost the market demand during the forecast period. The cruise business in China is expected to grow in the coming years, thanks to an increase in the number of passengers arriving by cruise ship and as wanderlust grips the Chinese middle class. In 2020, Asia Pacific emerged as the most important regional market, accounting for XX.X percent of total market share. Because of the rising demand for recreational boats, the region is likely to increase significantly throughout the projection period. Measures taken by China, India, and South Korea to encourage yachting as a leisure activity are expected to enhance demand for recreational boats, which will drive the regional market.
To compile the detailed study of the global Marine Composites market, a robust research methodology has been adopted that aids in determining the key insights and also evaluates the growth prospects of the Marine Composites Market. Comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Our research methodology implements a mix of primary as well as secondary research. Our projects are initiated with secondary research, where we refer to a variety of sources including trade databases; government published documents, investor presentations, company annual reports, Industrial papers, and paid databases. To carry out secondary research, the analysts have collected the information through company annual reports, journals, company press releases, and paid databases that were referred to gain and identify better opportunities in the Marine Composites Market.
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COVID-19 Scenario Analysis:
The COVID-19 outbreak has shaken the whole economy in the world. In this scenario some industries are doing quite well while others have been crushed. This section of the report has explored the overall status of the COVID-19 scenario. The industry witnessed a huge decline in terms of sales. Likewise, the Marine Composites market was affected negatively due to the shutdown of manufacturing/processing facilities for some time. The analysts have also focused on the key measures that the companies are opting to withstand the harsh scenario.
Marine Composites Market report has been segmented By Application Type, By Product Type also includes the market size and forecast for all these segments. Compounded annual growth rates for all segments have also been provided for 2019 to 2031. This report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
Marine Composites Market research report includes an in-depth coverage of the industry with estimates & forecast from 2022 to 2031, for the following segments:
Marine Composites Market, By Product Type, 2022-2031 (USD Million)
Carbon fiber reinforced plastics
Foam core materials
Glass fiber reinforced plastics
Polymer Matrix Composites
o Polymer Matrix Composites By Fabric Type
o Glass Fiber Marine Composites
o Carbon Fiber Marine Composites
Polymer Matrix Composites By Resin Type
o Polyester Marine Composites
o Vinyl Ester Marine
o Epoxy Marine Composites
o Thermoplastic Marine Composites
Marine Composites Market, By Application Type, 2022-2031 (USD Million)
o Racing Boats
The prime objective of the Marine Composites market report is to help the user understand the market in terms of its definition, segmentation, market potential, influential trends, and the challenges that the market is facing with different major regions and more than 30 major countries across the globe. During the report’s production, extensive research and analysis were conducted. This research will assist readers in gaining a thorough understanding of the market.
Marine Composites Market, By Region, 2022-2031 (USD Million)
North America ( United States, Canada, Mexico)
Europe (Germany, UK, France, Italy, Russia, Spain, and Rest of Europe)
South Asia ( India, Pakistan and Bangladesh)
East Asia (China, Japan and South Korea)
South East Asia (Indonesia, Thailand, Singapore, Malaysia, Rest of SE Asia)
Middle East (Turkey, Saudi Arabia, Iran, UAE, Israel, Iraq, Qatar, Rest of MEA)
Africa (Nigeria, South Africa, Egypt, Algeria, Rest of Africa)
South America (Brazil, Argentina, Colombia, Chile, and Rest of SA)
Oceania (Australia and New Zealand)
To enhance their position in the global market, key suppliers/manufacturers are concentrating on business expansion and product innovation. Manufacturers/producers are also working on boosting their manufacturing capacity and product quality to gain a competitive advantage. The following are some of the prominent manufacturers in the worldwide Marine Composites market:
Ashland Global Holdings Inc.
China Jushi Co. Ltd.
Correct Craft Inc.
Malibu Boats Inc.,
Marine Products Corp.
White River Marine Group
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Marine Composites Market Report Highlights:
Detailed analysis of the parent market
Key players’ strategies and products supplied in the competitive landscape
Market segmentation in depth analysis
Market size in terms of volume and value, past, present, and future scenario
Potential and specialty areas, as well as geographical regions with promising growth prospects
Market players use this information to maintain and expand their market presence, thus it’s important to have an unbiased perspective on market performance.