The marine composites market is set for growth due to technological advancements and product innovations, with a forecast spanning 2021 to 2031.
A recent study by Fact.MR on the marine composites market offers a 10-year forecast for 2021 to 2031. The study analyses crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering marine composites.
Marine Composites Market sizing for chemical, material and additives involves measurement of capacities, and subsequent statistical analysis thereof. We track the companies engaged in production, processing and supply of target chemical, material and additives. Once, companies / manufacturers are tracked – our team of analysts identify the production plants of tracked companies, subsequently discovering the plant capacities for Marine Composites respective product. Since, not all production plants operate at hundred percent capacity, we use the regional and tier group wise benchmarking statistical technique to derive Marine Composites capacity utilization coefficient.
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Key Market Segments Covered in Marine Composites Industry Research
The numerical coefficient of plant utilization rate value is mapped with actual production capacity, and thereby apparent Marine Composites production is calculated. Similarly, apparent production of each company in one country is derived, and country level data is aggregated to deduce regional production volumes. Simultaneously, trade volume i.e. export and import of target chemical, material and additives is tracked.
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Some of the Marine Composites Market insights and estimations that make this study unique in approach and effective in guiding stakeholders in understanding the growth dynamics. The study provides:
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How Fact.MR Assists in Making Strategic Moves For Marine Composites Market Manufacturer?
What are the Restraints being Encountered by Marine Composite Providers?
Marine composite is a highly capital-intensive industry, which discourages many potential players to enter the market. The cost of raw material (or precursor) for this industry is a major chunk of the total cost.
Also, the conversion process is highly energy-intensive. In addition, the industry requires large and capital-intensive equipment with long product development and qualification cycles.
High cost of raw material and huge expenditure in the processing of marine composites increase the overall cost of composites, resulting in decreased economy of scale.
These are major factors restraining market growth for marine composites.
Which Region Offers the Largest Opportunity for Marine Composite Suppliers?
North America is one of the mature markets for marine composites, and is projected to surpass US$ 700 Mn by 2031. Demand in North America is driven by robust growth in demand for powerboats and recreational boats, owing to the high spending power in the region.
Asia Pacific has emerged as a leading regional market for marine composites, and accounted for 39% of market share. The region is expected to witness substantial growth over the forecast period owing to increasing demand for recreational boats.
Measures taken to promote yachting as a leisure activity by China, India, and South Korea are projected to boost demand for recreational watercraft, which, in turn, is expected to drive this regional market.
Europe is another lucrative market for marine composites, and is expected to expand at a CAGR of 3% over the forecast period. The European shipbuilding industry is very dynamic and competitive, owing to the presence of a large number of competitors in the region.
European shipbuilding has a strong position in the construction of complex vessels, submarines, and other naval vessels, which is expected to have a positive influence on the industry for marine composites.
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The article discusses the growth of the marine composites market driven by product innovations and technological advancements.
Technological advancements are expected to boost the marine composites market by enhancing product capabilities and efficiency.
Key trends include increased demand for advanced materials and innovations in composite technologies.
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