A composite is a blend of two or more insoluble and chemically dissimilar segments. The structure so produced displays quality features and structural performance that are healthier than the ingredients. The worldwide marine composites market makes up for five to six percent of the market of composites. Various kinds of marine composites exist.
Demand for the worldwide marine composites market was projected at about USD 955 million in 2012. The market is estimated to attain around USD 1, 550 by 2019. It is predicted to rise during the forecast phase, at about 7 percent CAGR. This phase continues till 2019 and begins in 2013. Colossal speed boat construction projects and technological innovations with respect to marine composites are projected to propel the marine composites market ahead.
Various benefits associated with marine composites also propel demand for this market. The coming up of the boat construction industry in South Korea, China and oceanic regions is anticipated to drive the marine composites market further. On the other hand, strict ecological policies on styrene, particularly in Europe are predicted to slow down the progress of this market. Flow in demand for eco-friendly plastics is likely to open growth prospects for the marine composites market.
The worldwide market is fragmented on the basis of applications, kinds and regions. Cruise ships, power boats and sail boats are the different applications. Glass fiber composites, carbon fiber composites and foam core materials are the various kinds. North America, Asia Pacific, Europe and rest of the world are the four geographies under which the marine composites market is analyzed.