Marine Composites Market worth $6.3 billion by 2027

The marine composites market is projected to reach USD 6.3 billion by 2027, at a CAGR of 5.6% between 2019 and 2027.

The report "Marine Composites Market” by Type (Metal Matrix, Ceramic Matrix, And Polymer Matrix), Polymer Matrix Composite by [Fibber (Glass, Carbon), Resin (Polyester, Epoxy)], Vessel Type (Power Boats, Sailboats, Cruise Ships), and Region - Global Forecast to 2027"

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Some of the key players in the marine composites market include Owens Corning (US), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Solvay Group (US), and Teijin (Japan). These players have adopted various organic and inorganic strategies over the last 5 years to achieve growth in the marine composites market.

Browse 131 market data Tables and 58 Figures spread through 129 Pages and in-depth TOC on "Marine Composites Market”

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Polyester resin projected to be the largest resin type of the polymer matrix composites market during the forecast period

The polyester resin segment is projected to lead the marine composites market during the forecast period. The large market share of the polyester resin is because polyester resin provides excellent properties, such as these do not expand with high temperature and exhibit good mechanical, electrical, and high heat resistance properties. In addition, these are available at lower prices than epoxy and vinyl ester resins.

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The yacht is the largest consumer of marine composites in the marine industry. In yachts, marine composites are used in deck fittings, rudders, hulls, swim ladders, and masts. Carbon fiber-based composites are mostly used to manufacture mast or rudderstock components, or entire boats. Currently, more than 90% yachts are made of glass fiber-based composites.

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