MarketsandMarkets predicts the marine composites market will rise in value to $4.97 billion over the next five years due to increases in demand for high-speed boats, fuel-efficient vehicles and design flexibility.
The firm said Tuesday that the costs of carbon fiber, styrene regulations and potential issues with the reparability and recyclability of composites could hinder further growth in the market.
The report also identified opportunities from developments in the leisure market and applications in the manufacture of power boats, which could be worth $2.63 billion by 2019.
MarketsandMarkets listed the following companies as key marine composites manufacturers:
- 3A Composites
- Cytec Industries
- E. I. du Pont de Nemours and Company
- Gurit Holding
- Mitsubishi Rayon
- Owens Corning
- SGL Group
- Toray Industries
MarketsandMarkets says North America, particularly the U.S., is the biggest consumer of marine composites because of the number of high-net-worth individuals and industry activity.