Grand View Research, a US market research and consulting firm, has released a market research report into the global marine composites market, which reveals the anticipated market trends and growth prospects of the sector to 2020.
According to the report, entitled “Marine Composites Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Stategies and Forecasts, 2014 to 2020”, North America has dominated the global marine composites market in recent years due to multiple product launches.
With power boat production pushing the global marine composites market in 2013, the report states that market focus is set to change to high-speed boats, for what could be the next six years, with demand for glass fibre, carbon fibre and foam core materials reaching an all time high in the marine industry.
As always, new technical innovations are expected to reduce manufacturing costs, which will further aid market growth, along with a rising disposal income and a rapidly burgeoning leisure market.
Carbon fibre is also predicted to witness rapid growth owing to high demand over the forecast period, due to its superior properties as a composite material within the boat building industry, with greater fuel efficiency, increased strength and flexibility having a positive impact on demand.
Global economic slowdown is, however, anticipated by the firm to slow the demand growth for composites over these same six years, with stringent design regulations, lower reparability and rising raw material prices also to blame for hampering market growth for the foreseeable future.
For more information, or to view the full report, visit Grand View Research.
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