The global marine composites industry is forecast to grow at a rate of 5.8 percent a year between 2013 and 2018, according to a study from Composite Insights, a firm based in India.
The study showed that in 2012 the growth in consumption of composite materials in the global marine industry was driven by North America and Asia.
Overall the global marine industry continues to utilize a greater proportion of composite materials, the company said in a statement. Larger boats are forecast to use an increased amount of composite materials; however, smaller boats are expected to drive the demand for composite materials worldwide.
Asia and the rest of the world are expected to provide future growth opportunities for the global marine composites industry, although the boatbuilding industry is well behind North America and Europe.
Composite Insights, which has done a comprehensive market analysis of the global marine composites industry, presented its findings in “Global Marine Composites Industry 2013-2018: Trend and Forecast Analysis.”
The report — which includes market size estimates for glass fiber, advanced fiber, core materials and resins — highlights the composite material consumption trend and forecast by region, by boat type and by manufacturing process. It also provides a detailed assessment of the production of boats, including inboard boats, outboard boats, sterndrive boats, superyachts and others on a global and regional basis.