DUBLIN--(BUSINESS WIRE)--The "Epoxy Resin Market in Marine Composites by Platform Type, by Application Type, by Process Type by Curing Type and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The global epoxy resin market in marine composites is likely to grow at a healthy CAGR of 4.4% over the next five years.
Superior mechanical properties, excellent adhesiveness, improved fatigue resistance, reduced water ingression, weight reduction, and excellent chemical resistance are some of the key drivers of epoxy resins in marine composites. In addition to that, usage of epoxy resins in marine composites also reduces VOC emissions, which, in turn, would help composite part manufacturers to meet the stringent and US and EU standards.
The marine industry was among the most suffered industries during the recession period. New boat sales have not yet reached its peak level attained in 2007. However, recovery of the global economy has gradually been impacting the sales of boats and yachts for the past few years.
The demand for composites in the marine industry has also been surging with growth in the sales of boats and yachts. Furthermore, the growing trend for the replacement of traditional bulky metal boats with composite boats is also elevating the demand for composites at a faster rate than the overall growth of the industry.
The marine industry has undergone a remarkable transition over a period with regards to the adoption of composite materials in various applications. Polyester composites dominate the overall marine composites market, owing to low cost coupled with moderate performance. However, in racing boats and yachts, epoxy resin is becoming the perennial choice of matrix system for manufacturing high-performance composite parts.
Furthermore, organic growth of boat and yacht retail sales is also giving an additional boost to the demand for epoxy resins in the marine composites. Also, boat and yacht manufacturers are keen to develop lightweight boats or yachts in order to make them more fuel efficient and provide high-speed meeting the requirements of racing and recreation. This again is leading to a greater demand for epoxy resins in high-speed racing boats and yachts.
Another factor giving an impetus to the market is increasing use of carbon fiber composites in the marine industry. Carbon fiber is highly compatible with epoxy resin and has been gaining traction in racing boats and yachts at a faster rate. The cost of carbon fiber is extremely higher over glass fiber, which limits its mass adoption up to some extent; however, the advantages of significant weight reduction coupled with superior performance and strength act as an attraction for its usage.
Segment Highlights
- Based on the platform type, the boat is expected to remain the most dominant.
- Based on the application type, the mast & spreaders segment is likely to remain the most dominant application type.
- Based on regions, Europe dominates the market.
Key Topics Covered
1. Executive Summary
2. Epoxy Resin Market in Marine Composites - Overview and Market Forces
3. Epoxy Resin Market Analysis in Marine Composites - By Platform Type
4. Epoxy Resin Market Analysis in Marine Composites - By Application Type
5. Epoxy Resin Market Analysis in Marine Composites - By Process Type
6. Epoxy Resin Market Analysis in Marine Composites - By Curing Type
7. Epoxy Resin Market Analysis in Marine Composites - By Region
8. Competitive Analysis
9. Company Profiles of Key Players
- Aditya Birla Chemicals Ltd.
- Hexion Inc.
- Huntsman Corporation
- Sicomin Epoxy System
- The Olin Corporation
- Wessex Resin and Adhesives Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/982lxt/epoxy_resins_in?w=4.
