New Product Launches and Expansions Were the Key Strategies Adopted by Leading Players to Achieve Growth in the Marine Composites Market
Marine composites are used in various applications due to their versatile properties. These are corrosion resistant, reliable, impact resistant, and lightweight. In the past few years, the use of marine composites has increased for boats in masts, stacks, foundations, doors, hatches, life rails, bulkheads, propellers, tanks, ladders, gratings, etc. The marine composites market is projected to reach USD 5.04 billion by 2023, at a CAGR of 5.6% between 2018 and 2023.
Key players offering marine composites adopted new product launches and expansions as the key strategies to strengthen their positions in the market. Both, expansions and new product launches accounted for a 65.6% share of all the growth strategies adopted by major players in the marine composites market between 2014 and 2018. With these strategies, leading players in the market were able to expand their product reach globally to compete in the market.
Major marine composites manufacturers profiled in this report include Owens Corning (US), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Solvay Group (US), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), Hexcel Corporation (US), E. I. Du Pont de Nemours and Company (US), and Hyosung (South Korea).
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Owens Corning is a leading manufacturer of composite resins. In the fiscal year 2017, the company generated a total revenue of USD 6,384.0 million. It is a prominent player in the marine composites market, inclined towards providing innovative and cost-efficient solutions for marine composites. The company adopted expansions and agreements as the main strategies to strengthen its presence in the market. For instance, in June 2018, the company signed an agreement with Chongqing Polycomp International Corp. (China) for the manufacture of high-modulus glass fiber products in China. This helped the company cater to the increasing demand for glass fiber in Asia.
Hexcel Corporation is a renowned manufacturer of marine composites. In 2017, the company registered total sales of USD 1,973.3 million. It has expertise in manufacturing, developing, and supplying marine composites across various industries worldwide. It adopts various growth strategies to increase its market share and customer base. For instance, in June 2017, the company acquired a French composites company, Structil. This helped the company increase its production of composites for the aerospace, defense, and industrial sectors. In September 2017, the company launched Fast-Curing HexPly M77HF Prepreg for low-pressure processing. This expanded the company’s prepreg range for various applications.
Related Reports:
Marine Composites Market by Type (Metal Matrix, Ceramic Matrix, and Polymer Matrix (Fiber Type (Glass, Cabon), Resin Type (Polyester, Epoxy))), Vessel Type (Power Boats, Sailboats, Cruise Ships), and Region - Global Forecast to 2023
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