Global Epoxy Resin for Marine Composites Market Report by Product Types (Single Component, Double Component, and Multi Component Epoxy Resin), Platform Types (Boats, Yachts and Others), Application (Hulls, Mast & Spreaders, Decks, Interiors, and Other

The global epoxy resin for marine composites market is anticipated to expand at a considerable CAGR during the forecast period, 2020 – 2026. The marine industry has undergone a remarkable transition over a period with regards to the adoption of composite materials in various applications. The overall marine composites market is dominated by polyester composites due to low cost with moderate performance but in racing boats and yachts, epoxy resin is becoming the perennial choice for manufacturing high-performance composite parts. High-speed boats, fishing boats, ship components, naval vessels, high capacity trawlers, and sailboats are manufactured using composite materials. About 85% of global epoxy resin production – including resin used in marine coatings – is derived from reacting bisphenol A (BPA) with Epichlorohydrin (ECH). Liquid epoxy resin (LER) is normally produced from a reaction mixing 45% of BPA and 55% of ECH; semi-solid epoxy resin (SsER) would involve reacting 61% of BPA with 39% of ECH. Epoxy coatings hold the majority of material share which is used in marine industry today. It is used during shipbuilding, maintenance and repairs on multiple parts of the ship such as underwater hulls, ballast tanks, cargo tanks or holds, decks, topsides and superstructures. They offer excellent resistance against corrosion, provide a long-lasting overcoat and can be conveniently recoated

Market Trends, Drivers, Restraints, and Opportunities:

Superior mechanical properties and excellent adhesiveness are some of the key trends driving the growth of epoxy resin for marine composites market and thus fueling the growth of the market
Weight reduction and excellent chemical resistance are some of the key drivers of epoxy resins in marine composites.
Improved fatigue resistance and reduced water ingression are some of the factors expected to drive the global market, during the forecast period.
Hazardous Impact on Humans and Environment is a key restraint of the market.
Prices of carbon fiber which is used is extremely higher than glass fiber. This, in turn, is surging the cost of raw materials, thus hampers market growth.

Scope of the Report

The report on the global epoxy resin for marine composites market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report. AttributesDetailsBase Year2019Historic Data2018–2019Forecast Period2020–2026Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, Latin America and South AmericaReport CoverageMarket Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Opportunities.

Global Epoxy Resin for Marine Composites Market Segment Insights:

On the basis of product types, the global market is categorized into single component, double component, and multi component epoxy resin. The multi component epoxy resin segment is projected to hold the majority of the global market share due to increase in uses and vast application. Based on applications, the global epoxy resin for marine composites market is segmented into hulls, mast & spreaders, decks, interiors, and others. The mast & spreaders segment accounts for the majority of the market share and is likely to remain the most dominant application type in the epoxy resin market in marine composites during the forecast period. Carbon-epoxy is the most preferred composite materials for making masts and spreaders, whereas glass-polyester is for making hulls and decks. In terms of the platform type, the global epoxy resin market in marine composites is segmented as boats, yachts, and others. The boat segment accounts for the majority of the market share and is expected to remain the most dominant market during the forecast period, driven by higher production of boats globally and increasing usage of epoxy composites in high-speed racing boats in order to optimize strength-to-weight ratio of major components, such as hulls. On the basis of regions, the market is segmented into North America (U.S. Canada), Europe (UK France, Germany), Asia Pacific (India, China, Japan), South America, Latin America and the Middle East & Africa. Europe will be the major revenue contributor and fastest growing market to the epoxy resin for marine composites market during the forecast period due to the presence of a large number of part fabricators, prepreggers, and boat and yacht manufacturers. The market will grow steadily in the developing economies such as China, India, Indonesia, and Vietnam.

Competitive Landscape:

Major key players in the global epoxy resin for marine composites market include Huntsman, Solvay, DowDuPont, Hexion, Aditya Birla Chemicals, Sicomin, Olin Corporation, Nama chemicals, Wessex Resin and Adhesives, Sinopec Baling Company, Nan Ya Plastics Corp, and Sika AG. With the increasing competition, domestic and global players are forced to focus more on increasing volume of production, innovation, and pricing structure. To achieve these, manufacturers have to continuously look for research and development, strategic acquisition, agreements, and collaborations to develop diverse product which continuously meet the customer demand and to amplify their market share and gain traction in global marketplace. To gain a competitive advantage in different market, key players are focusing on expanding their portfolio to meet customer needs, like by offering products in different forms such as powder, liquid, and granular form.

The Global Epoxy Resin for Marine Composites Market has been segmented on the basis of

Product types

Single Component Epoxy Resin
Double Component Epoxy Resin
Multi Component Epoxy Resin

Platform Types

Boats
Yachts
Others

Application

Hulls
Mast & Spreaders
Decks
Interiors
Others

Process

Prepreg Layup
Resin Infusion
Others

Curing

Amine
Anhydride
Others

Regions

North America (U.S. Canada)
Europe (UK France, Germany)
Asia Pacific (India, China, Japan)
South America
Middle East & Africa