The factors of market growth include the emerging technological advancements in the field of composite technologies, states Research and Markets in the conclusion to the study.
What is more, the marine composites market is growing owing to the large demand for sailboats, yatches in the leisure industry. During a period to 2012, the number of super-rich (High Net Worth Individuals- HNWI) will grow so and the expenditure on luxury shopping will see a rise.
Due to this factor the industry is forecasted to rise in the coming years, with a CAGR of 8.9% from 2014 to 2019 and an increase in the market volume to $ 4.976 billion. The key regions with market opportunities in the new boat building industries are China, South Korea, and other oceanic regions. Asia Pacific has the highest growth rate for the Marine Composite Market. Although Europe has much potential but due to the high costs of styrene there has been much decline.
Composites are currently being used in sail boats, jet boats, cruise ships, powerboats. These materials are used in various parts of maritime vessels like interiors to furniture. The most popular material is glass fiber due to the less cost compared to carbon fiber composites.
Advantages of basalt composites for shipbuilding industry are not fully appreciated, although some shipyards have long and successful story of using basalt in the process.
Composites are not only used extensively for recreational boats building, they are also used in naval shipbuilding, said professor V.N. Polovinkin in his article “Advanced structural materials”.
“Fuel tanks, spheres, cylinders, corps of rocket engines, pressure accumulators, breathing cylinders for divers, and pilots have been developed and commissioned”. Among reinforcing fillers for composites used in naval shipbuilding, the professor also mentioned basalt fibers.