Opportunities for Composites in Boatbuilding
A recent Lucintel report analyzes opportunities for composites in recreational boat industry
Lucintel, the consulting and market research firm, has analyzed the opportunities for composites use in the global recreational boat market and presents its findings in “Opportunity Assessment for Composites in Global Boating Industry 2012-2017.”
The global recreational boat market is expected to grow to US $30.63 billion in 2017 with a CAGR of 8.5% over the next five years.Growth is anticipated to be higher because the boat market bottomed out in 2010 and is in recovery.
The recreational boat industry offers immense opportunities for composite manufacturers given the size of the market. The composite materials market in the boat industry is expected to reach $1,665 million in 2017. The demand for composites in the inboard boat market is expected to be the highest, followed by the outboard boat market.
The Asia Pacific region is expected to drive the boat market due to continued economic growth in China, India, Southeast Asia, and Korea.The growth in the rest of the world is expected to be higher because of progress in the cruiser segment. The market share for the North American boat market anticipates decline in value shipment because of a lower growth rate in that region’s boat market. Shares for the European and ROW boat markets are forecast to grow because higher-than-average growth in the global boat industry is anticipated in those two regions.
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