The global market for marine composites is expected to grow from US$902.4m in 2011 to US$1.46bn by 2018, according to a report from a market research group.

“The recreational boat market is struggling to recover from the aftermath of the financial crisis,” said the report from Frost and Sullivan. “In the future, it’s unlikely that such a situation will repeat itself, but market recovery will be slower than usual because of consumer caution, lower purchasing power, decreasing margins and a negative economic outlook.”

Despite a slow recovery in boat sales, the report forecasts that the global market for composites should have an annual growth rate of 7.1 per cent through 2018.

The report said that smaller boats, under 24 feet, are expected to lead composites usage, and that unsaturated polyesters are likely to “dominate” the resins used in marine applications. “Thermosets like unsaturated polyesters and vinyl esters will continue to dominate in fiberglass marine applications, while CFRPs (Carbon Fiber Reinforced Plastics) will only be used in larger marine crafts.” Advancing technology is likely to bring down the costs of manufactured parts, added the study, though raw prices should continue to increase.

The North American market, particularly the US, will recover faster than Europe due to a “good rebound” in recreational boat demand, said the study. The study did not include composites used in boatyards or other marine repair services.