Marine Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Marine Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global marine composites market size reached US$ 4.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.

Marine composites refer to a mixture of fibers and resin materials that are used to shape and reinforce marine components. Ferrocement, glass-reinforced plastic, wood fibers, carbon composites and aramid fiber are some of the most commonly used marine components. They are usually manufactured using polyester, vinyl ester, epoxy, thermoplastic, acrylic and phenolic resins. They are also used for manufacturing gratings, ducts, shafts, piping and hull shells. These composite-based parts are used for assembling powerboats, sailboats and cruise ships as they offer advantageous properties, such as high mechanical strength, fuel efficiency, reduction in the overall weight, corrosion resistance, and customizability.

One of the key factors creating a positive outlook for the market is the significant growth in the maritime industry across the globe. Furthermore, the growing demand for high speed, power and luxury boats and yachts is also providing a boost to the market growth. Marine composites are extensively used for manufacturing recreational boats that have a high strength-to-weight ratio, fuel-efficiency, improved noise damping features and lower magnetic signature. In line with this, increasing marine transportation activities and cargo movement across borders is contributing to the market growth. Composites, such as fiber-reinforced composites, are being increasingly used as they can withstand extreme pressures from winds, waves and tides and maintain their physical properties when submerged in saltwater. Additionally, various product innovations, such as the development of marine composites using renewable materials and vacuum infusion, are acting as another growth-inducing factor. These composites provide additional stiffness, vibration damping, water repellency and impact and abrasion resistance.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global marine composites market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on composite type, fiber type, resin type and vessel type.

Breakup by Composite Type:

Metal Matrix Composite (MMC)
Ceramic Matrix Composite (CMC)
Polymer Matrix Composite (PMC)

Breakup by Fiber Type:

Glass Fiber
Carbon Fiber
Aramid Fiber
Natural Fiber
Others

Breakup by Resin Type:

Polyester
Vinyl Ester
Epoxy
Thermoplastic
Phenolic
Acrylic
Others

Breakup by Vessel Type:

Power Boats
Sailboats
Cruise Ships
Others

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being 3A Composites GmbH (Schweiter Technologies), E. I. Du Pont De Nemours and Company, GMS Composites, Gurit AG, Hexcel Corporation, Hyosung Marine Co. Ltd., Owens Corning, Solvay SA, SGL Carbon SE, Teijin Limited, Zoltek Corporation (Toray Industries), etc.

Key Questions Answered in This Report:

How has the global marine composites market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global marine composites market?
What is the breakup of the market based on the composite type?
What is the breakup of the market based on the fiber type?
What is the breakup of the market based on the resin type?
What is the breakup of the market based on the vessel type?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global marine composites market and who are the key players?
What is the degree of competition in the industry?