Marine Composites Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Marine Composites Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Global Marine Composites Market is anticipated to witness robust growth in the forecast period, 2024-2028. This can be ascribed to the growing demand for marine composites from power boats segment. The value of powerboats sold in the United States surpassed USD 7.5 billion in 2021, rising by 24.3 percent versus the previous year.

The requirement for marine composites in corrosion-resistant parts for building ships is fueling the market growth. The use of marine composites in developing lightweight boats is on the surge owing to their excellent resistance properties. Moreover, new technology, such as hybrid composites, creates racing powerboats with enhanced capabilities and better performance. They have widespread industrial applications such as valves and filters, shafting overwraps, gear cases, masts, stacks and foundations, propeller vanes, fans and blowers, and condenser shells.

Over the projected period, rising demand for fast and fuel-efficient power boats is anticipated to drive demand. Racing boats, yachts, and catamarans are a few of the main powerboats made with marine composites. Hulls, masts, swim ladders, deck fixtures, and rudders. Most of the components for the rudder stock are made from glass fiber composites. Additionally, it is anticipated that rising manufacturers' research and development (R&D) investments to launch new product variations will fuel market expansion.

Rise In Demand of Cruise Ships

Due to factors like rising adult boating participation, an increase in the population of wealthy investors, the rapid growth of the international travel and tourism industry, and quickening economic growth, there has been an increase in demand for cruise ships all over the world in recent years. The superstructures of cruise ships are made of composite materials. They are also utilized in ramps and movable automobile decks. The manufacturing of more cruise ships is anticipated to increase because of the growing number of tourists, which will expand the marine composites market.

Increasing Demand from Various End-User Industries

One of the key reasons propelling the growth of the marine composites market is the increase in demand for fast boats across the globe. The demand for high-speed, powerful, and luxurious boats and yachts as well as a growing preference for marine composites with superior qualities over alternatives are driving the market's expansion. According to a survey released by the National Marine Manufacturers Association (NMMA) in January 2020, there were roughly 280,000 new boats sold at retail in the year 2019; of those, 73,000 were personal watercraft. The extensive use of composite materials in the construction of recreational boats with high strength-to-weight ratios, low magnetic signatures, increased noise damping qualities, and fuel efficiency has a further impact on the market. Additionally, the market for marine composites benefits from an increase in investments, rising industrialization, marine transportation activities, and cross-border cargo movement

Market Segmentation

Global Marine Composites Market is segmented based on Composite Type and Applications. Based on Composite Type, the market is divided into Metal Matrix Composites, Ceramic Matrix Composites and Polymer Matrix Composites. Based on Application, the market is fragmented into Power Boats, Sailboats, Cruise Ships, Others.

Market players

Toray Industries Inc., Mitsubishi Rayon Co. Ltd., Hexcel Corporation, Owens Corning Arkema SA, Premier Composite Technologies, Advanced Custom Manufacturing, Aeromarine Industries Ltd., Airborne Recruiting Pvt. Ltd. and Hyosung Corporation are some of the key players operating in the market.

Report Scope:

In this report, Global Marine Composites Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Marine Composites Market, By Composite Type:
• Metal Matrix Composites
• Ceramic Matrix Composites
• Polymer Matrix Composites
• Marine Composites Market, By Application:
• Power Boats
• Sailboats
• Cruise Ships
• Others
• Marine Composites Market, By Region:
• Europe

France

Germany

United Kingdom

Sweden

Denmark

Switzerland

• North America

United States

Canada

Mexico

• Asia-Pacific

China

India

Japan

Australia

South Korea

• Middle East and Africa

Saudi Arabia

UAE

South Africa

• South America

Brazil

Argentina

Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Marine Composites Market.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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