As per a new report published by Fact.MR – a market research and competitive intelligence provider, the global market for marine composites was valued at US$ 4 Bn in 2020, and is projected to top US$ 5 Bn by 2031, expanding at a CAGR of 6%. Demand for carbon fiber polymer matrix composites is projected to surge over the coming years.
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Key Takeaways from Market Study
- Key factors driving demand for marine composites are rise in recreational boating activities and multifunctional properties of marine composites that are beneficial for the marine industry.
- North America is one of the lucrative markets for marine composites, and is projected to surpass US$ 700 Mn by 2031.
- Asia Pacific has emerged as one of the leading regional markets for marine composites, and accounts for 39%market share.
- Global demand for carbon fiber polymer matrix composites is expected to surge at a CARG of 7% across the forecast period.
- Powerboats are anticipated to be significant vessels for the application of marine composites, and this segment is expected to register a CAGR of 4% through 2031.
“Increased inclination of people towards recreational boating and cruising activities to propel demand for composites from the marine industry,” says a Fact.MR analyst.
Competitive rivalry among manufacturers is high as the market for marine composites is characterized by the presence of a large number of global and regional players.
Key players have undertaken various initiatives such as technology innovations, research & development, partnerships, mergers, and acquisitions to manufacturing cost-effective and lightweight products. These initiatives are projected to propel market growth over the forecast period.
Some of the key developments are
- In February 2018, Teijin Limited (Japan) launched a new high tensile, highly shock-resistant prepreg that incorporates carbon fiber developed by Toho Tenax and specialized carbon nanotubes. This helped the company offer CFRP with improved tensile strength and shock resistance.
- In September 2017, Owens Corning expanded glass melter production capacity by approximately 25% at its Chambéry, France, composites manufacturing facility. This helped the company support the growing thermoplastic chopped strand market in the region.
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Key Market Segments Covered in Marine Composites Industry Research
- By Composite
- Metal Matrix Composites (MMC)
- Ceramic Matrix Composites (CMC)
- Polymer Matrix Composites (PMC)
- By Fiber
- Glass Fiber Marine Composites
- Carbon Fiber Marine Composites
- Aramid Fiber Marine Composites
- Natural Fiber Marine Composites
- By Resin
- Polyester Marine Composites
- Vinyl Ester Marine Composites
- Epoxy Marine Composites
- Thermoplastic Marine Composites
- Phenolic Marine Composites
- Acrylic Marine Composites
- By Vessel
- Marine Composites for Power Boats
- Marine Composites for Sailboats
- Marine Composites for Cruise Ships
- Marine Composites for Cargo Vessels
- Marine Composites for Naval Boats
- Marine Composites for Jet Boats
- Marine Composites for Personal Watercraft
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Sales Analysis of Marine Composites from 2016 to 2020 Vs Demand Outlook for 2021 to 2031
As per Fact.MR – a market research and competitive intelligence provider, the global market for marine composites was valued at US$ 2 Bn in 2016, and is anticipated to expand at a CAGR of 6% to top US$ 5 Bn by 2031.
Growth of the market can be attributed to high demand for marine composites for use in power boats due to increasing recreational boating in Europe and North America. The market has witnessed significant growth over the last few years due to increasing demand for lightweight and corrosion-resistant boats.
Composites have made good inroads in the marine sector globally owing to their excellent resistance property. Hybrid composites are used to craft racing powerboats with higher performance and enhanced driver safety. Structural elements such as bow modules, hatch covers, deckhouses, and king posts are manufactured using fiber-reinforced plastic composites. Technological innovations to minimize manufacturing cycle time are expected to propel demand in the marine sector.
High-speed boats, fishing boats, ship components, naval vessels, high-capacity trawlers, and sailboats are manufactured using composite materials. Composite materials have the potential to reduce maintenance and fabrication costs, enhance aesthetic appeal, increase reliability, and reduce the component weight.
Prospective ship applications for composite materials are valves and strainers, shafting overwraps, gear cases, masts, stacks and foundations, propellers vanes, fans and blowers, and condenser shells.
With such multi-functionality properties, demand for marine composites is expected to further upsurge over the coming years.
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