According to the latest report by IMARC Group, titled "Marine Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global marine composites market size reached a value of US$ 4.6 Billion in 2021. Marine composites refer to a combination of two or more fibers and resin materials that assist in enhancing the physical and chemical properties of marine components. They are majorly used to attribute proper shape with enhanced strength and improved material properties to the parts. They provide the components with excellent corrosion resistance that enables them to withstand high water pressure at great depths and provide water-tight seals. Some of the commonly utilized marine composites include wood fibers, fiberglass, ferrocement, glass-reinforced plastic, carbon composites and aramid fiber. They are widely used during the assembling of sailboats, cruise ships, recreational boats and submarines.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Marine Composites Market Trends:
The global market is primarily driven by the rapid expansion of the maritime sector across the globe, coupled with the widespread popularity of marine tourism and the rising demand for lightweight sailboats and cruise vessels. Fiber marine composites are increasingly utilized for the manufacturing of various marine parts to improve the overall efficiency and performance of the vehicles. Along with this, there has been a considerable increase in the demand for high-speed and luxurious recreational boats on the global level. These vehicles extensively employ the use of high-quality marine composites as they offer flexibility in designs, excellent strength-to-weight ratio and enhanced fuel efficiency with improved noise damping features. Catalyzed by the inflating disposable income levels of the masses, shifting lifestyle preferences and significant growth in the tourism sector across the globe, this is expected to create a positive outlook for the market. The market is further driven by the increasing integration of renewable materials and vacuum infusion in the manufacturing of marine composites as they offer improved stiffness and excellent resistance to impact, moisture and abrasion. Some of the other factors contributing to the market growth include increasing transportation cargo activities across borders and the rising preference for marine vehicles with lesser carbon emissions. On account of the aforementioned factors, the market is expected to exhibit a CAGR of 4.1% during 2022-2027.
- On the basis of the composite type, the market has been divided into metal, ceramic and polymer matrix composites.
- Based on the fiber type, the market has been classified into glass, carbon, aramid, natural and other fibers.
- On the basis of the resin type, the market has been categorized into polyester, vinyl ester, epoxy, thermoplastic, phenolic, acrylic, and others.
- Based on the vessel type, the market has been classified into power boats, sailboats, cruise ships, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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, and Zoltek Corporation (Toray Industries).
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