Global Marine Composites Market to Grow at 3.4% During 2024-2032, Spurred by Widespread Popularity of Marine Tourism

March 12, 2021 | Chemical & Materials

According to the latest report by IMARC Group, titled "Marine Composites Market Report by Composite Type (Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC), Polymer Matrix Composite (PMC)), Fiber Type (Glass Fiber, Carbon Fiber, Aramid Fiber, Natural Fiber, and Others), Resin Type (Polyester, Vinyl Ester, Epoxy, Thermoplastic, Phenolic, Acrylic, and Others), Vessel Type (Power Boats, Sailboats, Cruise Ships, and Others), and Region 2024-2032," the global marine composites market size reached US$ 5.0 Billion in 2023. 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.

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 3.4% during 2024-2032.

Market Summary:

  • 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).

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Composite Type, Fiber Type, Resin Type, Vessel Type, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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)
Customization Scope 10% Free Customization
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Global Marine Composites Market to Grow at 3.4% During 2024-2032, Spurred by Widespread Popularity of Marine Tourism
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