United States Marine Composites Market to Reach US$ 1,392.3 Million by 2032, Stimulated by Rising Demand for Lightweight Materials in the Marine Industry

August 23, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “United States 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 United States marine composites market size reached US$ 922.5 Million in 2023. Marine composites are engineered materials made by combining two or more components, such as fibers and polymer matrix. They are manufactured by various techniques, such as hand lay-up, vacuum infusion, and filament winding, which impact the overall performance and cost-effectiveness. They are available as carbon fiber, glass fiber, and aramid fiber composites, which provide excellent impact resistance and are commonly used in areas requiring enhanced protection. They are inherently resistant to degradation in saltwater environments. They exhibit superior mechanical properties compared to traditional materials like steel or aluminum. Furthermore, as marine composites contribute to improved hydrodynamics and structural integrity of vessels, their demand is increasing in the United States.

United States Marine Composites Market Trends:

At present, the increasing demand for lightweight and durable materials in the marine industry represents one of the crucial factors impelling the growth of the market in the United States. Besides this, the rising adoption of composites in boat manufacturing and other marine applications due to their corrosion-resistant properties is contributing to the growth of the market in the country. In addition, the growing focus on maintaining sustainability and regulatory compliance within the marine sector is offering a favorable market outlook. Apart from this, increasing advancements in composite materials and manufacturing technologies are supporting the growth of the market. Additionally, the rising interest in water-based activities among the masses and the popularity of recreational boating are strengthening the growth of the market in the United States. Moreover, increasing initiatives taken by governing agencies in the United States to improve coastal security and strengthen the navy are bolstering the growth of the market in the United States. Looking forward, the market value is projected to reach US$ 1,392.3 Million by 2032, expanding at a CAGR of 4.54% during 2024-2032.

Market Summary:

  • Based on the composite type, the market has been segmented into metal matrix composite (MMC), ceramic matrix composite (CMC), and polymer matrix composite (PMC). Currently, polymer matrix composite (PMC) dominates the market, holding the largest share.
  • On the basis of the fiber type, the market has been segmented into glass fiber, carbon fiber, aramid fiber, natural fiber, and others. Presently, glass fiber exhibits a clear dominance in the market.
  • Based on the resin type, the market has been segregated polyester, vinyl ester, epoxy, thermoplastic, phenolic, acrylic, and others. At present, polyester represents the biggest share in the market.
  • On the basis of the vessel type, the market has been divided into power boats, sailboats, cruise ships, and others. Amongst these, cruise ships hold the maximum share in the market.
  • Region-wise, the market has been segmented into Northeast, Midwest, South, and West.
  • The competitive landscape of the market has been examined in the report, along with the detailed profiles of the major players operating in the industry.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Composite Type, Fiber Type, Resin Type, Vessel Type, Region
Region Covered Northeast, Midwest, South, West
Customization Scope 10% Free Customization
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United States Marine Composites Market to Reach US$ 1,392.3 Million by 2032, Stimulated by Rising Demand for Lightweight Materials in the Marine Industry
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