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Marine Composites Market

Demand for Marine Carbon Fiber Composites to Surge Over Coming Years, States Fact.MR

Published : 23 Jul 2021 Industry: Chemical & Materials

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.

Composite material is made by combining two or more materials with different properties that forms a unique property material. Some key marine composites include glass fiber composites, carbon fiber composites, and foam core materials that are used in manufacturing power boats, sail boats, cruise ships, and others. Marine composites possess favourable characteristics such as high strength, fuel efficiency, reduced weight, and flexibility in design.

Sales of marine composites are anticipated to witness significant growth, driven by increasing demand for repairable and biodegradable composites coupled with technological advancements. Moreover, low manufacturing cost as well is projected to drive market growth over the coming years.

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.

Winning Strategy

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.

New and upcoming companies will be benefitted by investing in R&D projects involved in product innovation. Directing investments towards technological advancements and collaborative associations with established companies will prove to be beneficial in long run.

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the marine composites market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.

The study reveals essential insights on the basis of composite (metal matrix composites, ceramic matrix composites, and polymer matrix composites), fiber (glass fiber, carbon fiber, aramid fiber, and natural fibers), resin (polyester, vinyl ester, epoxy, thermoplastic, phenolic, and acrylic), and vessel (power boats, sailboats, cruise ships, cargo vessels, naval boats, jet boats, and personal watercraft), across major regions of the world (North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa).

Fact.MR’s Domain Knowledge in Chemicals and Materials

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.

With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Yash Pathak

Fact.MR

Sr. Consultant – Chemicals and Materials

E-mail: Yash@factmr.com

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Marine Composites Market

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Marine Composites Market Share & Trend Analysis By Composite (Metal Matrix Composites, Ceramic Matrix Composites), By Fiber (Glass Fiber, Carbon Fiber Marine Composites), By Resin (Polyester, Vinyl, Epoxy), By Vessel & By Region - Global Insights to 2031