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Marine Composites Market

Marine Composites Market

Marine Composites Market Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031

Marine Composites Market
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Market Snapshot

Fact.MR’s marine composites industry analysis shows that the global market 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 at a CAGR of 7%, with that for foam core composites increasing at 6%.

Key Market Insights Offered in Marine Composites Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Assessment by Product Grade / Purity / Formulation Standards
  • Aftermarket Penetration and Channel Reach
  • Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
  • Market Share Analysis
  • COVID-19 Impact on Demand for Marine Composites and How to Navigate
  • Recommendation on Key Winning Strategies

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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.

What are the Key Opportunities Awaiting Marine Composite Manufactures?

One of the key factors creating positive outlook for the market is significant growth of the maritime industry across the globe. Furthermore, growing demand for high-speed, power, and luxury boats and yachts is also providing a boost to market growth.

Marine composites are extensively used for manufacturing recreational boats that have a high strength-to-weight ratio, fuel-efficiency, improved noise damping features, and lower magnetic signature. In line with this, increasing marine transportation activities and cargo movement across borders is contributing to market growth.

Composites such as fiber-reinforced composites are being increasingly used as they can withstand extreme pressures from winds, waves, and tides, and maintain their physical properties when submerged in saltwater.

Additionally, various product innovations such as development of marine composites using renewable materials and vacuum infusion are acting as growth-inducing factors. These composites provide additional stiffness, vibration damping, water repellence, and impact and abrasion resistance.

All these factors will propel demand for for marine composites across the forecast period, creating lucrative opportunities for manufacturers.

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What are the Restraints being Encountered by Marine Composite Providers?

Marine composite is a highly capital-intensive industry, which discourages many potential players to enter the market. The cost of raw material (or precursor) for this industry is a major chunk of the total cost.

Also, the conversion process is highly energy-intensive. In addition, the industry requires large and capital-intensive equipment with long product development and qualification cycles.

High cost of raw material and huge expenditure in the processing of marine composites increase the overall cost of composites, resulting in decreased economy of scale.

These are major factors restraining market growth for marine composites.

Which Region Offers the Largest Opportunity for Marine Composite Suppliers?

North America is one of the mature markets for marine composites, and is projected to surpass US$ 700 Mn by 2031. Demand in North America is driven by robust growth in demand for powerboats and recreational boats, owing to the high spending power in the region.

Asia Pacific has emerged as a leading regional market for marine composites, and accounted for 39% of market share. The region is expected to witness substantial growth over the forecast period owing to increasing demand for recreational boats.

Measures taken to promote yachting as a leisure activity by China, India, and South Korea are projected to boost demand for recreational watercraft, which, in turn, is expected to drive this regional market.

Europe is another lucrative market for marine composites, and is expected to expand at a CAGR of 3% over the forecast period. The European shipbuilding industry is very dynamic and competitive, owing to the presence of a large number of competitors in the region.

European shipbuilding has a strong position in the construction of complex vessels, submarines, and other naval vessels, which is expected to have a positive influence on the industry for marine composites.

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Country-wise Analysis

How Has Demand for Marine Composites Been Shaping across the U.S.?

The market for marine composites in the U.S. was estimated at around US$ 334 Mn in2020.

The U.S. has emerged as one of the leading markets for marine composites on account of its highly developed technology industries, skilled workforce, advanced processing capabilities, and growing R&D initiatives.

Increasing demand from powerboats, sailing yachts, and cruise vessels are expected to drive the market in the country over the coming years.

Category-wise Analysis

Why is Demand for Polymer Matrix Composites High across Geographies?

Polymer matrix composites are projected to generate the highest revenue over the coming years. Demand for carbon fiber polymer matrix composites is projected to surge at a CAGR of 7% across the forecast period, owing to their large-scale applications and excellent properties required by the marine industry.

Polymer matrix composites provide excellent corrosion resistance, impact resistance, and are lightweight.

Why Do Power Boats Account for Major Share in Marine Composite Sales?

Powerboats are anticipated to be one of the most significant vessels for marine composite application, and the segment is expected to register a CAGR of 4% through 2031.

Usually, powerboats have a higher power to weight ratio that allows for improved handling and higher speed. As marine composites have favourable properties, including low weight and high strength, it makes them more suitable to be used in high-speed boats, making powerboats the most revenue generating end-use segment for marine composites.

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Competitive Landscape

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.

Marine Composites Market Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

Key Countries Covered

  • USA
  • Canada
  • Germany
  • France
  • the UK
  • Russia
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Australia
  •  Middle East
  • Latin America

Key Market Segments Covered

  • Composite
  • Fiber
  • Resin
  • Vessel
  • Region

Key Companies Profiled

  • Owens Corning
  • Toray Industries, Inc.
  • SGL Group
  • Cytec Solvay Group
  • Teijin Limited
  • Mitsubishi Rayon Co. Ltd.
  • Hexcel Corporation
  • E. I. Du Pont de Nemours and Company
  • Hyosung
Pricing

Available upon Request

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

Marine Composites Market- Scope of Report

A recent study by Fact.MR on the marine composites market offers a 10-year forecast for 2021 to 2031. The study analyses crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering marine composites.

The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, cost structure analysis, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies manufacturing marine composites, along with their product portfolios, key strategies, and SWOT analysis, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including revenue growth, and revenue generation across the globe.

A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the revenue of marine composites market during the forecast period.

Key Questions Answered in Report

  • Which are the most lucrative markets for marine composites?
  • Which factors will impact the growth of marine composites market?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the marine composites industry?
  • What are the winning strategies of stakeholders in the market?

Market Size Evaluation

The market has been analysed for each market segment in terms of volume (`000units), and value (US$ Mn).

Market estimates at global and regional levels for marine composites are available in terms of “US$ Mn” for value and in ‘’’000 units for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the revenue perspective in the global marine composites market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.

Country-specific valuation on revenue for marine composites have been offered for each regional market, along with market scope estimates and forecasts, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value for key countries has also been included in the report.

Competition Analysis

The report sheds light on leading manufacturers of marine composites, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering marine composites have been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the marine composites market.

- FAQs -

The global marine composites market topped US$ 4 Bn in 2020, and is expected to reach a valuation of over US$ 5 Bn by 2031.

Key factors driving demand for marine composites are rise in recreational boating activities and multifunctional properties of marine composites that are beneficial in the marine industry.

As per ratings on the basis of market share, market reach, and clientele, key players include Owens Corning, Toray Industries, Inc., Cytec Industries (Solvay S.A.), SGL Group, Hexcel Corporation, 3A Composites, and Hyosung.

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% through 2031.

Powerboats are anticipated to be the most significant vessels for application of marine composites, and the segment is expected to register a CAGR of 4%.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.