Marine Composites Market

Marine Composites Market Growth Analysis

The global marine composites market was valued at US$ 4 Billion in 2020, and is projected to top US$ 5 Billion 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%.

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.

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.

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.

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

Report Attributes	Details
Forecast Period	2021-2031
Historical Data Available for	2016-2020
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

Key Market Segments Covered in Industry Research

• By Composite 

  • Metal Matrix Composites (MMC)
  • Ceramic Matrix Composites (CMC)
  • Polymer Matrix Composites (PMC)

•  By Fiber

  • Glass Fiber
  • Carbon Fiber
  • Aramid Fiber
  • Natural Fiber

• By Resin

  • Polyester
  • Vinyl Ester
  • Epoxy
  • Thermoplastic
  • Phenolic
  • Acrylic

• By Vessel

  • Power Boats
  • Sailboats
  • Cruise Ships
  • Cargo Vessels
  • Naval Boats
  • Jet Boats
  • Personal Watercraft