Marine Composites Market

Marine Composites Market Growth Outlook (2023 to 2033)

The global marine composites market is expected to grow at a CAGR of 6.0% during the forecast period and reach a valuation of US$ 8.5 billion in 2033 from a valuation of US$ 4.8 billion in 2023.

Marine composites have gained popularity due to their resilience and ability to withstand the challenging conditions encountered in the marine environment, including strong winds, waves, and corrosive seawater. They demonstrate superior performance compared to traditional materials, offering advantages such as better fuel efficiency, reduced weight, enhanced durability, and increased design flexibility.

Report Attributes	Details
Estimated Market Value (2023E)	US$ 4.8 Billion
Forecasted Market Value (2033F)	US$ 8.5 Billion
Global Market Growth Rate (2023-2033)	6.0% CAGR
North America Market Share (2023)	29.0%
North America Market Growth Rate (2023-2033)	4.2% CAGR
US Market Growth Rate (2023-2033)	4.3% CAGR
Key Companies Profiled	Cytec Solvay Group E. I. Du Pont de Nemours and Company Hexcel Corporation Mitsubishi Rayon Co. Ltd. Owens Corning SGL Group Teijin Limited Toray Industries, Inc. Hyosung

Historic and Future Path for Marine Composites Market

In the marine industry, composite materials have diverse applications and span across different areas of the maritime industry. They find use in components such as grates, shafts, ducting, and hull shells, providing structural integrity, improved rigidity, and resistance to vibrations, moisture, wear, and impact.

In recent years, the market has witnessed notable advancements in the development of marine composites utilizing renewable resources and innovative manufacturing techniques like vacuum infusion. These breakthroughs have further propelled the growth of the industry, offering sustainable alternatives and expanding the range of possibilities for marine composite applications.

• Growth Factors for Short Term (2023-2026): The demand for lightweight materials in the maritime industry is increasing due to the need for improved fuel efficiency and reduced emissions. Marine composites offer a significant advantage in terms of weight reduction compared to traditional materials like steel or aluminum, leading to enhanced vessel performance and cost savings, thus, driving the marine composites market.
• Factors for Medium-Term Growth (2026-2029): The growing popularity of recreational boating activities, particularly in regions like Europe and North America, is fueling the demand for marine composites. Consumers are seeking lightweight, high-performance boats that offer better fuel efficiency, durability, and design flexibility, driving the adoption of composites in leisure boating.
• Long-Term Growth Opportunities (2029-2033): Strategic collaborations and partnerships between composite manufacturers, boat builders, and other stakeholders in the maritime industry are driving the market growth and have a long-term impact on the market growth. These alliances facilitate the development of innovative composite solutions, enhance supply chain efficiency, and expand market reach for marine composites.

The global marine composites market had a 3.2% growth rate from 2018 to 2022, according to Fact.MR, a top provider of market research and competitive information. The study further states that a 6.0% CAGR is predicted for the industry over the projection period of 2023–2033.

Market Growth Outlook

“Escalating Demand for Fast and Powerful Yachts & Boats Propels Market Growth”

The escalating demand for fast and powerful yachts and boats plays a significant role in propelling the growth of the marine composites market. Fast and powerful yachts and boats are sought after by enthusiasts and professionals alike. Marine composites offer a unique combination of high strength and lightweight properties, enabling the construction of vessels that achieve higher speeds and better performance compared to those made from traditional materials. The superior strength-to-weight ratio of composites allows for the design of streamlined, aerodynamic hulls that can glide through the water more efficiently, resulting in increased speed and enhanced maneuverability.

Additionally, fuel efficiency is a crucial factor in the maritime industry. Marine composites, being lightweight, contribute to improved fuel efficiency by reducing the overall weight of the vessel. With rising fuel costs and environmental concerns, boat owners and operators are increasingly inclined to invest in yachts and boats that offer better fuel economy. The use of marine composites helps achieve this goal by minimizing energy consumption and reducing the carbon footprint of high-performance vessels.

As the market continues to grow, advancements in composite technology and customization options will further bolster the adoption of marine composites in the construction of high-performance vessels.

“Heavy Reliance on Trade through Sea Route”

The trading industry has grown enormously as industrialization has reached its pinnacle. Seaborne trade continues to expand at competitive freight cost bringing benefits to the consumers.

According to UNCTAD, seaborne trade jumped by 3.2% in 2021. Due to its simplicity and other benefits, seaborne trade holds the majority of the market share among all route of trade.

Hence, it is anticipated that increased seaborne traffic will raise the demand for ships and other sailing vessels, which will in turn enhance the use of marine composites in the marine industry.

“Factors Affecting Consumption of Marine Composites”

Due to the industry's high capital requirements, many potential competitors refrain from entering the market. A significant portion of the overall cost for this sector is the cost of the raw materials (or precursors).

Also, the conversion process consumes a lot of energy. In addition, the sector demands expensive, massive equipment with protracted product development and qualification cycles along with hefty expenditures and high raw material costs. The market for marine composites is expected to encounter difficulties due to the requirement for high capital costs along with reparability & recyclability cost.

Country-wise Insights

Why US Marine Composites Market is Lucrative?

In the United States, the market for marine composites is expected to reach US$ 400 million by 2023.

The US market has a strong emphasis on fuel efficiency and environmental sustainability. Marine composites, being lightweight materials, offer significant advantages in terms of fuel efficiency, reducing operating costs and carbon emissions. As regulations become more stringent and environmental consciousness grows, boat builders and owners in the US are increasingly turning to marine composites to achieve better fuel efficiency and meet sustainability goals.

The US has a thriving recreational boating industry, with a large number of boating enthusiasts and boat owners. The demand for high-quality, high-performance boats and yachts is on the rise. Marine composites, with their superior attributes and performance advantages, are increasingly sought after by boat builders and owners who want to experience the benefits of lightweight construction, fuel efficiency, and improved handling characteristics.

Why Singapore Marine Composites Market is Gaining Traction?

Singapore, a country in South East Asia owns and operates the world's major seaport and ship traffic.

• The country has huge seaports and a wide network of warehouses for the import, export, and storing of goods. For instance, the Maritime and Port Authority of Singapore (MPA) has inked an agreement for USD 1.1 billion for the second phase of the development of Tuas Terminal. This is set to fuel the total port capacity by 21 million TEUs by 2027.

The growing sea trade activities are likely to create immense growth opportunities for ship manufacturers and as the ship or other sea vehicle manufacturing increases the demand for marine composites will increase. As composites have excellent damping properties, which can help reduce noise and vibrations generated by marine vessels. This feature contributes to enhanced onboard comfort, decreased noise pollution, and improved safety for passengers and crew.

Category-wise Insights

Why has Marine Composites Demand Increased for Power Boats Production?

Power boats are designed for speed and performance. Marine composites, such as carbon fiber composites, offer high strength-to-weight ratios, allowing for lighter and more streamlined boat structures. The reduced weight enhances speed, acceleration, and maneuverability, resulting in improved performance and a thrilling boating experience.

Power boats are also often associated with luxury and customization options. Marine composites allow for the integration of various features, such as advanced electronics, entertainment systems, and luxury amenities. The lightweight nature and design flexibility of composites enables the incorporation of these features without compromising performance or structural integrity.

Will Market Growth Be Led by Glass Fiber for Marine Composites?

Glass fiber has traditionally been a prominent material in the marine composites market, and it continues to play a significant role. Glass fiber is generally more cost-effective compared to other types of fibers used in marine composites, such as carbon fiber or aramid fiber. This affordability makes glass fiber composites an attractive option, particularly in applications where cost is a significant consideration, such as the mass production of recreational boats or small watercraft.

Glass fiber composites possess sufficient strength and stiffness properties for many marine applications. While they may not have the same high strength-to-weight ratios as carbon fiber composites, glass fiber composites still offer satisfactory mechanical properties, allowing for the construction of structurally sound and reliable marine components.

Additionally, glass fiber composites are easily molded into complex shapes and structures, offering design flexibility to boat and ship manufacturers. This versatility enables the production of customized or intricate designs, meeting the specific needs and preferences of marine customers.

Market Players’ Key Strategies

Prominent marine composites manufacturers are 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 and others

The major players have launched a number of projects, including technological advancements, research and development, collaborations, mergers, and acquisitions, to produce lightweight and affordable products.

Fact.MR has provided detailed information about the price points of key manufacturers of marine composites positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Marine Composites Industry Research

•  By Composite :

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

• By Fiber :

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

• By Resin :

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

• By Vessel :

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

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA