Marine composites are revolutionizing shipbuilding and maritime industries. They're employed in boat hulls, decks, and components, offering benefits such as exceptional strength-to-weight ratios, corrosion resistance, and durability. Composites enhance vessel performance, and fuel efficiency, and reduce maintenance costs. Their applications span from recreational boats to high-speed naval vessels. Features of marine composites include lightweight properties and resistance to harsh marine environments. Marine composites find use in yachts, ferries, naval ships, and offshore structures, contributing to a safer, more efficient, and sustainable maritime industry.
According to Data Bridge Market Research, the Global Marine Composites Market is expected to grow with a CAGR of 7.40% in the forecast period of 2022 to 2029.
“Increased demand for high-speed boats boosts the market’s growth”
The marine composites market is experiencing growth due to an increased demand for high-speed boats. Composites, with their lightweight yet strong characteristics, are ideal for manufacturing high-speed vessels. These boats are sought after for various applications, including recreational boating, defense, and maritime transport. Their superior performance, fuel efficiency, and resistance to corrosion make them attractive options. As consumers and industries such as prioritize speed, efficiency, and durability, the demand for marine composites surges, driving market growth in the marine industry.
What restraints the growth of the global marine composites market?
“High cost associated with carbon fiber restraints the market’s growth”
The marine composites market faces growth constraints due to the high cost associated with carbon fiber, a prominent composite material. Carbon fiber offers exceptional strength-to-weight ratios and corrosion resistance, making it an ideal choice for marine applications. However, its cost is relatively prohibitive, limiting its adoption in some segments, particularly smaller vessels, and price-sensitive markets. As manufacturers seek cost-effective alternatives, balancing performance and affordability remains a challenge, impeding the overall growth of the marine composites market.
Segmentation: Global Marine Composites Market
The global marine composites market is segmented on the basis of composite type, fiber type, resin type, and vessel type.
- On the basis of composite type, the marine composites market is segmented into metal matrix composite, ceramic matrix composite and polymer matrix composite.
- On the basis of fiber type, the marine composites market is segmented into glass fiber, carbon fiber, natural fibers and others.
- On the basis of resin type, the marine composites market is segmented into polyester, vinyl ester, epoxy, thermoplastic, phenolic, acrylic, and others.
- On the basis of vessel type, the marine composites market is segmented into power boats, sailboats, cruise ships, cargo vessels, naval boats, jet boats, personal watercraft, and others.
Regional Insights: Asia-Pacific dominates the Global Marine Composites Market
Asia-Pacific (APAC) dominates the marine composites market due to the surge in demand for recreational boats in the region is driving the growth of the marine composites market. As more consumers seek high-performance and durable vessels for leisure activities, manufacturers are turning to composite materials to meet these demands. This rising interest in recreational boating is a key factor propelling the market's expansion.
North America is expected to be the fastest growing market during the forecast period of 2022 to 2029 because of growth in powerboats and recreational boats in the region is attributed to increased spending power among consumers. As disposable income rises, more individuals invest in leisure activities such as boating, boosting demand for marine composites known for their performance, strength, and lightweight properties, thus driving market growth.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-marine-composites-market
The Prominent Key Players Operating in the Global Marine Composites Market Include:
- Owens Corning (U.S.)
- SGL Group - The Carbon Company (Germany)
- TORAY INDUSTRIES, INC. (Japan)
- Cytec Solvay Group (U.S.)
- Mitsubishi Chemical Corporation (Japan)
- TEIJIN LIMITED. (Japan)
- Hexcel Corporation (U.S.)
- DuPont (U.S.)
- HYOSUNG (South Korea)
- Gurit (UK)
- ZOLTEK (U.S.)
- Premier Composite Technologies (PCT) (U.A.E.)
- PJSC TATNEFT (Russia)
- ADVANCED CUSTOM MANUFACTURING (U.S.)
- Aeromarine Industries Ltd (U.S.)
- Airborne (Netherlands)
- Composites One (U.S.)
- Hexion (U.S.)
- Marine Concepts / Design Concepts (U.S.)
- Airex AG (Switzerland)
- Fleming Marine Composites (U.S.)
- Multimarine Manufacturing Ltd (U.K.)
- ACM&C (Russia)
Above are the key players covered in the report, to know about more and exhaustive list of global marine composites market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Marine Composites Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
