Global Marine Composites Market By Composites (Ceramic Matrix Composites, Metal Matrix Composites, and Polymer Matrix Composites), By Vessel Type (Power Boats, Sailboats, Cruise Ships, and Other Vessel Types), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Marine Composites Market Overview:

The market for marine composites was worth USD 4,300 million in 2021, and it is expected to grow at a 5.2% CAGR between 2023 and 2032.

The growth is expected to be driven by a growing demand for lightweight, corrosion-resistant, and high-strength parts in the shipbuilding sector. The market will continue to grow due to the increasing demand for high-speed, fuel-efficient boats.

Global Marine Composites Market Scope:

Composites Analysis

The market for marine composites is divided into three segments based on composites: The Ceramic Matrix, Metal Matrix, and polymer matrix composites. The many applications and outstanding properties of PMC will make it a dominant market segment in the global market. PMC is more suitable for shipbuilding because it has high strength, good corrosion resistance, is lightweight, and has impact resistance.

PMC is easy to manufacture and costs less than MMC or CMC. Glass fiber will be the most important PMC market based on its fiber type. The largest segment of resin type in the PMC market is expected to be polyester resin. Polyester resin has excellent electrical, mechanical, and thermal properties. The cost of polyester resin is significantly lower than epoxy and vinyl ester resins.

CMC is predicted to experience the fastest growth during the forecast period. CMC accounted for 30.4% global market share in 2021. CMC has properties like high stiffness and chemical inertness that increase its application in marine industries.

Vessel Type Analysis

The market can be segmented by vessel type into powerboats and sailboats as well as cruise ships. The market’s largest segment, the cruise ship vessel type, is expected to account for 31.35% revenue share in 2021. This segment is expected to grow at a CAGR of 4.2% during the forecast period.

The powerboat segment is expected to be the largest vessel type and will grow at a CAGR (of 3.6%) between 2023-2032. The engine or motor that drives powerboats is either an engine or motor. Powerboats usually have a higher power-to-weight ratio, which allows for better handling and faster speeds. Marine composites are more suitable for high-speed boats because of their low weight and strength.

The forecast period will see an increase in demand for power boats that are high-speed and efficient. Race boats, yachts, and catamarans are just a few of the important types of powerboats that marine composites are used in. Swim ladders, hulls, and deck fittings for rudders are all made from marine composites. Composites of glass fibers are used mainly in the manufacture of masts and rudder stock parts.

Кеу Маrkеt Ѕеgmеntѕ:

By Composites

• Ceramic Matrix Composites
• Metal Matrix Composites
• Polymer Matrix Composites
  • Polymer Matrix Composites by Fabric Type
  • Polymer Matrix Composites by Resin Type

By Vessel Type

• Power Boats
  • Racing Boats
  • Yachts
  • Catamarans
  • Others
• Sailboats
• Cruise Ships
• Other Vessel Types

Market Dynamics:

Composites are making a strong comeback in the marine sector worldwide due to their outstanding resistance properties. Hybrid composites can be used to build racing powerboats that have higher performance and better driver safety. Fiber-reinforced composites are used to make structural elements like bow modules, hatch covers, and deckhouses. The marine sector will benefit from technological innovations that reduce the manufacturing cycle.

Composite materials are used to make high-speed boats, fishing vessels, ship components, and sailboats. Composite materials can be used to lower maintenance costs, improve aesthetic appeal, increase reliability, reduce weight, and enhance component safety. Composite materials could be used in valves and strainers as well as shafting overwraps and gear cases. They also have the potential to reduce maintenance and fabrication costs, increase aesthetic appeal, improve reliability, and lower component weight.

There are also significant growth opportunities for the market in emerging regions like Central and South America and the Asia Pacific. These areas have a high demand for marine composites due to their growing shipbuilding industry. Potential markets include South Korea, China, and Argentina. These countries will drive the demand during the forecast period.

Regional Analysis:

The Asia Pacific was the dominant regional market, accounting for 39.7% market share in 2021. Due to the growing demand for recreational boats, the region will experience significant growth in the future. China, India, and South Korea have taken measures to promote yachting as a leisure sport. This will drive the market.

Europe was the second-largest market. It is expected that it will grow at a CAGR of 4.1% during the forecast period. Due to a large number of regional competitors, the European shipbuilding industry has a high level of innovation and is highly competitive. The European shipbuilding industry is well-positioned in complex vessel construction, submarine construction, and other vessels. This will have a positive impact on the marine composites sector in the region for the forecast period.

North America is one of the most mature markets. It is expected to reach US$ 674 million in 2025. Due to the region’s high spending power, North America has a strong demand for powerboats and recreational boating.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Due to the high number of regional and global players in the market, there is fierce competition among manufacturers. To produce lightweight, cost-effective products, the key players have taken various initiatives, including research and development, technology innovation, partnerships, and mergers and acquisitions. These initiatives will drive market growth during the forecast period. Following key players are involved in the R&D, manufacturing, and distribution of high-quality composites products:

Маrkеt Кеу Рlауеrѕ:

• Owens Corning
• Toray Industries, Inc.
• Cytec Industries (Solvay S.A.)
• SGL Group
• Hexcel Corporation
• Teijin Limited.
• Mitsubishi Rayon Co.
• Gurit Holding
• 3A Composites
• Hyosung Corporation
• Other Key Players

For the Marine Composites Market research study, the following years have been considered to estimate the market size: