The global marine composites market size is anticipated to reach USD 5.29 billion by 2025, according to a report published by Million Insights. The market is expected to grow at a CAGR of 5.0% from 2019 to 2025. Growing demand for lightweight, corrosion-resistance and high strength materials in the shipbuilding industry is anticipated to propel the market growth of the market.
Composite materials reduce the overall component weight and maintenance cost apart from providing aesthetic appeal to end-use products. Growing demand for high-speed and fuel-efficient powerboats is attributing to the market growth.
On the basis of composites, polymer matrix composites held the largest share owing to its lightweight, high strength and corrosion resistance properties. On the other hand, ceramics matrix composites are likely to grow fastest over the forecast period.
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Marine composites are projected to be used substantially in cruise ships over the next few years. Cruise ships segment is estimated to grow at a CAGR of 4.4% over the forecast years. This segment is projected to be followed by powerboats that accounted for 18.4% of the revenue share in 2018. Growing demand for high strength, impact resistance and lightweight materials in the powerboats are likely to drive the demand for marine composites in the near future.
In 2018, Asia Pacific accounted for 39.0% of the marine composites market share owing to rising demand for recreational boats from countries such as India, South Korea and China. On the other hand, Europe held the second-largest share in the market and projected to grow at a CAGR of 3.26% from 2019 to 2025.
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Further key findings from the report suggest:
• Ceramics matrix composites is estimated to grow at CAGR of 5.5% over the forecast duration.
• In 2018, carbon fiber polymer matrix composites accounted for USD 796.3 million owing to its features such as high strength and lightweight.
• Powerboats is projected to be the leading segment in vessel type and estimated to register a CAGR of 3.8% over the forecast duration.
• In 2018, China accounted for USD 321.4 million owing to rising demand for recreational boats and powerboats.
• Major manufacturers are emphasizing on reducing the cost of composites to increase the material adoption.
Million Insights has segmented the global marine composites market based on Composites, vessel type, and region:
Marine Composites Outlook (Revenue, USD Million, 2014 – 2025)
• Ceramic Matrix Composites
• Metal Matrix Composites
• Polymer Matrix Composites
• Polymer Matrix Composites By Fabric Type
• Glass Fiber Marine Composites
• Carbon Fiber Marine Composites
• Polymer Matrix Composites By Resin Type
• Polyester Marine Composites
• Vinyl Ester Marine
• Epoxy Marine Composites
• Thermoplastic Marine Composites
Marine Composites Vessel Type Outlook (Revenue, USD Million, 2014 – 2025)
• Power Boats
• Racing Boats
• Cruise Ships
Marine Composites Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• South Korea
• Central & South America
• Middle East And Africa
• Saudi Arabia
• South Africa
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