ROCKVILLE, Md., March 23, 2022 (GLOBE NEWSWIRE) -- As per a new report published by Fact.MR - a market research and competitive intelligence provider, the global market for marine composites was valued at US$ 4 Bn in 2020, and is projected to top US$ 5 Bn by 2031, expanding at a CAGR of 6%. Demand for carbon fiber polymer matrix composites is projected to surge over the coming years.
Composite material is made by combining two or more materials with different properties that forms a unique property material. Some key marine composites include glass fiber composites, carbon fiber composites, and foam core materials that are used in manufacturing power boats, sail boats, cruise ships, and others. Marine composites possess favourable characteristics such as high strength, fuel efficiency, reduced weight, and flexibility in design.
Sales of marine composites are anticipated to witness significant growth, driven by increasing demand for repairable and biodegradable composites coupled with technological advancements. Moreover, low manufacturing cost as well is projected to drive market growth over the coming years.
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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.
Key Market Segments Covered in Marine Composites Industry Research
By Composite
- Metal Matrix Composites (MMC)
- Ceramic Matrix Composites (CMC)
- Polymer Matrix Composites (PMC)
By Fiber
- Glass Fiber Marine Composites
- Carbon Fiber Marine Composites
- Aramid Fiber Marine Composites
- Natural Fiber Marine Composites
By Resin
- Polyester Marine Composites
- Vinyl Ester Marine Composites
- Epoxy Marine Composites
- Thermoplastic Marine Composites
- Phenolic Marine Composites
- Acrylic Marine Composites
By Vessel
- Marine Composites for Power Boats
- Marine Composites for Sailboats
- Marine Composites for Cruise Ships
- Marine Composites for Cargo Vessels
- Marine Composites for Naval Boats
- Marine Composites for Jet Boats
- Marine Composites for Personal Watercraft
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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.
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
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.
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Key Takeaways from Market Study
- Key factors driving demand for marine composites are rise in recreational boating activities and multifunctional properties of marine composites that are beneficial for the marine industry.
- North America is one of the lucrative markets for marine composites, and is projected to surpass US$ 700 Mn by 2031.
- Asia Pacific has emerged as one of the leading regional markets for marine composites, and accounts for 39% market share.
- Global demand for carbon fiber polymer matrix composites is expected to surge at a CARG of 7% across the forecast period.
- Powerboats are anticipated to be significant vessels for the application of marine composites, and this segment is expected to register a CAGR of 4% through 2031.
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