Marine Composites Market Analysis Report By Composites, By Application And Segment Forecasts From 2019 To 2025

Industry Insights

The global marine composites market size was worth USD 3.8 billion in 2018. The market is projected to ascend at a CAGR of 5.0% over the forecast duration. Rising demand for high strength, lightweight, and corrosion resistance parts is estimated to drive the market over the forecast period. Further, the demand for high-speed and fuel-efficient boats is increasing, which, in turn, is supplementing the market growth.

Owing to their superior resistance property, composites are gaining traction in the marine sector. Hybrid composites help in increasing driver safety and are used in craft racing powerboats. Various structural elements like hatch covers, king posts, and deckhouses are made with the help of fiber-reinforced plastic composite. Further, technical advancement aimed at reducing the manufacturing time is projected to augment the market growth.

Composite materials minimize the fabrication and maintenance cost apart from offering aesthetically appealing design and reliability. It is used in the manufacturing of naval vessels, sailboats and fishing boats, and ship components. Potential applications for composite materials are gear cases, propellers vanes, condenser shells, strainers, and masts.

The U.S is one of the major markets for marine composite owing to increasing investment in research & development, skilled workforce, and developed technology industries. With rising demand for sailing yachts, cruise vessels, and powerboats, the market is estimated to witness a surge in the near future.

Owing to the growing shipbuilding industries, the market is projected to witness considerable growth in the Asia Pacific and Latin America. Countries such as China, Brazil, Australia, and Argentina are potential markets offering lucrative opportunities for manufacturers.

Composites Insights

Compared to both MMC and CMC, PMC is easy to manufacture and requires low cost in production. Among different fibers, glass fiber is anticipated to be the largest shareholder in the PMC market from2019 to 2025. The polyester resin, which has superior thermal, electrical, and mechanical properties, is estimated to be the largest resin in the PMC segment.

On the other hand, CMC is likely to grow fastest and the segment held 29.04% of the share in the market in 2018. Its properties such as thermal stability, chemical inertness, and high stiffness make it an ideal material to be used in the marine industry.

MMC category is expected to witness considerable growth over the forecast period due to its properties such as strength, fire resistance, and high transverse stiffness. This segment is projected to account for over USD 1.03 billion by the end of 2025.

Vessel Type Insights

On the basis of type, the marine composites market is categorized into sailboats, cruise ships, powerboats, and others. Among them, cruise ships held the largest market share with over 31.35% in 2018. This segment is anticipated to register a CAGR of 4.40% from 2019 to 2025.

On the other hand, powerboats are likely to grow at a CAGR of 3.82% over the forecast duration. These boats are driven using a motor or engine. They have a higher ratio of power to weight that enables them to carry a larger load at a higher speed.

The rise in demand for fuel-efficient and high-speed powerboats is estimated to drive the segment growth from 2019 to 2025. Major powerboats where marine composites are used include yachts, catamarans, and racing boats. Glass fiber composites are used to prepare mast and rudderstock.

In 2018, sailboats accounted for USD 0.52 billion. Masts are made using carbon fiber in sailboats owing to their stability and better performance. Aramid fibers are used to manufacture kneel and bow because of their shock absorption properties.

Regional Insights

In 2018, Asia Pacific accounted for 39.0% of the total marine composites market share. Increasing demand for recreational boats is projected to supplement the Asian Pacific market over the forecast period. Countries such as India, South Korea, and China are promoting leisure activities to encourage tourism, which, in turn, is propelling market growth.

Europe, which is the second-largest market after APAC, is anticipated to grow at a CAGR of 3.26% from 2019 to 2025. Owing to the presence of several key players in the region, the market is competitive in nature in Europe. The shipbuilding industry in Europe has a strong position in submarine and vessels construction.

North America is one of the prominent markets and is projected to account for over USD 774.6 million by 2025. The region is witnessing a considerable growth in marine composite owing to the growing demand for recreational and powerboats.

On the other hand, CSA and MEA are anticipated to register a CAGR of 7.68% and 5.99% respectively over the forecast duration. Marine, shipbuilding, and leisure sectors have witnessed significant growth in recent years in countries such as Brazil and Argentina.

Marine Composites Market Share Insights

Owing to the presence of multiple regional and international players, the market is highly competitive in nature. Key players are taking various strategic initiatives such as mergers and acquisitions, research & developments, and new product launch. These initiatives are projected to augment the growth of the market. Major players operating in the market are Toray Industries, Inc., SGL Group, Teijin Limited, Owens Corning, Gurit Holding, E. I. Du Pont Nemours & Co, Hyosung, and 3A Composites among others.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Million Insights has segmented the global marine composites market report on the basis of composite, vessel type, and region:

• Composite 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
           • Others
       • Polymer Matrix Composites By Resin Type
           • Polyester Marine Composites
           • Vinyl Ester Marine
           • Epoxy Marine Composites
           • Thermoplastic Marine Composites
           • Others
• Vessel Type Outlook (Revenue, USD Million, 2014 - 2025)
    • Power Boats
        • Racing Boats
        • Yachts
        • Catamarans
        • Others
    • Sailboats
    • Cruise Ships
    • Others
• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • Germany
        • Russia
        • Spain
        • U.K.
    • the Asia Pacific
        • China
        • Japan
        • India
        • South Korea
        • Australia
    • Central & South America
        • Brazil
        • Argentina
    • Middle East And Africa
        • Saudi Arabia
        • South Africa