Marine Composites Market

Marine Composites Market Snapshot

As per the latest analysis by FMI, the global marine composites market is expected to top a valuation of US$ 5 billion by the year 2023. The demand from shipbuilding and aftermarket repairs will positively impact the market with a moderate 5.2% CAGR (2023 to 2033) to reach a valuation of US$ 7.4 billion by the end of 2033.

Composites are materials composed of more than one material at a microscopic level and have chemically distinct phases. Composites are widely used in a variety of end-use industries, with the marine industry being one in which these composites are widely used.

Lightweight composites are used to build a variety of structural components for ships and boats, including decks, hulls, hatch covers, and bulkheads. Marine composites including glass fiber-reinforced plastics, carbon fiber-reinforced plastics, and aramid fiber are utilized to make structural components for boats and ships.

Marine composites possess low density when compared with other bulk materials. These composites enable overall weight reduction as compared to metals like aluminium or steel. This overall reduction in weight leads to provide other secondary benefits such as reduced greenhouse gas emissions, lower operating costs, and enhanced fuel efficiency. The high-quality properties of marine composites in comparison to other alternatives are expected to propel the target market's growth globally during the forecast period.

A comparison of global marine composites market growth between 2018 and 2022 Vs. projected growth for 2023 to 2033

According to the FMI analysis, the global marine composites market witnessed a CAGR of 4.9% during the historical period of 2018 to 2022. The market stands at US$ 4,742.3 Million in 2022. Significant drop in the growth of the product market over the historical period is primarily attributable to an unfavourable environment due to the COVID-19 pandemic. The pandemic has caused several disruptions, such as factory shutdowns, supply chain breaks, and the non-availability of raw materials.

The marine composites industry is anticipated to foresee CAGR of 5.2% during the forecast period (2023 to 2033). Growing demand for high-strength, corrosion-resistant, and lightweight parts in the shipbuilding industry is bolstering the product market growth. Marine composite is widely employed to manufacture the superstructure of cruise ships and used in moveable car decks and ramps.

The growing tourism industry and increasing urban population along with the growing use of recreational boats, rising consumer spending power, and a surge in the number of HNWIs (high-net-worth individuals) led to an increased demand for fuel-efficient and high-speed boats across the globe. Significant technological advancements in the development of new and innovative composites are also one of the key factors contributing to market growth.

Market Dynamics

Increasing demand for high-speed boats is driving the sales of marine composites

The significant growth in the global maritime industry is one of the key factors bolstering the market's positive outlook. Growing demand for high-power, high-speed, and luxury boats and yachts is boosting the marine composites industry’s growth. Marine composites are widely used in the production of recreational boats with a high strength-to-weight ratio, improved noise-damping features, and a lower magnetic signature.

Increasing seaborne trading activities and cross-border cargo movement are also contributing to market growth. Composites, such as fiber-reinforced composites, are becoming more popular because they can bear extreme pressures from waves, winds, and tides while also retaining their physical properties when immersed in seawater.

High cost of raw materials can limit the market expansion in forecast period

The competitive world of composites nowadays is greatly impacted by commercial factors. The marine composites market is a very capital-intensive industry because of operating costs (OPEX) and capital costs (CAPEX), two of the most prevalent commercial considerations that influence commercial decisions. High cost associated with raw materials such as carbon fiber is also one of the prominent factors hampering the sales of the global marine composites market during the forecast period.

Nikhil Kaitwade

Principal Consultant

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Segment-wise Analysis

Which segment dominates the market of Marine Composites by type?

By product type, Glass Fiber Reinforced Plastics dominate consumption in the Marine Composites market

Glass Fiber Reinforced Plastics are anticipated to dominate the market in 2023 due to their lower prices and better properties than those of carbon fiber composites. Glass fiber reinforced plastic is lightweight, making it ideal for the production of boats and other marine vessels all over the world. Glass fiber reinforced plastics' non-magnetic properties make them suitable for the construction of naval ships, which is expected to drive the marine composites market growth.

Carbon fiber-reinforced plastics, also known as carbon fiber, are expected to grow significantly during the forecast period due to their advanced properties suitable for high-speed boats. Carbon fiber-reinforced plastics are mostly used in boat hulls, masts, structural frames, and keels. Carbon fiber is not widely used because of its high cost when compared to glass fiber.

In terms of end use, which segment commands a significant share in global marine composites market?

Cruise Liners consume a larger share of the marine composites market

Based on the end use, the cruise liners of marine composites are leading in terms of market share. Increasing demand for cruise ships owing to the growing leisure market and marine tourism activities is projected to propel the growth of the product segment.

The powerboat application segment is expected to hold a significant share of the marine composites market during the forecast period. Increasing demand for marine composites for racing boats and yachts is one of the prominent factors bolstering the demand for marine composites. The larger power-to-weight ratio of powerboats typically enables better handling and faster speeds. Because marine composites have important characteristics like high strength and low weight, these composites are better suited for usage in fast boats.

Region-wise Analysis

Which region holds a prominent share in the global marine composites market?

High demand from shipbuilding industry makes Asia-Pacific a leading region for Marine Composites market

The Asia-Pacific region leads the consumption of marine composites owing to the increasing boat and yacht manufacturing. The region is anticipated to have significant growth during the forecasted period due to the rising demand for recreational boats. It is anticipated that efforts made by China, India, and South Korea to promote yachting as a leisure activity will increase demand for recreational boats, which will in turn propel the regional industry.

What is the potential for Europe in the global Marine Composites market?

Increasing recreation boating activities in Europe to create lucrative market opportunities for Marine Composites market

Europe is estimated to hold a significant market share of marine composites market followed by the Asia-Pacific region and is expected to expand at a significant CAGR during the coming assessment period. The European shipbuilding market is becoming dynamic and facing stiff competition due to emergence of strong competitors in the Asian region. European shipbuilding has built a key position in the construction of submarines, complex vessels and other vessels, which is expected to spread a positive influence on the market in the coming forecast period.

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Market Competition

The market participants in the global marine composites market are focused to increase their market presence through consolidation activities. The key players aim to expand their market presence in emerging markets of south Asia and boost their sales by putting extra effort into building value chains in these regions. Several companies are funding to expand their product portfolios of marine composites chemicals and serve a wide range of industries. Few of the key participants present in the global demand of the Marine Composites market include Solvay S.A, Teijin Limited, 3A Composites, Toray Industries, Inc., Owens Corning, DuPont de Nemours, Inc., Mitsubishi Rayon Co, Hyosung, Zoltek Companies Inc., Hexcel Corporation, Gurit Holding AG, Koninklijke Ten Cate N.V., among others. More insights on these players and their recent developments are available in the report.

Scope of the Report

Key Segments Profiled in the Marine Composites Market Report Marine Composites Market

By Product Type, Marine Composites Market is segmented as:

• Carbon Fibered Reinforced Plastics (CFRP)
• Glass Fibered Reinforced Plastics (GFRP)
• Foam Core Materials
• Metal Composites
• Others

By End Use, Marine Composites Market is segmented as:

• Sail Boats
• Power Boats
• Cruise Liners
• Jet Boats
• Others

By Region, Marine Composites Market is segmented as:

• North America
• Latin America
• East Asia
• South Asia and Pacific
• Western Europe
• Eastern Europe
• Central Asia
• Russia and Belarus
• Balkan and Baltic Countries
• Middle East and Africa