Global demand for Marine Composites Market is expected to reach a market valuation of US$ 5 Billion by the end of the year 2023, accelerating at a CAGR of 5.5% over the forecast period (2023 to 2033). The Marine Composites Market is experiencing rapid growth, owing to factors such as a wide range of applications in the marine industry, including boat and shipbuilding, offshore oil and gas exploration, underwater structures, and marine renewable energy systems such as wind turbines and wave energy devices. The use of composites in these applications offers several advantages over traditional materials such as steel and aluminum, including improved performance, reduced weight, increased durability, and reduced maintenance costs.
The market is supported by:
North America, followed by Europe, is the major market for Marine Composites Market, primarily driven by increasing demand for lightweight, high-performance materials with superior strength, durability, and resistance to corrosion and fatigue. The USA is the largest Marine Composites Market in the region, followed by Canada, owing to the adoption of new technologies and the increasing demand from marine applications, including offshore oil and gas exploration, marine renewable energy systems, and underwater structures.
Apart from North America, the Marine Composites Market is flourishing in the Asia-Pacific region. Asia-Pacific is expected to be one of the largest markets for Marine Composites, primarily due to factors such as increasing demand for lightweight and fuel-efficient watercraft, the rise of marine tourism in the region, and increasing investment in the marine industry.
Key producers are working on manufacturing the Marine Composites in order to gain a greater market share. Some of these companies include Hexcel Corporation, Gurit Holding AG, Owens Corning, Teijin Limited, Toray Industries, Inc., Mitsubishi Chemical Corporation, and Solvay SA, among others.
These companies are involved in the production and supply of a wide range of composite materials, including carbon fiber, fiberglass, and other specialty materials, for use in the marine industry. In addition to these established players, there are also several new and emerging companies in the marine composites market, particularly in the Asia Pacific region, which is expected to drive further growth in the industry.
For instance, Teijin Limited introduced two new brands of carbon fiber intermediate materials, Tenax PW (power series) and Tenax BM (beam series), designed for sports applications. Tenax PW is a high-quality material that can optimize power and speed due to its exceptional durability and toughness. It consists of high-tenacity, high-tensile-modulus resin that also minimizes and localizes damage after impact by suppressing and absorbing impact forces. Furthermore, Tenax PW has higher compressive strength than Teijin's standard carbon fiber prepregs. These properties make sports equipment created with Tenax PW ideal for powerful, swift movements.
| Attributes | Details |
|---|---|
| Market Value 2023 | US$ 5 Billion |
| Projected Value 2033 | US$ 8.54 Billion |
| CAGR | 5.5% |
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.
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.
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.
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.
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.
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.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.2% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million, Volume in Tons, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, End Use, Region |
| Regions Covered | North America(USA, Canada); Latin America(Brazil, Mexico, Argentina); East Asia(South Korea, China, Japan); South Asia & Pacific(India, ASEAN, Australia and New Zealand); Western Europe(Germany, France, Spain, Italy, BENELUX, Nordics, United Kingdom); Eastern Europe(Poland, Hungary, Romania, Czech Republic, Others); Central Asia; Russia and Belarus; Balkan and Baltic Countries; Middle East and Africa(Kingdom of Saudi Arabia, Türkiye, Northern Africa, South Africa, Israel) |
| Key Companies Profiled | Solvay S.A; Teijin Limited; 3A Composites; SGL Group; 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. |
| Customization & Pricing | Available upon Request |
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.
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.
In 2022, the value of the Global Marine Composites market reached over US$ 4,742.3 Million.
During 2023 to 2033, the Global Marine Composites market is estimated to expand at a CAGR of 5.2%.
The Global Marine Composites market is projected to reach US$ 5,036.5 Million by the end of 2033.
The East Asian region is projected to lead the global Marine Composites market in the forecast period.
The key players operating in the Global Marine Composites market are 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., and among others.
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Marine Composites Market
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