Marine Composites Market Trend, Share, Growth, Size, Analysis and Forecast 2032

Marine Composites Market Insights

Zion Market Research has published a report on the global Marine Composites Market, estimating its value at USD 5.19 Billion in 2023, with projections indicating that it will reach USD 9.81 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 7.33% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Marine Composites Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Global Marine Composites Market Overview                     

Rising demand for corrosion-resistant, high-strength, and light weight parts within the industry is anticipated to drive the expansion. Increasing demand for fuel-efficient and high-speed boats is predicted to further fuel the market. Composites have made good inroads within the marine sector globally due to their excellent resistance property. Hybrid composites are wont to craft racing powerboats with higher performance and enhanced driver safety. Structural elements like bow modules, deckhouses, hatch covers, and king posts are manufactured using fiber-reinforced plastic composites. Technological innovations to attenuate the manufacturing cycle time is expected to propel the demand within the marine sector.

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Growth Factors

The global marine composites market is majorly boosted by the increasing robust requirement for marine composites in subsea applications all over the world. Apart from this, rising concern for emissions of greenhouse gas is likely to propel the marine composites market in the years to come. On the other hand, expensive production prices may hamper the marine composites market. Still, the acceptance of advanced technologies for the development of products for marine composites is expected to provide new growth opportunities to the marine composites market in the coming years. 

Marine Composites Market: Report Scope

Segment Analysis Preview  

Based on the product segment, the report has been segmented into carbon fiber reinforced plastics, foam core materials, and glass fiber reinforced plastics. 

Based on application, the global marine composites market is divided into powerboats, cruise liners, sailboats, and others. Powerboat was the most eye-catching application sector in 2016 for the global marine composites market.

Regional Analysis Preview  

Globally, North America was the leading region for the marine composites market in 2020 and it added up for more than 42% share of the global marine composites market. Increasing the requirement for leisure yachts and boats is likely to boost the requirement for the marine composites market in North America in the coming years. Europe was the second biggest area of the marine composites market in a similar time frame. The Asia Pacific is planned to be the quickest developing area for the marine composites market shortly. The MEA is likely to develop at a sluggish rate in the marine composites market in the years to come.

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Key Market Players & Competitive Landscape

Some of the major companies comprised in the global Marine Composites market are:

• 3A Composites GmbH
• E. I. du Pont de Nemours and Company
• Cytec Industries Inc.
• Hexcel Corporation
• Toray Industries Inc.
• Zoltek Companies Inc.
• Owens Corning.

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The global Marine Composites market is segmented as follows:

By Product

• Carbon fiber reinforced plastics
• Foam core materials
• Glass fiber reinforced plastics

By Applications     

• Cruise liner
• Powerboats
• Sailboats
• Others 

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa