Marine Composites Market Trend, Share, Growth, Size, Analysis and Forecast 2030

Marine Composites Market

Marine Composites Market (Carbon Fiber Reinforced Plastics, Foam Core Materials, And Glass Fiber Reinforced Plastics) For Cruise Liners, Powerboats, Sailboats And Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028

Category: Chemical & Materials Report Format : PDF Pages: 140 Report Code: ZMR-800 Published Date: Jul-2021 Status : Published
Market Size in 2020 Market Forecast in 2028 CAGR (in %) Base Year
USD 1.5 Billion USD 2.3 Billion XX% 2020

 

Global Marine Composites Market Overview                     

The global Marine Composites market accounted for USD 1.5 Billion in 2020 and is expected to reach USD 2.3 Billion by 2028, growing at a CAGR of around 5.2% between 2021 and 2028.           

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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COVID-19 Impact Analysis:

The most significant near-term impact on Marine Composites is going to be felt through supply chains. Industry executives are anticipating delivery and construction slowdowns, either because nations have shuttered industries to slow the spread of coronavirus or because the workers have tested positive. With the combined effects of the pandemic and slump in global oil prices, investments are likely to contract sharply this year, especially in Powerboats. With the continued economic downturn, halt in production, and lockdowns, the demand for Cruise liner is facing a downturn. Recovery is predicted within the last half of the year, provided there's no emergence of another wave of the epidemic, and countries manage to regulate the spread quickly and resume normalcy.

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. 

Report Scope:  

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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., and Owens Corning.

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The global Marine Composites market is segmented as follows:

By Product

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

Table Of Content

Methodology

Free Analysis

FrequentlyAsked Questions

The global Marine Composites market was valued at USD 1.5 Billion in 2020.

The global Marine Composites market is expected to reach USD 2.3 Billion by 2028, growing at a CAGR of 5.2% between 2021 to 2028.

The key factors driving the growth of the Marine Composites market include growth in international marine freight transport, growth in maritime tourism, and increasing adoption of smart engines for situational awareness and safety.

North America was the leading region for the marine composites market in 2018 and it added up to more than 42% share of the global marine composites market.

Major players of global marine composites market comprise 3A Composites GmbH, E. I. du Pont de Nemours and Company, Cytec Industries Inc., Hexcel Corporation, Toray Industries Inc. Zoltek Companies Inc., and Owens Corning.

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