Rockville, June 06, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a company that conducts market research and competitive intelligence, the global marine composites market will be worth US$ 4.8 billion in 2023 and will grow at a 6.0% CAGR from 2023 to 2033.
The maritime business is expanding significantly. Materials, such as fiber-reinforced composites, are becoming more popular because of their resilience to strong winds, waves, and tides as well as their ability to maintain their physical characteristics when submerged in seawater. Grate, shafts, ducting, and hull shells are just a few applications for marine composites. Marine composites outperform traditional materials due to their superior attributes, which include better fuel efficiency, less weight, durability, and design flexibility.
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Other product breakthroughs, such as the creation of marine composites utilizing renewable resources and vacuum infusion, are also contributing to the industry's growth. These composite materials strengthen rigidity, reduce vibrations, fend off moisture, and withstand wear and impact. Also, the rising recreational boating activities in Europe and North America have led to a significant increase in demand for marine composites in the coming years.
Key Takeaways from Market Study
- The global marine composites market is projected to grow at 6.0% CAGR and would reach US$ 8.5 billion by 2033
- The market experienced a 3.2% growth rate in the historic period of 2018-2022
- By fiber type, marine composites made from glass fiber are projected to expand at a growth rate of 6.5% by 2033
- Power boat dominates the consumption of marine composites in the global market expanding at 4.0% CAGR by 2033
- In 2033, North America is estimated to dominate the global marine composites market with a 29.0% share
“Increasing Demand for Marine Composites in Response to Booming Recreational Boating Activities” says a Fact.MR analyst.
Market Growth Strategies
The maritime business is experiencing significant expansion, due to the strategic partnerships among prominent players to ensure a steady supply and availability of their products. Additionally, companies are actively investing in research and development these investments aim to enhance their manufacturing capabilities and introduce cutting-edge technologies, enabling innovation, refining pricing strategies, and prioritizing customer-centricity.
Key players in the market are making substantial investments to diversify their product portfolios, with a specific focus on developing marine composites that find applications in various industries, including marine equipment and other end-use sectors. By expanding their range of offerings, these industry leaders are positioning themselves to cater to a broader market and capitalize on emerging opportunities.
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Key Companies Profiled
- Cytec Solvay Group
- E. I. Du Pont de Nemours and Company
- Hexcel Corporation
- Mitsubishi Rayon Co. Ltd.
- Owens Corning
- SGL Group
- Teijin Limited
- Toray Industries, Inc.
- Hyosung
Segmentation of Marine Composites Industry Research
- By Composite :
- Metal Matrix Composite (MMC)
- Ceramic Matrix Composite (CMC)
- Polymer Matrix Composite (PMC)
- By Fiber :
- Glass Fiber
- Carbon Fiber
- Aramid Fiber
- Natural Fiber
- By Resin :
- Polyester
- Vinyl Ester
- Epoxy
- Thermoplastic
- Phenolic
- Acrylic
- By Vessel :
- Power Boats
- Sails Boats
- Cruise Ships
- Cargo Vessels
- Naval Boats
- Jet Boats
- Personal Watercraft
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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What differences can the marine composites report make on the revenue impacts and strategies of businesses?
Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the marine composites and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:
- Attractiveness quotient of emerging product/technology types in various products in the marine composites
- Micro-economics factors that may hamper the prospects of some of the key segments
- Recent spate of research and development (R&D) funding on key marine composites s
- New business models paving way for disruptions in demand dynamic of key segments
- Regional markets that will be future engine of growth and the industry trends that will support these markets
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the marine composites market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of composite (metal matrix composite, ceramic matrix composite, and polymer matrix composite), fiber (glass, carbon, aramid, and natural), resin (polyester, vinyl ester, epoxy, thermoplastic, phenolic, and acrylic), vessel (power boats, sailboats, cruise ships, cargo vessels, naval boats, jet boats, and personal watercraft), others and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
Check out more related studies published by Fact.MR Research:
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Ballistic Composites Market Outlook: Based on the recent report published by Fact.MR, the global ballistic composites market is estimated to be valued at US$ 1.8 billion in 2023.
Automotive Composites Market Growth Outlook: Fact.MR’s automotive composites industry analysis reveals that global market was valued at US$ 6.35 Billion in 2021, and is projected to top US$ 20 Billion by 2032, expanding at an impressive CAGR of 11% over the next ten years.
Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market: The global continuous fiber-reinforced thermoplastic (CFRTP) composites market is estimated at US$ 1.12 billion in 2023. Global demand for continuous fiber-reinforced thermoplastic composites is predicted to increase at a value CAGR of 7.8% and reach a market size of US$ 2.38 billion by 2033-end
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