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At a CAGR of 5.6%, the marine composites market is expected to be worth $6.3 billion by 2027.

Published: November 28, 2022

Author: TEXTILE VALUE CHAIN

According to a new market research report, the “Marine Composites Market by Type (Metal Matrix, Ceramic Matrix, And Polymer Matrix), Polymer Matrix Composite by [Fiber (Glass, Carbon), Resin (Polyester, Epoxy)], Vessel Type (Power Boats, Sailboats, Cruise Ships), and Region – Global Forecast to 2027″, The marine composites market is projected to reach USD 6.3 billion by 2027, at a CAGR of 5.6% between 2019 and 2027.

This report also provides a comprehensive analysis of the companies listed below:

Owens Corning (US), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Solvay Group (US), and Teijin (Japan)

Growth of the market can be attributed to the high demand for marine composites from the power boats segment due to the growing recreational boating market in Europe and North America. The market has witnessed significant growth over the last few years due to the increasing demand for lightweight and corrosion-resistant boats.

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Polymer Matrix Composite (PMC) is estimated to be the largest marine composite type in the marine composites market in 2018

Polymer Matrix Composites (PMCs) are the most commonly used composite material in marine applications. These can be manufactured easily as the processing and curing temperature of PMCs is normally in the lower range, and moreover, the densities of polymers are usually very low; therefore, the cost of manufacturing PMC is substantially lower as compared to Metal Matrix Composites (MMC) and Ceramic Matrix Composites (CMC).

North America is estimated to be the largest market for marine composites during the forecast period

North America is projected to lead the global marine composites market during the forecast period due to the presence of a large number of power boat manufacturers in the region. Demand for recreational boats is the highest in the North American region due to the high spending power in the region. The strong economy continues to bolster new boat sales and expenditure on boating in the region. Europe is the second largest market due to the presence of large marine composite manufacturers, driven by the high demand for boats in the region. The Asia Pacific marine composites market is expected to grow at the highest CAGR due to the new contracts awarded to cruise ship builders and increasing demand for recreational boats in the region due to rising sporting activities. This is supported by countries, such as Japan, South Korea, and China.