Marine Composites Market

Marine Composites Market Size:

The global marine composites market size reached US$ 5.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032. The market is experiencing significant growth, driven by rapid advancements in lightweight materials in marine applications, increasing demand for fuel-efficient vessels, rising innovations in composite manufacturing technologies, burgeoning product applications in offshore wind energy projects, and the growing focus on sustainability.

Marine Composites Market Analysis:

• Major Market Drivers: The marine composites market analysis illustrates that the rising demand for lightweight and durable materials, as well as significant improvements in composite production processes, are driving the market expansion. In addition, the marine sector's growing emphasis on sustainability and emission reduction is accelerating the market growth.
• Key Market Trends: Technological advances, like automated fiber placement and three-dimensional (3D) printing, are positively impacting the marine composites industry. Furthermore, the trend toward environmentally friendly boating, as well as the increasing use of bio-based composites, are influencing the market dynamics.
• Geographical Trends: North America is leading the market as a result of the strong recreational boating demand and a well-established shipbuilding industry. Other regions are also experiencing growth, driven by the increasing investments in marine infrastructure and the offshore wind energy sector.
• Competitive Landscape: Some of the major market players in the marine composites industry include 3A Composites GmbH (Schweiter Technologies), E. I. Du Pont De Nemours and Company, GMS Composites, Gurit AG, Hexcel Corporation, Hyosung Marine Co. Ltd., Owens Corning, Solvay SA, SGL Carbon SE, Teijin Limited, Zoltek Corporation (Toray Industries), among many others.
• Challenges and Opportunities: The marine composites market outlook indicates that the high production costs and the complexity of recycling composite materials are impeding the market growth. However, the development of cost-effective and sustainable solutions, as well as the heightened demand for electric and hybrid marine vessels, are boosting the expansion of the industry.
   

Marine Composites Market Trends:

Increasing Demand for Lightweight Materials in Marine Applications

The rising demand for lightweight materials, which offer high strength while reducing overall vessel weight, is one of the major factors boosting the marine composites market growth. Moreover, the increasing use of composites such as fiberglass, carbon fiber, and aramid fiber due to their favorable strength-to-weight ratio compared to traditional materials like steel or aluminum is fostering the expansion of the market. For instance, Mercedes AMG teamed up with Cigarette Racing to create a carbon fiber speedboat. The boat's construction was focused on using lightweight materials as its raked hardtop is made of carbon fiber that helps in reducing the vertical center of gravity for better handling. By using lightweight composites, manufacturers can reduce the vessel's weight without compromising on strength, leading to enhanced fuel efficiency and improved speed.

Growing Focus on Fuel Efficiency and Emission Reduction

The marine industry is under increasing pressure to comply with stringent environmental regulations that focus on reducing carbon emissions. According to the European Maritime Transport Environmental Report launched by the European Environment Agency and the European Maritime Safety Agency, ships produce 13.5% of all greenhouse gas (GHG) emissions from transport in the EU. Sulphur dioxide (SO2) emissions from ships calling in European ports amounted to approximately 1.63 million tons in 2019. As vessels account for a significant portion of global transportation emissions, regulatory bodies such as the International Maritime Organization (IMO) have introduced limits on sulfur content in marine fuel and imposed carbon emission caps. These regulatory pressures are driving the adoption of fuel-efficient technologies, including the use of marine composites.

Rising Use of Composites in Offshore Wind and Marine Energy Projects

The expansion of offshore wind farms and marine energy projects are some of the major marine composite market growth factors. For instance, the U.S. offshore wind pipeline grew by 13.5% in 2022 in comparison to the year 2021, with 40,083 megawatts (MW) in various stages of development. It included two projects in operation totaling 42 MW, two projects under construction amounting 932 MW, and 18 projects in the permitting phase accounting 18,581 MW. These projects require durable and lightweight materials that can withstand the harsh conditions of the marine environment. In this context, composites are used in the construction of wind turbine blades, platforms, and other infrastructure associated with renewable energy generation, as they provide the strength and durability needed to withstand high winds and rough seas.

Marine Composites Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on composite type, fiber type, resin type, and vessel type.

Breakup by Composite Type:

• Metal Matrix Composite (MMC)
• Ceramic Matrix Composite (CMC)
• Polymer Matrix Composite (PMC)
   

Polymer Matrix Composite (PMC) accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the composite type. This includes metal matrix composite (MMC), ceramic matrix composite (CMC), and polymer matrix composite (PMC). According to the report, polymer matrix composite (PMC) represented the largest segment.

According to the marine composite market report, the polymer matrix composite (PMC) segment is dominating the market due to its exceptional combination of strength, lightweight properties, and corrosion resistance. Moreover, PMCs are made with resin-based polymers like epoxy or polyester reinforced with fibers that are widely used in various marine applications, including boat hulls, decks, and masts. Besides this, their ability to withstand harsh marine environments, improve fuel efficiency, and reduce maintenance costs is acting as a growth-inducing factor. Additionally, rapid advancements in PMC manufacturing processes, such as vacuum infusion and automated fiber placement, are contributing to the marine composites demand.

Breakup by Fiber Type:

• Glass Fiber
• Carbon Fiber
• Aramid Fiber
• Natural Fiber
• Others
   

Glass fiber holds the largest share of the industry

A detailed breakup and analysis of the market based on the fiber type have also been provided in the report. This includes glass fiber, carbon fiber, aramid fiber, natural fiber, and others. According to the report, glass fiber accounted for the largest market share.

Based on the marine composite market outlook, glass fiber accounted for the largest market due to its affordability, high strength-to-weight ratio, and excellent corrosion resistance. Moreover, it is widely used in applications such as boat hulls, decks, and other structural components, as it offers durability and flexibility in marine environments. Besides this, rapid advancements in manufacturing processes, such as resin infusion and vacuum-assisted molding, that enhance the performance and quality of glass fiber composites are contributing to the market growth.

Breakup by Resin Type:

• Polyester
• Vinyl Ester
• Epoxy
• Thermoplastic
• Phenolic
• Acrylic
• Others
   

Polyester represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the resin type. This includes polyester, vinyl ester, epoxy, thermoplastic, phenolic, acrylic, and others. According to the report, polyester represented the largest segment.

As per the marine composite market overview, polyester resin accounted for the largest segment in the market due to its cost-effectiveness, ease of use, and excellent compatibility with glass fiber reinforcements. This type of resin is widely utilized in the production of boat hulls, decks, and other marine structures owing to its strong adhesion properties, resistance to water, and ability to withstand the harsh marine environment. Apart from this, polyester resins are favored for their relatively low cost compared to other resins like epoxy.

Breakup by Vessel Type:

• Power Boats
• Sailboats
• Cruise Ships
• Others
   

Power boats exhibit a clear dominance in the market 

A detailed breakup and analysis of the market based on the vessel type have also been provided in the report. This includes power boats, sailboats, cruise ships, and others. According to the report, power boats accounted for the largest market share.

Based on the marine composites market trends, power boats represented the largest segment due to their high demand in recreational boating and sports activities. Moreover, the increasing utilization of lightweight and durable composite materials in power boat manufacturing to enhance performance by improving fuel efficiency, speed, and maneuverability is fostering the market growth. Along with this, the rising preference for composite materials, such as fiberglass and carbon fiber, for power boats due to their strength and resistance to corrosion is positively impacting the market growth.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest marine composites market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for marine composites.

North America represented the largest segment in the marine composite market, driven by a strong demand for recreational boating, a well-established shipbuilding industry, and significant investments in marine infrastructure. Moreover, the expansive coastline, coupled with a thriving leisure boat sector, is boosting business opportunities in the marine composite market for the construction of power boats, yachts, and other vessels. Additionally, the imposition of stringent environmental regulations that encourage the use of lightweight and fuel-efficient composites is accelerating the market growth.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the marine composites industry include 3A Composites GmbH (Schweiter Technologies), E. I. Du Pont De Nemours and Company, GMS Composites, Gurit AG, Hexcel Corporation, Hyosung Marine Co. Ltd., Owens Corning, Solvay SA, SGL Carbon SE, Teijin Limited, Zoltek Corporation (Toray Industries), etc.

  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

• The top marine composite brands are focusing on innovation, strategic partnerships, and expanding their product portfolios to meet the evolving demands of the industry. They are investing in advanced manufacturing technologies like automated fiber placement and resin infusion techniques to enhance production efficiency and product performance. Moreover, several players are developing high-performance composites with improved strength, durability, and resistance to harsh marine environments. Additionally, they are emphasizing sustainable solutions by introducing bio-based and recyclable composite materials, aligning with the industry's growing focus on environmental sustainability.

Marine Composites Market News:

• In November 2023, Hexcel showcased its latest developments for the Marine market at METSTRADE 2023. The company displayed its innovative advanced lightweight material technologies, including new intermediate and high modulus fiber, HexPly M79 prepregs, and presented examples of high-performance superyacht and windship components developed by customers using Hexcel materials. This prepreg is known to combine the low-temperature curing and simple processing of the DNV GL-accredited HexPly M79 resin system with the market-leading stiffness of HexTow IM2C fiber.
• In March 2023, SGL Carbon presented a new 50k carbon fiber at JEC World 2023. The new SIGRAFIL C T50-4.9/235 carbon fiber is known to match the high strength requirements for common pressure vessel designs and exhibits a high elongation capacity. It also enables further applications in marine composite segments that require high strength and elongation.

Marine Composites Market Report Scope:

Key Questions Answered in This Report:

• How has the global marine composites market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global marine composites market?
• What is the impact of each driver, restraint, and opportunity on the global marine composites market?
• What are the key regional markets?
• Which countries represent the most attractive marine composites market?
• What is the breakup of the market based on the composite type?
• Which is the most attractive composite type in the marine composites market?
• What is the breakup of the market based on the fiber type?
• Which is the most attractive fiber type in the marine composites market?
• What is the breakup of the market based on the resin type?
• Which is the most attractive resin type in the marine composites market?
• What is the breakup of the market based on the vessel type?
• Which is the most attractive vessel type in the marine composites market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global marine composites market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the marine composites market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global marine composites market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the marine composites industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.