Marine Composites Market size is projected to surpass USD 6 billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of marine composites was over USD 5 billion. The primary factor that is attributed to the growth of the marine composites market is the increment in the number of ships across the world along with the technological advancement for trading and transportation. As per the government of UK, the total number of vessels in the world trading fleet rose from 62,100 vessels in 2020 to 63,000 vessels in 2021.
In marine composites several components are used including ferrocement, glass-reinforced plastic, wood fibers, carbon composites and aramid fiber. Owing to its great advantage, such as high mechanical strength, fuel efficiency, weight reduction, corrosion resistance and customizability, the marine composites are used for manufacturing gratings, ducts, shafts, piping and hull shells and assembling powerboats, sailboats and cruise ships. Thus, the rising marine economy is estimated to be a growth drive for the increased adoption rate of marine composites. The statistics of the U.S. Bureau of Economic Analysis show the marine economy accounted for 1.7 percent, or USD 361.4 billion of total gross domestic product (GDP) in 2020.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 5 Billion |
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Forecast Year Market Size (2033) |
~ USD 6 Billion |
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Regional Scope |
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Vessel Type (Power Boats, Sailboats, Cruise Ships, Cargo Vessels, Naval Boats, Jet Boats, Personal Watercraft)
The global marine composites market is segmented and analyzed for demand and supply by vessel type into power boats, sailboats, cruise ships, cargo vessels, naval boats, jet boats, personal watercraft, and others. Out of these, the cargo vessels segment is expected to garner the highest market share by 2033, owing to prevalence of ocean shipping worldwide which could be possible with cargo vessels. It is estimated that around 80% of the goods are transported by ships across the world. Additionally, seaborne trade has been showing a growing trend since 1990, which is expected to increase the utilization rate of marine composites. It is estimated anticipated that from 1990 to 2020, the volume of seaborne cargo transportation doubled, i.e. 4 billion to 10.7 billion tons.
Our in-depth analysis of the global market includes the following segments:
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By Composite Type |
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By Fiber Type |
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By Resin Type |
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By Vessel Type |
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APAC Market Statistics
The Asia Pacific marine composites market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, due to high maritime trade in the region, which is expected to increase the utilization rate of ships and cargos, which in turn, is projected to bring positive sales in marine composites market. United Nations Conference on Trade and Development stated that Asia continued to dominate the global maritime trade arena over the years. In 2019, the region accounted for 41% of goods loaded and 62% of goods unloaded. Further, China is known to have the largest navy with around 350 ships in its fleet, which is expected to rise to 420 ships within the next four years which is further expected to have 460 ships by 2030.
Owens Corning has acquired Natural Polymers, LLC, a manufacturer of spray polyurethane foam insulation for building and construction applications, based in Cortland, Illinois.
Toray Industries, Inc. along with A*STAR’s Institute of Microelectronics (IME) in Singapore has entered into a partnership to develop applications for high heat-dissipating adhesive sheets for silicon carbide (SiC) power semiconductors.
Author Credits: Smruti Ranjan, Rajrani Baghel
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