Marine Composites Market Analysis by Composite Type (Metal Matrix, Ceramic Matrix, and Polymer Matrix); by Fiber Type (Glass, Carbon, Natural, and Others); by Resin Type (Polyester, Vinyl Ester, Epoxy, Thermoplastic, Phenolic, Acrylic, and Others); and by Vessel Type (Power Boats, Sailboats, Cruise Ships, Cargo Vessels, Naval Boats, Jet Boats, Personal Watercraft, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now Report ID: 4434 | Published Date: Feb 13, 2023
The global marine composites market is estimated to garner a revenue of ~USD 6 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 5 Billion in the year 2022. 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.
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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.
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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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Growth Drivers
High Dependence on Seaborne Trade – With the industrialization taking its peak, the trading sector has swelled exponentially. Out of these, the seaborne trade carries major of the market share owing to its easiness and other advantages. Thus, the rising seaborne trade is expected to rise the need of ships and sea vessels which in turn is expected to increase the utilization of marine composites in the marine sector. International Trade Administration showed the valuation of export through maritime in the U.S. to be USD 586 million and valuation of imports to be USD 1,176 million in 2018.
Rising Marine Tourism – The rising interest of population in marine tourism is expected to rise the production of cruise ships, which, in turn, is anticipated to bring lucrative growth opportunities in the marine composites market. Lately, it was estimated that the ocean-based tourism and recreation contributes approximately USD 140 billion in the United Nations’ gross domestic product (GDP).
High Production of Warships – As per recent statistics, the number of warships in the U.S. grew from 415 in 2019 to 490 in 2020.
Surging Number of Submarines – The recent estimates show that China has the highest number of submarines in 2022 with the total count of 79. United States stand in the second position with 68 submarines in the nation.
Expanding GDP Figures – According to World Bank, the world Gross Domestic Product was USD 86.41 trillion in 2018, which rose to USD 96.1 trillion in 2021.
Challenges
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.
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.
Our in-depth analysis of the global marine composites 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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Owens Corning
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The heavy dependency on seaborne trade along with the rising production of warships, cargo vessels, cruises and other sea vehicles are expected to drive the market growth in the forecast period.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: Slow rate of integration of land and water trade and increased costs of manufacturing along with stringent government rules are expected to hamper the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Owens Corning, SGL CARBON SE, Toray Industries, Inc., Solvay Group, Mitsubishi Chemical Corporation, Teijin Aramid BV, Hexcel Corporation, DuPont de Nemours, Inc., Zoltek Corporation, Premier Composite Technologies LLC, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by composite type, fiber type, resin type, vessel type, and by region.
Ans: The cargo vessels segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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