The global marine composites market size is anticipated to reach USD 5.29 billion by 2025, registering a 5.0% CAGR over the forecast period, according to a new report published by Grand View Research, Inc. The market is anticipated to be driven growing demand for corrosion resistant, high strength, and light weight parts in shipbuilding industry.
Composites materials have the potential to reduce maintenance and fabrication costs, enhance aesthetic appeal, increase reliability, and reduce the component weight. The market for marine Composites is highly influenced by rising demand for fuel efficient and high-speed power boats which is projected to boost the market demand over the forecast period.
Based on Composites, polymer matrix Composites is expected to dominate the market over the forecast period owing to the high strength, excellent corrosion resistance, light weight, and impact resistance, which makes it more suitable to use in marine industry. Ceramic matrix Composites is expected to be the fastest growing segment during the forecast period.
Demand for marine Composites is cruise ships are expected to witness substantial growth over the forecast period. The segment is expected to register a CAGR of 4.4% from 2019 to 2025. Power boat is expected to be the second largest vessel type segment accounting for 18.4% of revenue share in the marine composites market. Increasing demand for lightweight, high strength, impact resistance material in power boats expected to boost demand for marine Composites over the forecast period.
In terms of revenue, Asia Pacific expected to have highest demand for marine Composites owing to the increasing demand for recreational boats in China, India, South Korea, and Japan. In 2018, the region is expected to account for 39.0% of the overall market share. Europe was the second largest market and expected to grow with a CAGR of 3.26% over the forecast period.
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Further key findings from the report suggest:
- Ceramic matrix Composites projected to grow significantly, registering a CAGR of 5.5% over the forecast period, while polymer matrix Composites is anticipated to dominate the market
- The demand for carbon fiber polymer matrix Composites expected to be valued at USD 796.3 million in 2018 owing to the high-performance characteristics of the materials including lightweight and high strength
- Power boat is anticipated to be one of the largest vessel type segment and is expected to register a CAGR of 3.8% for 2019 to 2025 owing to the increasing demand in commercial and hospitality industry
- China marine composites market was anticipated to be valued at USD 321.4 million in 2018. Growing power boats and recreational boat industry expected to drive the market
- Market players are striving to reduce the cost of the Composites by reducing the cost of material to increase their adoption in the marine application such as ships and powerboats