As per a new report published by a market research and competitive intelligence provider, the global market for marine composites was valued at US$ 4 Bn in 2020, and is projected to top USD 5 billion by 2031, expanding at a CAGR of 6%. Demand for carbon fiber polymer matrix composites is projected to surge over the coming years.
Composite material is made by combining two or more materials with different properties that forms a unique property material. Some key marine composites include glass fiber composites, carbon fiber composites, and foam core materials that are used in manufacturing power boats, sail boats, cruise ships, and others. Marine composites possess favourable characteristics such as high strength, fuel efficiency, reduced weight, and flexibility in design.
Sales of marine composites are anticipated to witness significant growth, driven by increasing demand for repairable and biodegradable composites coupled with technological advancements. Moreover, low manufacturing cost as well is projected to drive market growth over the coming years.
Key Takeaways from Market Study
·Key factors driving demand for marine composites are rise in recreational boating activities and multifunctional properties of marine composites that are beneficial for the marine industry.
·North America is one of the lucrative markets for marine composites, and is projected to surpass US$ 700 Mn by 2031.
·Asia Pacific has emerged as one of the leading regional markets for marine composites, and accounts for 39% market share.
·Global demand for carbon fiber polymer matrix composites is expected to surge at a CARG of 7% across the forecast period.
·Powerboats are anticipated to be significant vessels for the application of marine composites, and this segment is expected to register a CAGR of 4% through 2031.
“Increased inclination of people towards recreational boating and cruising activities to propel demand for composites from the marine industry,” says a research analyst.
Key players have undertaken various initiatives such as technology innovations, research & development, partnerships, mergers, and acquisitions to manufacturing cost-effective and lightweight products. These initiatives are projected to propel market growth over the forecast period.
New and upcoming companies will be benefitted by investing in R&D projects involved in product innovation. Directing investments towards technological advancements and collaborative associations with established companies will prove to be beneficial in long run.
(These insights are based on a report on Marine Composites Market by Fact.MR)
Sea News Feature, July 27