As per a new report published by Fact.MR – 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 US$ 5 Bn by 2031, expanding at a CAGR of 6%. Demand for carbon fiber polymer matrix composites is projected to surge over the coming years.
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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.
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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 Fact.MR analyst.
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Key Market Segments Covered in Marine Composites Industry Research
- By Composite
- Metal Matrix Composites (MMC)
- Ceramic Matrix Composites (CMC)
- Polymer Matrix Composites (PMC)
- By Fiber
- Glass Fiber Marine Composites
- Carbon Fiber Marine Composites
- Aramid Fiber Marine Composites
- Natural Fiber Marine Composites
Key Country-wise Inclusions
• US Marine Composites Market
• Canada Marine Composites Market Sale
• Germany Marine Composites Market Production
• UK Marine Composites Market Industry
• France Marine Composites Market
• Spain Marine Composites Market Supply-Demand
• Italy Marine Composites Market Outlook
• Russia & CIS Market Analysis
• China Marine Composites Market Intelligence
• India Marine Composites Market Demand Assessment
• Japan Marine Composites Market Supply Assessment
• ASEAN Marine Composites Market Scenario
• Brazil Marine Composites Market Sales Analysis
• Mexico Marine Composites Market Sales Intelligence
The report covers following Marine Composites Market insights and assessment that are helpful for all participants involved in the Intradermal Injections market:
- Data on recently introduced regulations and their impact on key industries and on demand in Marine Composites Market
- Latest industry Marine Composites Market with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Marine Composites Market and changing consumer preferences in major industries.
- Changing Marine Composites Market demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Marine Composites Market major players
- Marine Composites Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Intradermal Injections demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
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