The marine composites market is on a robust growth trajectory, projected to achieve a market value of US$ 5 billion by the close of 2023, with a steady compound annual growth rate (CAGR) of 5.5% throughout the forecast period from 2023 to 2033. This rapid expansion can be attributed to the versatile array of applications within the marine sector, spanning boat and shipbuilding, offshore oil and gas exploration, underwater structures, as well as marine renewable energy systems like wind turbines and wave energy devices, collectively driving the demand for marine composites.
The report offers an in-depth analysis of significant trends and growth drivers that are having an impact on the marine composites market growth. New opportunities and challenges are also thoroughly analyzed to enable market players to make effective future business decisions.
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Key Market Drivers
- Weight Reduction: The quest for fuel efficiency and reduced emissions has led to a growing demand for lightweight materials. Marine composites offer a significant advantage in this regard, allowing vessels to carry more cargo, consume less fuel, and reduce their environmental footprint.
- Corrosion Resistance: Composites are impervious to corrosion, a critical factor in the harsh marine environment. This feature extends the lifespan of vessels, lowers maintenance costs, and enhances overall reliability.
- Customization and Design Freedom: Boat builders and ship designers can experiment with complex shapes and structures, fostering innovative design and improved hydrodynamics. This adaptability makes marine composites particularly appealing in the luxury yacht market.
- Sustainability: As the global focus on sustainability increases, the marine composites market is responding with eco-friendly materials and manufacturing processes. Recycling and reducing the environmental impact of composite production are becoming priorities.
Marine Composites Market: Competition Assessment
The FMI’s marine composites market report provides a dashboard view of major players operating in the marine composites market. Some of the key players are:
- Solvay S.A
- Teijin Limited
- 3A Composites
- SGL Group
- Toray Industries, Inc.
- Owens Corning
- DuPont de Nemours, Inc.
- Mitsubishi Rayon Co.
- Hyosung
- Zoltek Companies Inc.
- Hexcel Corporation
- Gurit Holding AG
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Marine Composites Market: Key Segmentation
By Product Type
- Carbon Fibered Reinforced Plastics (CFRP)
- Glass Fibered Reinforced Plastics (GFRP)
- Foam Core Materials
- Metal Composites
- Others
By End Use
- Sail Boats
- Power Boats
- Cruise Liners
- Jet Boats
- Others
By Region
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia and Belarus
- Balkan and Baltic Countries
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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