Sales Of Marine Composites To Top US$ 5 Billion By 2031

The global marine composites market was valued at US$ 4 Billion in 2020, and is projected to top US$ 5 Billion by 2031, expanding at a CAGR of 6%. Demand for carbon fiber polymer matrix composites is projected to surge at a CAGR of 7%, with that for foam core composites increasing at 6%.

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A composite material is created by combining two or more materials with disparate properties to create a material with a singular property. Powerboats, sailboats, cruise ships, and other vessels are all made of marine composites such as glass fibre composites, carbon fibre composites, and foam core materials. Marine composites have advantageous qualities like high strength, fuel efficiency, reduced weight, and design flexibility.
A significant increase in sales of marine composites is anticipated, driven by rising consumer demand for biodegradable and repairable composites as well as technological advancements. Additionally, it is anticipated that low manufacturing costs will fuel market expansion in the upcoming 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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Which Region Offers the Largest Opportunity for Marine Composite Suppliers?

The Asia-Pacific region offers the largest opportunity for marine composite suppliers. This region is home to some of the world's largest shipbuilding and repair yards, as well as a large number of ports and marinas. The region also has a growing demand for marine composites due to its increasing maritime trade and tourism activities.

Key Market Segments Covered in Marine Composites Industry Research

• By Composite

o Metal Matrix Composites (MMC)
o Ceramic Matrix Composites (CMC)
o Polymer Matrix Composites (PMC)

• By Fiber

o Glass Fiber Marine Composites
o Carbon Fiber Marine Composites
o Aramid Fiber Marine Composites
o Natural Fiber Marine Composites

Key Companies

• Owens Corning
• Toray Industries, Inc.
• SGL Group
• Cytec Solvay Group
• Teijin Limited
• Mitsubishi Rayon Co. Ltd.
• Hexcel Corporation
• E. I. Du Pont de Nemours and Company
• Hyosung

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This release was published on openPR.