New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Marine Composites Market’ for the forecast period, i.e. 2023– 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Market Scope of Global Marine Composites:
| Market Size Value in 2022 (Base Year) | ~ USD 5 Billion |
| Market Forecast Value in 2032 | ~ USD 6 Billion |
| Growth Rate (CAGR) | ~6% |
| Forecast Period | 2023 – 2033 |
Global Marine Composites Market Size:
The global marine composites market is to garner a revenue of USD 6 billion by the end of 2033, by growing at a CAGR of ~6% over the forecast period. Additionally, the market has garnered an impressive revenue of USD 5 billion in 2022. The increase in ships worldwide and technical improvement are the two main factors that are credited with driving the marine composites industry during the forecast period. It was observed that the overall number of ships in the global commercial fleet increased from 62,100 ships in 2020 to 63,000 ships in 2021, according to the UK government.
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In addition to this, several materials are utilized in maritime composites, including aramid fiber, carbon composites, wood fibers, glass-reinforced plastic, and ferrocement. Further, the market is estimated to grow as a result of the growing maritime economy as marine composites are utilized in various fields, including, the construction of gratings, ducts, shafts, piping, and hull shells as well as the construction of powerboats, sailboats, and cruise ships owing to their significant advantages, including superior mechanical strength, fuel efficiency, low weight, corrosion resistance, and customizability. According to U.S. Bureau of Economic Analysis data, the marine economy contributed 1.7 percent, or USD 361.4 billion, to the global GDP in 2020.
Global Marine Composites Market: Key Takeaways
- Asia Pacific region gains the largest portion of the revenue
- Carbon fiber segment to dominate the revenue graph
- Cargo vessels sub-segment remains prominent in the vessel type segment
High Dependence on Seaborne Trade and Increasing Marine Tourism to Boost Market Growth
The trading industry has grown enormously as industrialization has reached its pinnacle. Owing to its simplicity and other benefits, seaborne trade holds the majority of the market share among them. Thus, the rising demand for ships and other seagoing vessels, supported by increasing seaborne traffic is predicted to enhance the use of marine composites in the maritime industry over the ensuing years. According to data from the International Trade Administration, maritime exports to the United States were valued at USD 586 million in 2018 while imports were valued at USD 1,176 million.
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Furthermore, as more people become interested in maritime tourism, cruise ship production is predicted to increase, creating lucrative growth potential for the marine composites industry. Recent estimates place the contribution of ocean-based tourism and recreation to the global economy at about USD 140 billion (GDP). Additionally, increasing disposable income, hectic life style, and rising trend of searching an exotic locations for the holidays, are estimated to boost the marine tourism and which in turn anticipated to propel market growth during the forecast period.
Global Marine Composites Market: Regional Overview
The global marine composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Maritime Trade to Drive Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to hold the largest market share over the forecast period owing to the region's extensive maritime trade. According to the United Nations Conference on Trade and Development, Asia has dominated international maritime trade over time. 2019 saw 41% of commodities loaded and 62% of goods unloaded in the region. Furthermore, China is considered to have the largest navy with a fleet of 350 ships, which is anticipated to grow to 420 ships in the next four years and 460 ships by 2030. In addition to this, the increasing investment in maritime research and development and growing marine tourism in the region are anticipated to drive market growth.
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Growing Spending on Research and Development to Drive Growth in the North America Region
The market in North America is estimated to gain significant market share over the forecast period owing to its highly developed technology industries, trained workforce, cutting-edge processing capabilities, growing spending on research and development (R&D) activities, and expanding R&D projects. It was found that in the 20th century, the United States rose to the position of a leader in R&D, funding as much as 69% of annual global R&D. In 2020, U.S. R&D was 83 times greater than it was in 1956. Moreover, the presence of key market players and increasing import export business in the region are estimated to drive the market growth.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Marine Composites Market, Segmentation by Vessel Type
- Power Boats
- Sailboats
- Cruise Ships
- Cargo Vessels
- Naval Boats
- Jet Boats
- Personal Watercraft
- Others
Out of these, the cargo vessels segment is estimated to gain the largest market share over the forecast period owing to the prevalence of ocean shipping worldwide which could be possible with cargo vessels. Around 80% of all goods are said to be delivered globally by ships. Additionally, since 1990, there has been an increase in seaborne trade. According to estimates, the amount of seaborne freight transported is expected to increase from 4 billion to 10.7 billion tons between 1990 and 2020.
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Global Marine Composites Market, Segmentation by Fiber Type
- Glass Fiber
- Carbon Fiber
- Natural Fibers
- Others
Among these, the carbon fiber segment is estimated to hold a significant market share over the forecast period. By switching from fiber glass to carbon fiber, a boat's overall weight can be decreased by up to 20.1%. By switching to carbon fiber, boats can achieve the same performance with less material, which results in a lighter ship, and carbon fiber is also used in various parts of ships and boats while manufacturing. Moreover, the rising construction of ships across the world is estimated to boost segment growth. It was noticed that approximately 150 ships and submarines make up the Indian Navy's current fleet, while more than 50 more are currently under manufacturing.
Global Marine Composites Market, Segmentation by Composite Type
- Metal Matrix Composite
- Ceramic Matrix Composite
- Polymer Matrix Composite
Global Marine Composites Market, Segmentation by Resin Type
- Polyester
- Vinyl Ester
- Epoxy
- Thermoplastic
- Phenolic
- Acrylic
- Others
Few of the well-known market leaders in the global marine composites market that are profiled by Research Nester are Owens Corning, SGL CARBON SE, Toray Industries, Inc., Solvay Group, Mitsubishi Chemical Corporation, Teijin Aramid BV, Hexcel Corporation, DuPont de Nemours, Inc., Zoltek Corporation, Premier Composite Technologies LLC, and others.
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Recent Developments in the Global Marine Composites Market
- In August 2022, Natural Polymers, LLC, a Cortland, Illinois-based producer of spray polyurethane foam insulation for building and construction applications, has been bought by Owens Corning.
- In August 2022, A novel composite material made of shungite and carbon fibers in a graphite matrix has been developed by scientists at MISIS University and Skoltech.
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