New York , Jan. 25, 2024 (GLOBE NEWSWIRE) -- The global marine composites market size is estimated to attain at 6% CAGR from 2023 to 2033. The market is expected to garner a revenue of USD 6 billion by the end of 2033, up from a revenue of USD 5 billion in the year 2022. The growth can be attributed to the growing number of cruise passengers across the globe. There are more than 31 million passengers on ocean cruises worldwide. Moreover, the average daily fuel consumption of a large cruise ship can reach over 240 tons mostly because of the energy demands of the onboard hotels and recreational amenities. For instance, the fuel consumption of a cruise ship with around 3,000 passengers on average ranges from 90 to 170 tons per day, or roughly 650 to 1,100 tons throughout a seven-day voyage. All these factors are expected to drive the demand for marine composites.
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Marine Composites Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Cargo Vessels segment to garner the highest growth
- Market in North America to grow at a significant rate
Growth in International Trade to Boost Market Growth
The rise of global trade has averaged over 4% annually over the last 20 years, and there are no signs that this trend will slow down. It plays a crucial role in driving economic expansion by enabling nations to focus on producing the goods and services that best meet their needs and can also lead to the advent of new segments and infrastructure. Moreover, the marine transportation industry is in charge of handling all international trade in commodities including coal, grain, and ore. For instance, more than 75% of global commerce volume is transported by ships. Therefore, there is a lot of demand in the transportation industry to improve fuel economy which necessitates the use of marine composites.
Marine Composites Industry: 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.
Growing Trading by Maritime Transport to Drive the Growth in the Asia Pacific Region
The Marine Composites Market in Asia Pacific region is estimated to garner the largest revenue by the end of 2033. India is ideally placed on the world's maritime routes and is one of the countries with the fastest-growing cargo ship and commerce destinations in the world. For instance, more than 90% of India's trade volume and around 68% of its trade value are carried out by sea. Moreover, the country’s attempts to make its maritime industry more sustainable are currently being used as a key component of their business strategy which is expected to drive the demand for maritime composites. Additionally, with a fleet of roughly 350 ships, which is predicted to increase to over 395 ships over the next two years. Furthermore, China's navy surpasses the US Navy's around 295 ships, which makes it the second largest in the world.
Growing Maritime Industry to Drive Growth in the North America Region
The North America marine composites market is estimated to garner the largest revenue by the end of 2033. The marine sector in Canada is a driver of economic expansion, which directly adds over USD 2 billion to the country's GDP. Moreover, the maritime sector in Canada is always changing, which could play a significant role in the elimination of greenhouse gas emissions from maritime transport. For instance, to create a thorough picture of the various ways that the industry is assisting with the UN Sustainable Development Goals, Clear Seas will perform a qualitative analysis together with Green Marine to map current reports and sustainability and determine how the UN SDGs are related to the indicators of Clear Seas' certification program, which is one of the top environmental reporting techniques utilized in the Canadian marine sector.
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Marine Composites Segmentation by Vessel Type
- Power Boats
- Sailboats
- Cruise Ships
- Cargo Vessels
- Naval Boats
- Jet Boats
- Personal Watercraft
- Others
The cargo vessels segment is anticipated to hold the largest revenue by the end of 2033. This is largely due to the growing transportation of goods via cargo ships, which require marine composites since they minimize weight, especially the topside weight of the ship. For instance, more than 85% of the items in the world, including food, clothing, technology, and other necessities, are transported by cargo ships. For years, there has been an increase in the volume of cargo carried by ships frequently across large distances. A vital component of ocean shipping services is cargo vessels which aid in moving cargo from one location to another due to their technological features which make it possible to carry crude oil, petroleum products, condensed gas, and many other kinds of cargo. In international trade, cargo shipping is the most widely used kind of transportation and is considered among the most economical methods of delivering commodities. Moreover, currently, there are more than 52,000 cargo ships engaged in global trade.
Marine Composites Segmentation by Fiber Type
- Glass Fiber
- Carbon Fiber
- Natural Fibers
- Others
Marine Composites Market carbon fiber segment is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the growing demand for fuel efficiency in ships. Ship fuel economy has an impact on a vessel's profitability, environmental performance, and operating costs therefore, ships are now powered by light fuel oil instead of heavy fuel oil. For ship owners increasing fuel economy can assist in lower fuel expenditures as well as operating costs and it is also a crucial component of compliance with the regulations, which mandate that ships report their emissions and satisfy certain fuel efficiency standards. Particularly, in 2020 more than 65 million metric tons of light fuel oil were used by as opposed to only 6 million metric tons the year before.
Over the years, composites have become more common in the marine industry, with carbon fiber emerging as a valuable tool that has become more and more significant in the areas of shipbuilding, offshore energy development, and marine engineering maintenance to offer notable benefits in terms of lower operational costs, carbon emissions, and fuel efficiency.
Marine Composites Segmentation by Composite Type
- Metal Matrix Composite
- Ceramic Matrix Composite
- Polymer Matrix Composite
Marine Composites Segmentation by Resin Type
- Polyester
- Vinyl Ester
- Epoxy
- Thermoplastic
- Phenolic
- Acrylic
- Others
A 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 other key market players.
Recent Development in Marine Composites market
- Owens Corning announced the acquisition of a Cortland, Illinois-based producer of spray polyurethane foam insulation, Natural Polymers, LLC, to provide customers with a more varied selection of insulating products, and offer long-term, sustainable solutions.
- Toray Industries, Inc. partnered with A*STAR’s Institute of Microelectronics (IME) in Singapore to create uses for high-temperature adhesive sheets.
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