Marine Composites Global Market Report 2023: Demand for High-Speed, Powerful and Luxurious Boats and Yachts Boosts Sector
DUBLIN, Jan. 13, 2023 /PRNewswire/ — The “Marine Composites Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 By Composite Type (Metal Matrix Composites, Ceramic Matrix Composites, Polymer Matrix Composites), By Application, By Region and Competition” report has been added to ResearchAndMarkets.com’s offering.
The global marine composites market is anticipated to witness robust growth in the forecast period of 2024-2028 due to the growing demand for marine composites from the power boats segment. The value of powerboats sold in the United States surpassed $7.5 billion in 2021, an increase of 24.3% from the previous year.
The demand for marine composites in corrosion-resistant parts for shipbuilding is driving market growth. The use of marine composites in the construction of lightweight boats is also on the rise due to their excellent resistance properties. In addition, new technologies such as hybrid composites are being used to create racing powerboats with improved capabilities and performance. Marine composites have a wide range of industrial applications, including valves and filters, shafting overwraps, gear cases, masts, stacks and foundations, propeller vanes, fans and blowers, and condenser shells.
During the forecast period, it is anticipated that the growing demand for fast and fuel-efficient powerboats will drive demand for marine composites. Racing boats, yachts, and catamarans are some of the main types of powerboats made with marine composites. Components such as hulls, masts, swim ladders, deck fixtures, and rudders are made from marine composites, with most rudder stock components being made from glass fiber composites. It is also expected that increasing manufacturers’ research and development (R&D) investments to introduce new product variations will drive market growth.
Rise In Demand for Cruise Ships
Due to factors like rising adult boating participation, an increase in the population of wealthy investors, the rapid growth of the international travel and tourism industry, and quickening economic growth, there has been an increase in demand for cruise ships all over the world in recent years. The superstructures of cruise ships are made of composite materials. They are also utilized in ramps and movable automobile decks. The manufacturing of more cruise ships is anticipated to increase because of the growing number of tourists, which will expand the marine composites market.
Increasing Demand from Various End-User Industries
One of the key reasons propelling the growth of the marine composites market is the increase in demand for fast boats across the globe. The demand for high-speed, powerful, and luxurious boats and yachts as well as a growing preference for marine composites with superior qualities over alternatives are driving the market’s expansion. According to a survey released by the National Marine Manufacturers Association (NMMA) in January 2020, there were roughly 280,000 new boats sold at retail in the year 2019; of those, 73,000 were personal watercraft. The extensive use of composite materials in the construction of recreational boats with high strength-to-weight ratios, low magnetic signatures, increased noise damping qualities, and fuel efficiency has a further impact on the market. Additionally, the market for marine composites benefits from an increase in investments, rising industrialization, marine transportation activities, and cross-border cargo movement
In this report, Global Marine Composites Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Marine Composites Market, By Composite Type:
- Metal Matrix Composites
- Ceramic Matrix Composites
- Polymer Matrix Composites
Marine Composites Market, By Application:
- Power Boats
- Cruise Ships
Marine Composites Market, By Region:
- United Kingdom
- North America
- United States
- South Korea
- Middle East and Africa
- Saudi Arabia
- South Africa
- South America
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Marine Composites Market Outlook
6. Europe Marine Composites Market Outlook
7. North America Marine Composites Market Outlook
8. Asia-Pacific Marine Composites Market Outlook
9. Middle East Marine Composites Market Outlook
10. South America Marine Composites Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Global Marine Composites Market: SWOT Analysis
14. Porter’s Five Forces Analysis
15. Competitive Landscape
16. Strategic Recommendations
- Toray Industries Inc.
- Mitsubishi Rayon Co. Ltd.
- Hexcel Corporation
- Owens Corning
- Arkema SA
- Premier Composite Technologies
- Advanced Custom Manufacturing
- Aeromarine Industries Ltd.
- Airborne Recruiting Pvt. Ltd.
- Hyosung Corporation
For more information about this report visit https://www.researchandmarkets.com/r/ihcske
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SOURCE Research and Markets