The global Marine Composites Market size is anticipated to reach USD 5.29 billion by 2025, according to a report published by Million Insights. The market is expected to grow at a CAGR of 5.0% from 2019 to 2025. Growing demand for lightweight, corrosion-resistance and high strength materials in the shipbuilding industry is anticipated to propel the market growth of the market.
Composite materials reduce the overall component weight and maintenance cost apart from providing aesthetic appeal to end-use products. Growing demand for high-speed and fuel-efficient powerboats is attributing to the market growth.
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Market Synopsis of Marine Composites Market:
On the basis of composites, polymer matrix composites held the largest share owing to its lightweight, high strength and corrosion resistance properties. On the other hand, ceramics matrix composites are likely to grow fastest over the forecast period.
Marine composites are projected to be used substantially in cruise ships over the next few years. Cruise ships segment is estimated to grow at a CAGR of 4.4% over the forecast years. This segment is projected to be followed by powerboats that accounted for 18.4% of the revenue share in 2018. Growing demand for high strength, impact resistance and lightweight materials in the powerboats are likely to drive the demand for marine composites in the near future.
In 2018, Asia Pacific accounted for 39.0% of the marine composites market share owing to rising demand for recreational boats from countries such as India, South Korea and China. On the other hand, Europe held the second-largest share in the market and projected to grow at a CAGR of 3.26% from 2019 to 2025.
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Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Marine Composites: Market Variables, Trends & Scope
Chapter 4 Marine Composites: Product Estimates & Trend Analysis
Chapter 5 Marine Composites: Application Estimates & Trend Analysis
Chapter 6 Marine Composites: End-use Estimates & Trend Analysis
Chapter 7 Marine Composites: Industrial End-use Estimates & Trend Analysis
Chapter 8 Marine Composites: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Marine Composites: Manufacturers Company Profiles
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The Global Maritime Fenders (Marine Fender) Market Report 2020-2027 provides in-depth information on the qualitative and quantitative evaluation of the Market.
Our analysis on Company Profiling of key market players gives an idea about the supply chain in the marketplace for the year 2020, and also their financial performance gives an idea about market share.
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