The global marine composites market is estimated at USD 3.83 billion in 2018 and is projected to reach USD 5.04 billion by 2023, at a CAGR of 5.6% during the forecast period. North America is expected to be the largest market for marine composites during the forecast period due to the presence of a large number of powerboat manufacturers in the region. The demand for recreational boats is the highest in North America due to the high per capita incomes in the region.
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Sailboats are expected to be the fastest-growing vessel type of the marine composites market. This can be attributed to the increasing use of marine composites in the hull, tiller, rudder, mainsail, mast, boom, jib, and keel of the sailboat. In addition, the increasing demand for recreational boats is also fueling the growth of the sailboats segment.
In terms of value, ceramic matrix composite is the fastest-growing segment in the marine composites market globally. The excellent high-temperature resistance property is the main driver for the ceramic matrix composite market. The use of ceramic matrix composites in marine engine components can enhance engine performance by reducing weight and thereby achieve a higher thrust-to-weight ratio.
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By fiber type, carbon fiber is projected to be the fastest–growing fiber in the polymer matrix composite market. This growth is attributed to its superior properties and increasing use in the boat building industry. Some of the major applications of carbon fiber composites include furniture in luxury yachts, hull, and masts of racing yachts, keels, decks, transverse frames, rigs, bulkheads, longitudinal stringers, and masts.
Key players in the global marine composites market undertook various development strategies during the last 5 years. New product launches, expansions, acquisitions, and agreements are some of the key strategies undertaken by major companies, such as Owens Corning (US), Toray Industries, Inc. (Japan), SGL Group (Germany), Cytec Solvay Group (US), Teijin Limited (Japan), Mitsubishi Rayon Co. Ltd. (Japan), Hexcel Corporation (US), E. I. Du Pont de Nemours and Company (US), and Hyosung (South Korea). The growing leisure boat market is a major opportunity in the marine composites market during the forecast period. Top boat manufacturers are organizing boat shows to increase the popularity of leisure boats.
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