Marine Composites Market Size (2024 - 2029)

Marine Composites Market Size Summary

The marine composites market is poised for growth, driven primarily by the increasing production of leisure boats and cruise ships. The demand for cruise ships is particularly strong, fueled by rising boating participation, a growing high net worth population, and the rapid development of the global tourism industry. This surge in demand is expected to enhance the production of cruise ships, thereby boosting the market for marine composites. Composites play a crucial role in manufacturing the superstructures of cruise ships, as well as in moveable car decks and ramps. Despite the positive growth trajectory, the market faces challenges due to the lingering effects of the COVID-19 pandemic, which have created unfavorable conditions impacting market expansion.

Regionally, North America is anticipated to maintain its position as the largest market for marine composites, with the United States leading due to its robust shipbuilding industry and significant cruise market. The construction of new vessels, such as polar ice breakers, and the presence of major cruise companies like Carnival Corporation and Royal Caribbean Cruises, contribute to this dominance. Meanwhile, the Asia-Pacific region is expected to experience the fastest growth, driven by the flourishing cruise industry in China. The strategic establishment of production facilities in Mexico by global companies further supports market growth in North America. The marine composites market is characterized by partial consolidation, with key players including DuPont, Hexcel Corporation, Toray Group, Owens Corning, and Gurit.