Which is the fastest growing region in Marine Composites Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Marine Composites Market?

In 2024, the North America accounts for the largest market share in Marine Composites Market. Read More

What years does this Marine Composites Market cover?

The report covers the Marine Composites Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Marine Composites Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Marine Composites Market Size

Market Size of Marine Composites Industry

Study Period	2019 - 2029
Base Year For Estimation	2023
CAGR	> 4.00 %
Fastest Growing Market	Asia Pacific
Largest Market	North America
Market Concentration	High
Major Players *Disclaimer: Major Players sorted in no particular order

Marine Composites Market Analysis

The market for marine composites is expected to grow at a CAGR of over 4% during the forecast period. A major factor driving the market studied is the increasing production of leisure boats and cruise ships. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.

The cruise ship vessel type segment is expected to dominate the global marine composites market over the forecast period.

The North American region represents the largest market. However, the Asia-Pacific region is expected to be the fastest-growing market over the forecast period.

Marine Composites Industry Segmentation

The Marine Composites Market report includes:

Composite Type
		Metal Matrix Composites
		Polymer Matrix Composites
		Ceramic Matrix Composites

Resin Type
		Epoxy
		Polyester
		Other Resin Types

Vessel Type
		Sailboats
		Cruise Ships
		Power Boats
		Other Vessel Types

Geography

Asia-Pacific
	China
	India
	Japan
	South Korea
	Rest of Asia-Pacific

North America
	United States
	Canada
	Mexico

Europe
	Germany
	United Kingdom
	Italy
	France
	Rest of Europe

South America
	Brazil
	Argentina
	Rest of South America

Middle-East and Africa
	Saudi Arabia
	South Africa
	Rest of Middle-East and Africa

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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.

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Marine Composites Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Drivers
  1. 1.1.1 Increasing Production of Leisure Boats and Cruise Ships
  2. 1.1.2 Other Drivers
2. 1.2 Restraints
  1. 1.2.1 Unfavorable Conditions Arising Due to COVID-19 Outbreak
  2. 1.2.2 Other Restraints
3. 1.3 Industry Value Chain Analysis
4. 1.4 Porter's Five Forces Analysis
  1. 1.4.1 Bargaining Power of Suppliers
  2. 1.4.2 Bargaining Power of Consumers
  3. 1.4.3 Threat of New Entrants
  4. 1.4.4 Threat of Substitute Products
  5. 1.4.5 Degree of Competition
2. MARKET SEGMENTATION
1. 2.1 Composite Type
  1. 2.1.1 Metal Matrix Composites
  2. 2.1.2 Polymer Matrix Composites
  3. 2.1.3 Ceramic Matrix Composites
2. 2.2 Resin Type
  1. 2.2.1 Epoxy
  2. 2.2.2 Polyester
  3. 2.2.3 Other Resin Types
3. 2.3 Vessel Type
  1. 2.3.1 Sailboats
  2. 2.3.2 Cruise Ships
  3. 2.3.3 Power Boats
  4. 2.3.4 Other Vessel Types
4. 2.4 Geography
  1. 2.4.1 Asia-Pacific
    1. 2.4.1.1 China
    2. 2.4.1.2 India
    3. 2.4.1.3 Japan
    4. 2.4.1.4 South Korea
    5. 2.4.1.5 Rest of Asia-Pacific
  2. 2.4.2 North America
    1. 2.4.2.1 United States
    2. 2.4.2.2 Canada
    3. 2.4.2.3 Mexico
  3. 2.4.3 Europe
    1. 2.4.3.1 Germany
    2. 2.4.3.2 United Kingdom
    3. 2.4.3.3 Italy
    4. 2.4.3.4 France
    5. 2.4.3.5 Rest of Europe
  4. 2.4.4 South America
    1. 2.4.4.1 Brazil
    2. 2.4.4.2 Argentina
    3. 2.4.4.3 Rest of South America
  5. 2.4.5 Middle-East and Africa
    1. 2.4.5.1 Saudi Arabia
    2. 2.4.5.2 South Africa
    3. 2.4.5.3 Rest of Middle-East and Africa

Marine Composites Market Size FAQs

What is the current Marine Composites Market size?

The Marine Composites Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Who are the key players in Marine Composites Market?

DuPont, Hexcel Corporation , Toray Group (ZOLTEK Corporation) , Owens Corning and Gurit are the major companies operating in the Marine Composites Market.