Marine Composites Market Size (2024 - 2029)

The marine composites market is anticipated to experience growth driven by the increasing production of leisure boats and cruise ships, despite challenges posed by the COVID-19 pandemic. The cruise ship segment is projected to lead the market, with North America holding the largest market share. Meanwhile, the Asia-Pacific region is expected to exhibit the fastest growth in market size during the forecast period.

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Market Size of Marine Composites Industry

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marine composites market overview
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

marine composites market major players

*Disclaimer: Major Players sorted in no particular order

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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. 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. 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

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

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

Marine Composites Market Report Snapshots

Marine Composites Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)