Marine Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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.

Key Market Trends

Increasing Demand for Cruise Ships

• Composites are used to manufacture the superstructures of cruise ships. They are also used in moveable car decks and ramps.
• There has been a growing demand for cruise ships around the world in recent years, owing to the factors, such as rising boating participation by adults, increasing the high net worth population, the rapid development of the global tourism industry, and accelerating economic growth.
• The tourism industry has been growing at a significant rate and with the increasing popularity of coastal and marine tourism activities, the demand for cruise ships has increased over the years.
• According to The Cruise Lines International Association forecast, the number of global travelers, traveling on cruise ships is expected to grow to 32 million passengers in 2020. This rising number of travelers is expected to expand the production of a greater number of cruise ships, which, in turn, will boost the market for marine composites.
• China’s cruise industry is likely to continue to flourish owing to the increasing number of tourists reaching China by cruise liners and as wanderlust grips experience hunting the Chinese middle-class travelers.
• Therefore, the demand for cruise ships is expected boost the marine composites market during the forecast period.

North America to Dominate the Market

• North America region is expected to account for the largest market for marine composites during the forecast period.
• The United States is one of the key producers in the shipbuilding industry. Furthermore, the country is planning to build a new polar ice breaker, which is likely to be a positive factor for the market studied.
• The United States cruise market is one of the largest in the world due to the highest revenue-generating companies in the production of cruise ships in the country. These include Carnival Corporation, the largest cruise company, and Royal Caribbean Cruises, the second-largest cruise company worldwide.
• The shipbuilding industry in Canada is growing at a steady growth, thus impacting the marine composites market. The Quebec shipbuilding industry is estimated to produce a series of ice breakers in the next few years, which is likely to impact the market positively.
• All the global companies have established their production facilities in Mexico, owing to its strategic location for transporting material, climatic conditions for establishing production facilities, and land-coastal connectivity.
• The construction of vessels in the country in the recent past by Damen was one of the propelling factors for the market studied.
• Therefore, the demand for marine composites is expected to increase in North American countries over the forecast period.

Competitive Landscape

The marine composites market is partially consolidated. The major companies include DuPont, Hexcel Corporation, Toray Group (ZOLTEK Corporation), Owens Corning, and Gurit, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support