Marine Composites Market to Grow with a CAGR of 6.11% through 2030
Growing demand from various end use industries to drive the growth of global marine composites market growth in the forecast period, 2026-2030.
According
to TechSci Research report, “Marine
Composites Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2030”, the Global Marine Composites Market was valued at USD 5.24 billion in 2024 and is expected to reach USD 7.48 billion by 2030 with a CAGR of 6.11% during the forecast period.. Increasing demand for marine
composites from the power boats segment because of rising recreational boating
market in growing nations across the globe predominantly Europe and North
America is one of the major
factors accounting for the growth of global marine composites market. Moreover, less
weight of composites tends to increase the fuel efficiency, which ultimately
leads to better shear resistance of boats owing to high impact strength is
further expected to bode well for the growth of global marine composites through
the forecast years. In addition to this, new advanced techniques are being
developed which in turn is positively influencing the growth of global marine
composites market. Also, several benefits provided by composites when used in
propellers like lower cost, better noise damping, reduced weight, lower
magnetic signature, and superior corrosion resistance is making headway for the
growth of global marine composites market across the globe. Along with this,
surging initiatives by the government in various developing economies is anticipated
to positively contribute to the market growth during the next five years. Additionally,
hybrid composites are utilized for crafting the racing powerboats with higher
performance and improved driver safety, which is expected to aid the market
growth over the coming years. However, there are some factors that can act as
major impediments to the growth of global marine composites market through 2025
such as high capital cost which discourages many potential players from entering
the market.
Browse XX market data Tables and XX Figures spread through XX Pages and an in-depth TOC on " Global Marine Composites Market"
Global
marine composites is segmented into composite type, application, regional distribution and company.
Based on Application, Power Boats represent the fastest-growing application segment. This strong growth is driven by rising demand in recreational boating, defense, and coastal tourism, coupled with increasing consumer preference for lightweight, high-performance vessels. Power boats benefit the most from the adoption of composites such as glass fiber-reinforced polymers (GFRP) and carbon fiber-reinforced polymers (CFRP) because these materials significantly reduce vessel weight while improving speed, durability, and fuel efficiency. For example, the U.S. National Marine Manufacturers Association (NMMA) reported that the U.S. recreational boating industry generated over $59 billion in retail sales in 2022, with power boats—particularly outboard boats and personal watercraft—accounting for a major share. Lightweight composite hulls and decks are a key factor driving this demand, as they make power boats more affordable to operate and easier to maintain.
Based on the Region, the Asia Pacific is showing the fastest growth, driven by rapid expansion in shipbuilding, offshore energy projects, and rising demand for recreational and commercial vessels. Countries such as China, South Korea, and Japan dominate global shipbuilding, collectively accounting for more than 90% of new ship production, according to the Organisation for Economic Co-operation and Development (OECD). China is not only the world’s largest shipbuilder but also investing heavily in lightweight, fuel-efficient, and durable vessels to meet both domestic and international demand. Marine composites play a central role here as they offer reduced fuel consumption, corrosion resistance, and lower maintenance costs compared to conventional materials. India is also emerging as a key market, fueled by its government’s Sagarmala Programme, which aims to modernize ports, promote shipbuilding, and strengthen the blue economy. The initiative has already seen investments exceeding USD 10 billion, creating opportunities for composite material use in both cargo and passenger vessels. Meanwhile, countries in Southeast Asia, such as Vietnam and Indonesia, are investing in coastal and fishing fleets, where lightweight composites help improve vessel efficiency and safety.
Major companies
operating in Global Marine Composites Market are:
- Toray Industries Inc.
- Mitsubishi Rayon Co. Ltd.
- Hexcel Corporation
- Owens Corning Arkema SA
- Premier Composite Technologies
- Advanced Custom Manufacturing
- Aeromarine Industries Ltd.
- Airborne Recruiting Pvt. Ltd.
- Hyosung Corporation
- Gurit Holding AG
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“North America is forecast to dominate the global marine composites market
during the next five years owing to presence of many power boat manufacturers
in the region. Moreover, high demand for recreational boats due to high
spending power in the region is also contributing to the growing trend. Furthermore,
Asia-Pacific is anticipated to register high growth due to the new
contracts for cruise ship builders coupled with surging demand for recreational
boats in the region owing to growing sporting activities in countries such as Japan,
South Korea, and China.”, said Mr. Karan Chechi, Research Director of TechSci
Research, a research based global management consulting firm.
“Marine Composites Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, By Composite Type (Metal Matrix Composites, Ceramic Matrix Composites, Polymer Matrix Composites), By Application (Power Boats, Sailboats, Cruise Ships, Others), By Region and Competition,, By Region and Competition, 2020-2030F”, has evaluated the future growth potential of Global
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