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, 2020-2030F

Market Overview

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. This can be ascribed to the growing demand for marine composites from power boats segment. The value of powerboats sold in the United States surpassed USD 7.5 billion in 2021, rising by 24.3 percent versus the previous year.

The requirement for marine composites in corrosion-resistant parts for building ships is fueling the market growth. The use of marine composites in developing lightweight boats is on the surge owing to their excellent resistance properties. Moreover, new technology, such as hybrid composites, creates racing powerboats with enhanced capabilities and better performance. They have widespread industrial applications such as valves and filters, shafting overwraps, gear cases, masts, stacks and foundations, propeller vanes, fans and blowers, and condenser shells.

Over the projected period, rising demand for fast and fuel-efficient power boats is anticipated to drive demand. Racing boats, yachts, and catamarans are a few of the main powerboats made with marine composites. Hulls, masts, swim ladders, deck fixtures, and rudders. Most of the components for the rudder stock are made from glass fiber composites. Additionally, it is anticipated that rising manufacturers' research and development (R&D) investments to launch new product variations will fuel market expansion.

Key Market Drivers

Decarbonization Rules Favor Lightweighting

Marine decarbonization policies are pushing shipbuilders and operators toward lighter, more efficient structures, directly boosting demand for composites. The International Maritime Organization (IMO) made EEXI and CII mandatory from January 1, 2023, requiring ships to document design and operational carbon intensity—measures that reward lower displacement and better hydrodynamics, classic strengths of composite hulls, decks, and appendages. Composites cut weight, enabling smaller engines, lower fuel burn, and longer range for the same tankage—exactly the direction compliance metrics are nudging fleets. In 2023, IMO also adopted a strengthened GHG Strategy: at least 40% reduction in carbon intensity by 2030 (vs. 2008) and a defined uptake of zero/near-zero fuels (≥5%, striving for 10%) by 2030. Weight matters even more as vessels shift to alternative fuels and batteries with lower energy density than conventional marine fuels; composites help claw back range and payload lost to heavier energy systems. On the policy flank, the EU brought maritime CO₂ into the EU ETS beginning with 2024 voyages, phasing surrender obligations from 40% (2025) to 100% (2027 onward)—a direct financial signal to shave emissions through design and retrofits. Composite superstructures, radomes, and propulsors (e.g., composite propellers and rudders) are increasingly specified to meet these targets without sacrificing stability or safety. In short: binding carbon metrics (EEXI/CII), a 2030 intensity milestone, early fuel-switch requirements, and carbon pricing in a major trade bloc all converge on the same engineering answer—lightweight, corrosion-proof composite solutions that reduce drag, save fuel, and simplify compliance.

Public Investment in Ferries & Small Craft

Government capital is flowing into passenger ferries and workboats, segments where composites already dominate because of weight, lifecycle, and corrosion benefits. In the U.S., the Federal Transit Administration announced hundreds of millions of dollars for ferry systems, including $56.3M (Passenger Ferry Program), $194M (Rural Ferry Program), and $49M (Low or No Emitting Ferry Program) in a recent funding round—explicitly seeding electric or low-emission vessels that gain range and capacity from lighter composite hulls and superstructures. Norway—an early mover on ferry electrification—continues national support: the state enterprise Enova most recently funded seven electric vessels and four charging stations with ~€31.6M, adding to an already large base of electric/hybrid ferries in service. More broadly, the recreational marine base that feeds many composite yards is sizeable and regulated: in the U.S., recreational boating accounts for a significant slice of the outdoor recreation economy, which the Bureau of Economic Analysis valued at 2.3% of U.S. GDP ($639–640B) in 2023, with boating and fishing among top contributors; a large installed base of boats needs repair, refit, and replacement—activities where composites thrive. These public programs and macro figures translate to steady orderbooks for composite hull ferries, patrol craft, and service vessels, along with aftermarket parts (masts, foils, canopies) that improve stability and efficiency. Policy + procurement is, in effect, a demand bridge: funding lowers the adoption risk for operators, while performance-driven specs (low emissions, low maintenance) naturally tilt awards toward composite-rich designs.

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Key Market Challenges

Fire Safety, Certification, and SOLAS Limits

While composites deliver performance, fire safety and certification remain demanding on larger, SOLAS-class vessels. Traditional fiber-reinforced plastics are combustible; even flame-retarded laminates must pass fire resistance, smoke toxicity, and structural integrity tests in accordance with IMO instruments. The IMO issued Interim Guidelines (MSC.1/Circ.1574) specifically on using FRP within ship structures, focusing on fire safety issues such as insulation, ignition resistance, and structural performance in fires. Practically, this means designers must incorporate passive fire protection, thermal barriers, and carefully engineered joints to meet class approvals—adding cost, weight, and schedule risk. National authorities add further detail: the U.S. Coast Guard publishes detailed guidance (NVICs) on bulkhead classes, insulation arrangements, and construction details to ensure that composite divisions achieve A-class ratings, again forcing conservative designs and sometimes hybrid metal-composite solutions. Beyond structure, interiors and cable trays must meet flammability and smoke standards, complicating end-to-end composite adoption in large ships. For many shipyards, achieving a consistent pass-through type-approval testing and sea trials demands specialized engineering and QA that not all suppliers possess.

End-of-Life & Hazard Controls

A second headwind is end-of-life (EOL) management for composite boats and structures, plus worker exposure controls during manufacture. Decades of FRP boatbuilding have created a backlog of small craft approaching disposal in Europe; industry and EU roadmaps estimate 30,000–40,000 boats per year are reaching EOL in the EU, highlighting the need for funded dismantling, material recovery, and clear responsibilities—an area where policy is tightening and may impose producer obligations akin to the auto sector. On the shop floor, regulators focus on styrene (used in polyester/vinyl ester systems) and other volatiles: OSHA and allied U.S. agencies detail acute and chronic health effects and set permissible exposure regimes; such limits often drive investments in vacuum infusion, enclosure, and PPE—good for safety but adding cost. Some operators pivot to epoxy and thermoplastics to minimize styrene, but those systems can raise resin cost and require different curing, tooling, and recycling pathways. Add the growing expectation—reflected in EU circularity initiative that new boats be designed for disassembly and recyclability, and many legacy fabrication approaches look dated.

Key Market Trends

Zero-Emission Vessels Need Lightweight Platforms

Electrification and alternative fuels are moving from pilot to procurement, and weight is the new currency. Batteries and cryogenic/pressurized fuel systems add mass and volume; to maintain speed and range, operators specify composite hulls and topsides. Public funding is accelerating this: the U.S. FTA’s Low or No Emitting Ferry Program explicitly backs electric/low-emission ferries; Europe is simultaneously pricing maritime CO₂ (EU ETS phase-in) and supporting infrastructure and green corridors; and Norway’s Enova continues to bankroll electric vessels and charging. On the regulatory side, EEXI/CII are in force, and IMO’s 2023 GHG Strategy sets a 2030 energy-use target for zero/near-zero fuels—early adopters are using composites to offset the density penalty of batteries and alternative fuels, and to enable foiling and other drag-cutting architectures.

Cleaner Processes & Circular Materials

Process innovation is reshaping marine composites toward cleaner, certifiable, and circular production. To meet workplace exposure and environmental expectations, builders are migrating from open-mold to vacuum infusion/RTM, cutting styrene and improving fiber volume fraction; simultaneously, there’s a clear uptick in thermoplastic composites (for weldability and potential recyclability) and recyclable/recycled reinforcement strategies. Policy signals matter: the EU’s circular economy workstreams and boating roadmaps are quantifying EOL volumes and nudging product stewardship; regulators and coast guards continue to scrutinize fire, smoke, and toxicity performance, steering suppliers toward low-smoke resins, mineral-filled systems, and intumescent schemes that can pass IMO fire performance expectations for structural divisions. In parallel, standards and guidelines (from IMO circulars to national guidance) are slowly normalizing composite use in more structural roles—encouraging hybrid designs (steel hull with composite deckhouse; composite sandwich for passenger areas) that reduce mass where fire zoning permits.

Segmental Insights

Composite Type Insights

Based on Composite Type, Polymer Matrix Composites hold the largest market share among composite types. PMCs dominate due to their versatility, cost-effectiveness, and superior balance of properties such as lightweight, high strength-to-weight ratio, corrosion resistance, and ease of processing. These features make them ideal for a wide range of marine applications, including hulls, decks, masts, propellers, and interior components of both commercial and recreational vessels. The marine industry places strong emphasis on reducing fuel consumption and meeting international emission regulations such as those set by the International Maritime Organization (IMO). Using PMCs significantly reduces vessel weight, thereby lowering fuel use and greenhouse gas emissions. For instance, research conducted under the European Union’s Horizon 2020 initiative shows that substituting steel with advanced polymer composites in large ships can reduce weight by 20–30%, leading to substantial energy efficiency improvements.

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Regional Insights

Based on the region, North America holds the largest market share, primarily due to its advanced marine manufacturing industry, strong naval defense infrastructure, and high recreational boating activities. The United States plays a crucial role in this dominance, as it is one of the world’s largest markets for leisure boats, luxury yachts, and naval vessels. According to the National Marine Manufacturers Association (NMMA), recreational boating in the U.S. generates over $230 billion annually and supports nearly 690,000 jobs, demonstrating the scale of composite demand in this sector. Marine composites are widely used in boat hulls, decks, and masts due to their lightweight, corrosion resistance, and strength-to-weight advantages over traditional materials like steel and aluminum. Additionally, the U.S. Navy and Coast Guard are heavily investing in advanced materials for fleet modernization, with composites increasingly integrated into both combat and support vessels for improved performance and reduced maintenance costs. Canada also contributes to the regional market with significant investments in shipbuilding and offshore oil & gas projects, further driving composite adoption.

Recent Developments

• In November 2024, Teknor Apex, a trusted provider of custom plastic compounds for the healthcare industry, declared the expansion of its medical-grade thermoplastic elastomer (TPE) portfolio with new grades specifically designed for biopharmaceutical tubing applications.
• In May 2024, BASF is committed to a sustainable future. It has set the ambitious aim of reducing its Scope 3.1 emissions by 15% across its portfolio by 2030 and getting net zero by 2050. This is only possible by procuring raw materials with reliable product carbon footprint primary data and raw materials with reduced PCF.
• In February 2024, Owens Corning and Masonite International Corporation declared they have entered into a definitive agreement under which Owens Corning will obtain all outstanding shares of Masonite for $133.00 per share in cash.
• In November 2023, Hexcel showcased its latest developments for the Marine market at METSTRADE 2023. The company displayed its innovative advanced lightweight material technologies, including new intermediate and high modulus fiber, HexPly M79 prepregs, and presented examples of high-performance superyacht and windship components developed by customers using Hexcel materials. This prepreg is known to combine the low-temperature curing and simple processing of the DNV GL-accredited HexPly M79 resin system with the market-leading stiffness of HexTow IM2C fiber.
• In March 2023, SGL Carbon presented a new 50k carbon fiber at JEC World 2023. The new SIGRAFIL C T50-4.9/235 carbon fiber is known to match the high strength requirements for common pressure vessel designs and exhibits a high elongation capacity. It also enables further applications in marine composite segments that require high strength and elongation.

Key Market Players

• 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

Report Scope:

In this report, Global Marine Composites Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Marine Composites Market, By Composite Type:

o   Metal Matrix Composites

o   Ceramic Matrix Composites

o   Polymer Matrix Composites

• Marine Composites Market, By Application:

o   Power Boats

o   Sailboats

o   Cruise Ships

o   Others

• Marine Composites Market, By Region:

o   North America

§  United States

§  Mexico

§  Canada

o   Europe

§  France

§  Germany

§  United Kingdom

§  Italy

§  Spain

o   Asia-Pacific

§  China

§  India

§  South Korea

§  Japan

§  Australia

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East and Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Marine Composites Market.

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Company Information

• Detailed analysis and profiling of additional market players (up to five).

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