The latest report by IMARC Group, titled “United States Marine Composites Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The United States marine composites market size reached US$ 875.2 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,198.8 Million by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Marine composites are the mixtures of fibers and resin materials that are used to shape and reinforce marine components. Some of the commonly used marine composites include aramid, glass-reinforced plastic and carbon fibers. They are manufactured from various resin materials, such as phenolic, epoxy, acrylic, polyester, thermoplastic and vinyl ester resins, and are used to produce shafts, hull shells, gratings, piping and ducts. They offer various advantageous properties, such as corrosion resistance, fuel efficiency, weight reduction, customization and high mechanical strength, and are widely used in cruise ships, powerboats and sailboats.
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United States Marine Composites Market Trends and Drivers:
The United States marine composites market is primarily being driven by significant growth in the marine industry. The composites are widely used in the manufacturing of commercial cargo ships and marine vessels that are used for transporting oil and gas and carrying combat weapons. Moreover, the increasing demand for luxury cruise ships with high speed, improved fuel efficiency, noise reduction and lower magnetic features is favoring the market growth. In line with this, the utilization of biodegradable polymers and materials, such as jute, bamboo and flax, to manufacture sustainable and recyclable marine composites is also contributing to the growth of the market. Other factors, including the increasing trade activities, along with rapid up-gradation of ships and yachts for convenient transportation of passengers and cargo, are creating a positive outlook for the market across the country.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Composite Type:
- Metal Matrix Composite (MMC)
- Ceramic Matrix Composite (CMC)
- Polymer Matrix Composite (PMC)
Breakup by Fiber Type:
- Glass Fiber
- Carbon Fiber
- Aramid Fiber
- Natural Fiber
- Others
Breakup by Resin Type:
- Polyester
- Vinyl Ester
- Epoxy
- Thermoplastic
- Phenolic
- Acrylic
- Others
Breakup by Vessel Type:
- Power Boats
- Sailboats
- Cruise Ships
- Others
Breakup by Region:
- Northeast
- Midwest
- South
- West
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Explore full report with table of contents: https://www.imarcgroup.com/united-states-marine-composites-market
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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