As per a new report published by Fact.MR – a market research and competitive intelligence provider, the global market for marine composites was valued at US$ 4 Bn in 2020, and is projected to top US$ 5 Bn by 2031, expanding at a CAGR of 6%. Demand for carbon fiber polymer matrix composites is projected to surge over the coming years.
Composite material is made by combining two or more materials with different properties that forms a unique property material. Some key marine composites include glass fiber composites, carbon fiber composites, and foam core materials that are used in manufacturing power boats, sail boats, cruise ships, and others. Marine composites possess favourable characteristics such as high strength, fuel efficiency, reduced weight, and flexibility in design.
Sales of marine composites are anticipated to witness significant growth, driven by increasing demand for repairable and biodegradable composites coupled with technological advancements. Moreover, low manufacturing cost as well is projected to drive market growth over the coming years.
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Fact.MR, in its new offering, presents an unbiased analysis of the marine composites market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of composite (metal matrix composites, ceramic matrix composites, and polymer matrix composites), fiber (glass fiber, carbon fiber, aramid fiber, and natural fibers), resin (polyester, vinyl ester, epoxy, thermoplastic, phenolic, and acrylic), and vessel (power boats, sailboats, cruise ships, cargo vessels, naval boats, jet boats, and personal watercraft), across major regions of the world (North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa).
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