According to the latest report by IMARC Group “United States Marine Composites Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, The United States marine composites market is expected to exhibit steady growth during 2021-2026.
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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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
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.
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.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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