As per a new report published by 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 USD 5 billion 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.
Post time: Jul-28-2021