Marine Composites Market Trends

Growth Drivers

• High Dependence on Seaborne Trade – With the industrialization taking its peak, the trading sector has swelled exponentially. Out of these, the seaborne trade carries major of the market share owing to its easiness and other advantages. Thus, the rising seaborne trade is expected to rise the need of ships and sea vessels which in turn is expected to increase the utilization of marine composites in the marine sector.  International Trade Administration showed the valuation of export through maritime in the U.S. to be USD 586 million and valuation of imports to be USD 1,176 million in 2018.
• Rising Marine Tourism – The rising interest of population in marine tourism is expected to rise the production of cruise ships, which, in turn, is anticipated to bring lucrative growth opportunities in the marine composites market. Lately, it was estimated that the ocean-based tourism and recreation contributes approximately USD 140 billion in the United Nations’ gross domestic product (GDP).
• High Production of Warships – As per recent statistics, the number of warships in the U.S. grew from 415 in 2019 to 490 in 2020.
• Surging Number of Submarines – The recent estimates show that China has the highest number of submarines in 2022 with the total count of 79. United States stand in the second position with 68 submarines in the nation.
• Expanding GDP Figures – According to World Bank, the world Gross Domestic Product was USD 86.41 trillion in 2018, which rose to USD 96.1 trillion in 2021.  

Challenges

• Slow Rate of Integration of Land and Water Trade
• Increased Costs of Manufacturing - The high costs included in various production stage of marine composites is expected to pose as a challenge to market growth.
• Stringent Government Rules