Marine Composites Market Trends

Growth Drivers

• Rise in marine tourism and leisure boating: Ocean-based tourism contributed approximately USD 141 billion to the global GDP. The recreational vessels that include yachts and sailing ships are predominantly manufactured of composite materials due to their strength, lightweight, and corrosion resistance. These qualities reduce operational and maintenance costs, and composites have become a very efficient solution for leisure boating. As marine tourism expands, so does the active pursuit of composite-based vessels that are efficient and specifically long-lasting as demand grows in this increasingly lucrative market. 

• Escalating naval and defense shipbuilding: The U.S. naval fleet grew from 416 ships in 2019 to 491 by 2020, which reflects an increasing focus on defense investment. Naval shipbuilders across the globe are opting for marine composites to be used in the hulls, decks, and critical structures of ships to achieve lower weight for higher performance. Composite materials reflect several requirements for modern military vessels—stealth properties and structural integrity, which align with significant defence strategies. Public procurement programs are also building composite demand around naval and coast guard vessels.

1. Emerging Trade Dynamics & Future Market Prospects

Marine Composites Trade Data (2019–2024)

Top Exporters (2023)

Top Importers (2023)

Key Trade Routes Analysis (2019–2024)

2. Marine Composites: Price History & Market Outlook

Marine Composites Price & Sales Data (2019–2023)

Regional Price Trends ($/kg)

Annual Unit Sales (K tons)

Future Price Projections (2024–2026)

Challenges

• Lack of standardization and certification hurdles: The marine composites market, like many, has regulatory and classification barriers to overcome, partly due to the fragmentation of testing, certification, and durability standards. While ABS (American Bureau of Shipping) and DNV have provided limited approved pathways to the marine industry, this has significantly slowed the progression of utilizing composites in load-bearing components of vessels. Over 71% of commercial shipyards believe that procurements are hampered by the absence of approved testing for composites. In particular, the irregularity of classification codes across regions makes it more difficult to arrange imports/exports and requires them to pay for additional certification audits for every claim, resulting in unwanted costs and delaying time to marine composites market.

• Skilled labor shortage in composite manufacturing: The specialized fabrication of marine composites would require specialized training in resin infusion, vacuum bagging, and autoclave curing, and skill sets are less often developed in areas with traditional shipbuilding. The U.S. Bureau of Labor Statistics estimates (2023) a 15% shortage for skilled composite technicians, and that growth areas of marine infrastructure are mostly in coastal states. According to a survey from the U.K. Government's marine sector, 63% of firms that completed the survey had experienced challenges hiring qualified labourers as a barrier to capacity expansion. With no consistent vocational pipeline in the country, advanced manufacturing capacity can only develop to a certain extent, which is slowing the process of incorporating composites in commercial and defence vessels.