Composights Blog

Composite Materials in Marine Industry Witnessing Growth Waves

The marine industry will consume composite materials to the tune of $1.5 billion in 2024, charting an annual growth of over 5% during next five years. The Outboard boat, the Sterndrive, the Personal watercraft, Yachts and sailboats are the main segments of marine composites market.

Composites are not new to the marine industry. Although the marine industry holds less than 10% share in the composite materials market, it fairs well in terms of penetration of the material. The first boats produced in fibreglass and polyester laminating resin using the hand lay-up process dates back to the 1970. Traditionally the marine industry heavily relied on Steel, Wood and Aluminium, however due to its many advantages over traditional materials, composites have been gaining popularity for the past few decades. The Outboard boat, the Sterndrive, the Personal watercraft, Yachts and sailboats are the main segments which are extensively using composite materials. The Hull, deck and liner are the major components of a boat. Composites are now one of main raw materials for these components. Composite materials not only offer excellent mechanical properties, but also enhance the aesthetics, enable innovation in terms of shape and design of the parts. This meets the demand of boat owners related to aesthetics, looks, and the life of the boat. Marine Composite Materials Market – From Economy to Economies The market for composite materials is heavily governed by the global economy as well the economies which they offer as compared to the competing materials. With conditions ripe and favourable, it is expected that the marine industry will consume composite materials to the tune of $1.5 billion in 2024, charting an annual growth of over 5% during next five years. Growing Recreational Fibre Flass Boat Sales The shift from aluminium to fibre glass has been significant. Recreational fibre glass boat sales are beating the traditional aluminium-based boats and are expected to register an increased growth (around 5%) in the next five years. Recreational Boat Sales in the USA Nearing 2008 Levels The sale of recreational boats was at its peak level of ~279,800 units in the USA when the tsunami of recession hit the global economy. It’s now in 2019 that the USA is likely to witness the sale of recreational boats getting restored to 2008 levels.