A new report published by market research firm Fact.MR says the global market for marine composites was valued at $4 billion (USD) in 2020 and is projected to top $5 billion by 2031, expanding at a compound annual growth rate of 6 percent. The study projects that demand for carbon fiber polymer matrix composites will surge over the coming years.

Composite material is made by combining two or more materials with different properties that form a unique property material. Some key marine composites include glass fiber composites, carbon fiber composites and foam core materials that are used in manufacturing powerboats, sailboats, cruise ships and others. Marine composites possess 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 and low manufacturing costs.

For more information about the study, visit www.factmr.com/report/marine-composites-market.