Global Marine Composites Market is anticipated to witness robust growth in the forecast period, 2024-2028. This can be ascribed to the growing demand for marine composites from power boats segment. The value of powerboats sold in the United States surpassed USD 7.5 billion in 2021, rising by 24.3 percent versus the previous year.
The requirement for marine composites in corrosion-resistant parts for building ships is fueling the market growth. The use of marine composites in developing lightweight boats is on the surge owing to their excellent resistance properties. Moreover, new technology, such as hybrid composites, creates racing powerboats with enhanced capabilities and better performance. They have widespread industrial applications such as valves and filters, shafting overwraps, gear cases, masts, stacks and foundations, propeller vanes, fans and blowers, and condenser shells.