Market Overview:
Marine Interiors Market Size was valued at USD 2.1 billion in 2022. The marine interiors market industry is projected to grow from USD 2.3 Billion in 2023 to USD 4.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.20% during the forecast period (2023 - 2030).
MRFR evaluates the market’s growth between 2020 and 2030, which is the analysis period. We will provide COVID-19 impact analysis with the report, combined with an in-depth analysis following the coronavirus disease outbreak.
Marine interiors have been a major aspect of the marine industry, especially with the marine interiors market trends in maritime tourism across the globe. Steel, composites and aluminium are some of the key materials used in marine interiors as they exhibit high efficiency even in adverse environmental conditions like high moisture and humidity content. The highest demand, however, is observed by composite materials since they weigh lighter than others and can easily be molded into complex shapes. Apart from this, the increasing urbanization rate and improving living standards has boosted the use of powerboats, cruises and yachts among people. Yachts and cruise vessels in particular, are quite popular among those that are interested in leisure activities, which in turn, results in a higher need for aesthetic interiors to facilitate comfort and experience.
Market Segmentation:
Ceilings & wall panels segment expected to register high growth: The ceilings & wall panels segment accounted for the largest Marine Interiors Market market share in 2019 and is expected to exhibit a high CAGR during the review period. The ceilings & wall panels are the vital components of the ship interiors. Moreover, with the development of lightweight and easy to install panels, the growth of this segment is expected boost in the review period.
Passenger area segment expected to register a high growth rate: The passenger area segment accounted for the largest market share in 2019 and is expected to exhibit a high CAGR during the review period. The increasing demand for passenger ships with advanced interiors for maritime tourism is driving the growth of the segment. The public area segment is expected to register the highest CAGR during the forecast period.
Commercial ship segment expected to register the higher growth rate: The commercial ship segment is expected to exhibit a high CAGR during the review period. Increasing investments in the development of advanced passenger vessels and increasing demand for cargo vessels are expected to boost the demand for advanced interiors.
Marine interiors’ demand has also been bolstered by the increase in tourism activities as well as the per capita income of people in general. The rising interest in recreational and pleasure activities has raised the demand for marine interiors too. Growing refurbishment and upgradation of cruises and yachts is also likely to mark significant growth of the marine interior market over the coming years. Seaborne trade has been expanding at a stellar pace over the years, benefitting consumers via competitive freight costs, which can be favorable for the global marine interiors market industry in the following period.
Key Players:
The marine interiors market drivers are Affluent market firms listed in the report are Mivan Marine Ltd (UK), Aros Marine (Lithuania), Bolidt Systems (Netherlands), ALMACO Group (Finland), R&M Group (Germany), Kaefer GmbH (Germany), Marine Interiors Spa (Italy), Trimline Ltd (UK), NORAC AS (Norway), Forbo Flooring Systems (Netherlands), to mention a few.
Regional Analysis:
Majority of the firms generally take up growth strategies such as expansions, acquisitions, partnerships, agreements and new product launches for better growth prospects in the marine interiors industry.
To cite a reference, in October 2020, Sanlorenzo, an Italy-based shipyard entered a partnership with in interior designer from Hong Kong to develop a line of floating villas catering to rich Asians. The interiors will have an Asian touch, particularly in the seating area of the dining and living rooms, ensuring sufficient capacity for a large gathering. The ship’s interiors will also be a combination of an international lifestyle with features based on the local culture.
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