Albany NY, United States, May 20, 2022 (GLOBE NEWSWIRE) -- The value of global marine fender market stood at US$ 676.53 Mn in 2021. The global market is estimated to expand at a CAGR of 3.28% during the forecast period, from 2022 to 2031. The global marine fender market is likely to attain valuation of US$ 934.66 Mn by 2031. The rising popularity of charter/private cruises for different events, leisure activities, and tourism is bolstering the shipbuilding industry and raising the need for ports fenders or dockyard fenders throughout the world, which is expected to drive demand for marine fenders.
Suppliers, manufacturers, and dealers of marine fenders are expanding their offerings to include marine cell fenders and marine arch fenders. Marine cell fenders with excellent energy absorption and even impact dispersion are becoming increasingly popular. Marine arch fenders are widely utilized to provide dependable as well as hassle-free service for a wide range of berths, even in the harshest of situations.
In 2021, North America and Europe each had a significant part of the global market, with 9.01 % and 20.14 %, respectively. The most common end-use application for maritime fenders in these regions is expected to be their usage in the dockyard.
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Key Findings of Market Report
- In 2021, the mounting structure category led the global marine fender market, accounting for 33.09% of the global marine fender market. Fenders with mounting structures are frequently utilized, and this segment accounts for a large portion of the global market.
- In 2021, the rubber marine fender segment accounted for approximately 85% of the marine fender market. The category is expected to continue its leadership position in the market in the forthcoming years. Marine Fender Manufacturers, Suppliers & Dealers prefer rubber marine fenders owing to their flexibility and great life expectancy, both of which are necessary to resist the force delivered to the port's mooring. Marine fenders made of rubber can withstand strong pressure loads from ships.
- The marine fender market is expected to be driven by an increase in demand for seaborne commerce operations. The tightening of port restrictions and growing foreign trade are to blame for this growth. The growing tendency toward leasing ports, as well as measures to improve infrastructure, are likely to create future business opportunities in marine fenders. Moreover, the expansion of existing as well as active ports is expected to boost demand for marine fenders.
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Global Marine Fender Market: Growth Drivers
- Top Marine Fender Manufacturers are working on new pneumatic fenders to meet the challenges and concerns that arise during crude oil transportation. In order to reduce oil leak mishaps, manufacturers are producing strong fenders that fulfil both quality and safety criteria.
- In 2021, Asia Pacific accounted for 62.83 % of the global marine fenders market. In Pacific Region, China accounted for a significant share of the global market. China handles most of the cargo through seaports, owing to the country's burgeoning industrial and agriculture industries. Furthermore, China's marine fender manufacturers and suppliers are likely to dominate the regional market.
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Global Marine Fender Market: Key Players
Some of the key market players are
- Sumitomo Rubber Industries, Ltd.
- James Fisher and Sons plc
- The Rubber Company
- MacElroy Company, Inc.
- Sri Trang Agro-Industry Plc.
- Max Groups Marine Corporation
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Global Marine Fender Market: Segmentation
Fender Type
- Rubber
- Foam
- Pneumatic
- Timber
- Others
Component
- Mounting Structure
- Face Pad
- Others
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