Chicago, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The Marine Interiors Market by Ship Type (Commercial, Defense), End User (New Fit, Refit), Material (Aluminum, Steel, Joinery, Composites), Product (Ceilings & Wall Panels, Furniture, Galleys & Pantries, Lighting), Application, Geography- Global Growth Driver and Industry Forecast to 2027", The growth of the marine interior market can be attributed to the rising demand for cruise ships and increasing refurbishment activities in the existing ships. The growing trend of marine tourism and the increasing disposable income of individuals across the globe are also driving the growth of the market. The high cost of materials and the impact of COVID-19 on the tourism industry may hinder the growth of the market to some extent.
The Global Marine Interior Market size is expected to grow from USD 2.7 billion in 2020 to USD 5.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.6% during the forecast period.
Marine Interiors Market Key Players
- R&M Group (Germany),
- Almaco (Finland),
- Trimline (UK),
- Kaefer (Germany),
- Bourne Group (US),
- Marine Interiors (Italy),
- Mivan Marine (UK),
- Oy Lautex AB (Finland),
- Bolidt (Netherlands),
- Forbo Flooring Systems (Netherlands)
Based on Ship Type, the Commercial Segment of the Marine Interiors Market is Projected to Grow at the Highest CAGR During the Forecast Period.
Based on the ship type, the commercial segment of marine interiors market is projected to grow at the highest CAGR from 2020 to 2027. The demand for interiors is majorly dependent on the cruise ship, and yachts new orderbooks and drydock schedule. The demand for interiors is fully dependent on the cruise ship orderbook. The demand for marine interiors is not only limited to the newbuild ship orderbook but also is dependent on drydock refurbishment, where cruise ships undergo partial or complete upgradation of interiors in every two-three years.
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Based on the Material, the Composites Segment is Expected to Grow at the Highest Rate From 2020 to 2027.
Based on material, the marine interiors market is segmented into aluminum, steel, composites, joinery and others. The composites segment of the marine interiors market is projected to grow at the highest CAGR from 2020 to 2027. Composites offer considerable potential in weight saving and in developing complex shapes. Thus, they are used in manufacturing superstructures. Combined with their non-corroding finish and sheer versatility, composites appear to be natural material for use in shipbuilding.
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Based on the End User, the Refit Segment is Expected to Grow at a Higher Rate From 2020 to 2027.
Based on end user, the re fit segment of the marine interiors market is projected to grow at a higher CAGR as compared to the newsegment during the forecast period. Various cruise lines are coming up with refurbishment programs to upgrade the interior of their ships and reduce the high capital expenditure.
“Browse in-depth TOC on "Marine Interiors Market Trends, Growth Drivers"
123 – Tables
36 – Figures
304 – Pages
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Based on Ship Type:
- Commercial
- PASSENGER VESSELS
- Ferries
- Cruises
- Luxury
- PREMIUM
- BUDGET
- Yachts
- LUXURY
- PREMIUM
- BUDGET
- Cargo Vessels
- Bulk Carriers
- Gas Tankers
- Tankers
- General Cargo Ships
- Others
- Dredgers
- Research Vessels
- PASSENGER VESSELS
- 7.3 - defense
- Aircraft carriers
- Amphibious ships
- Destroyers
- Frigates
- Submarines
- Corvettes
- Offshore Patrol Vessels
By Material
- Aluminum
- Steel
- Composites
- Joinery
- Others
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