Marine Interiors Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Marine Interiors Market size is projected to reach a CAGR of 11.9% from 2023-2030.

The marine interior market is related to designing, refitting, and delivery of internal solutions for commercial and defense ships.

In recent years, owing to the rise in urbanization and standard of living, the demand for luxury cruise ships, yachts, and ferries is on the rise. This has led to rising demand for advanced marine interiors, which are lightweight and easy to install. Aluminium, composites, steel, and others are mainly used in making interiors of ships, owing to their capability to handle harsh environmental conditions such as humidity and moisture content. However, composite materials used are preferred since they material is light in weight and can be given complex shapes. The maritime tourism industry is the largest user of marine interiors and one of the major industries that drive the growth of the market. Moreover, development in aftermarket refurbishment of ship interiors also supports the growth of the market.

On the other hand, the long material lead times, limited availability, and high raw material costs can result in delayed ship delivery or order cancellation. This factor directly restricts the growth of the marine interior market.

The COVID-19 pandemic has changed the multiple scenarios of maritime industries and ship OEMs around the world. The COVID-19 outbreak resulted in months of production backlog due to the severe global shutdown. The shipbuilders have been highly affected since their shipyards have been temporarily closed during lockdowns in emerging nations. The limited availability of labour workers amid the pandemic has also affected interior component production. In addition, several shipbuilders have failed to generate large revenue, which restricts their investment in new-fit. Furthermore, the delayed or cancelled refurbishment orders and new ship orders due to decreased passenger traffic have affected the marine interiors market growth during the COVID-19 pandemic.

Delvens Industry Expert's Standpoint

The cruise industry is expanding rapidly, with more people choosing to take cruise vacations each year. This has led to an increase in demand for marine interiors that are comfortable, stylish, and functional. The innovations in developing new materials and manufacturing techniques that are better suited to the harsh marine environment are significant in the marine industry. Further, as incomes rise around the world, more people are able to afford luxury goods and experiences, including high-end cruise vacations. This would drive the demand for the market premium marine interiors in the next years.

Market Portfolio

Key Findings

• The ship type segment is further fragmented into Commercial and Defense. The commercial segment of the marine interior market is projected to grow at the highest CAGR during the forecast period. The demand for interiors is majorly dependent on the cruise ship, and yachts’ new order books and drydock schedule. The demand for interiors is fully dependent on the cruise ship order book. The demand for marine interiors is not only limited to the newbuild ship order book but also is dependent on drydock refurbishment, where cruise ships undergo partial or complete upgradation of interiors every two-three-year.

• The material segment is further fragmented into Aluminium, Steel, Composites, Joinery, and Others. The composites segment is expected to grow at the highest rate and is anticipated to maintain its dominance during the forecast period. 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 materials for use in shipbuilding.

• The end-user segment is further fragmented into New Fit and Refit. The refit segment is expected to grow at a higher rate and is anticipated to maintain its dominance during the forecast period. Various cruise lines are coming up with refurbishment programs to upgrade the interior of their ships and reduce high capital expenditure.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Europe is estimated to account for the largest share of the marine interior market and is anticipated to maintain its dominance during the forecast period. The large share of this market can be attributed due to the presence of the leading manufacturers of marine interior providers such as Hella (Germany), Osram (Germany), Lumishore (UK), and Foresti & Saurdi (Italy) in this region. Countries such as Norway and Greece have a large number of passengers as well as commercial ships.

Regional Analysis

Europe to Dominate the Market

• Europe is estimated to account for the largest share of the marine interior market and is anticipated to maintain its dominance during the forecast period.
   
• The large share of this market can be attributed due to the presence of the leading manufacturers of marine interior providers such as Hella (Germany), Osram (Germany), Lumishore (UK), and Foresti & Saurdi (Italy) in this region. Countries such as Norway and Greece have a large number of passenger as well as commercial ships.

Competitive Landscape

• R&M Group
• Almaco
• Trimline
• Kaefer
• Bourne Group
• Marine Interiors
• Mivan Marine
• Bolidt
• Forbo Flooring Systems
• Naval Interior Team

Recent Developments

• In March 2021, Cochin Shipyard Ltd (CSL) announced that it delivered passengers cum cargo vessel 'Sindhu' to Andaman and Nicobar Administration. This ship has deluxe cabins, first-class cabins, second-class cabins, bunk-class, and seating class that can accommodate a total of 500 passengers in addition to 150 tonnes of cargo.
   
• October 2021, ALMACO announced that it would install all 109 crew cabins and crew public areas at MV WERFTEN shipyard, Germany, where the project is taking place. ALMACO also stated that they completed the areas onboard Crystal Endeavor on time before the vessel delivery. The steel-to-steel installation included interior and background outfitting.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for Marine Interiors Market so as to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope