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.
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.
Europe to Dominate the Market
