The global marine interiors market size is expected to grow from USD 2.7 billion in 2020 to USD 5.8 billion by 2027, at a CAGR of 11.6% from 2020 to 2027.
The market is driven by factors, such as the growth of the maritime tourism industry, as well as the river cruise market.
The growing demand for luxury cruises and yachts and increasing spending capacity of individuals on leisure are increasing the demand for passenger ships are other factors driving the demand for marine interiors.
Aluminum material segment is estimated to lead the marine interiors market in 2020.
Based on material, the aluminum segment of the market is estimated to lead the marine interiors market in 2020.
The growth of this segment can be attributed to the benefits of using aluminum in manufacturing superstructures.
The use of this material helps save hull weight and reduce power capacity.
Ceilings & Wall Panels segment is estimated to lead the market in 2020.
Based on product, the market is segmented into ceilings & wall panels, lighting, furniture, galley & pantries, and others.
The ceiling & wall panels segment is estimated to lead the marine interiors market in 2020.
Marine ceilings & wall panels are made of materials such as composites, aluminum, and steel, which include a honeycomb core and advanced engineered thermoplastic.
These materials, compared to the solid aluminum, are suitable and preferable for the wide use in shipbuilding due to their low weight, high bending strength, additional corrosion protection, and thickness.
Europe is estimated to account for the major share of the marine interiors market in 2020.
By region, Europe is estimated to account for the largest share of the marine interiors market in 2020.
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.
The European region constituted a share of 28.2% of the global ships in 2019, and The EU continues to dominate the market for cruise ships and passenger vessels by a wide margin, with deliveries in terms of CGT in 2017, with 61%.
For more information, visit www.researchandmarkets.com