Marine Interiors Market Size, Share & Industry Analysis, By Ship Type (Commercial (Passenger Vessels (Ferries, Cruises, and Yachts), Cargo Vessels, and Others) and Defense (Aircraft Carriers, Amphibious Ships, Destroyers, Frigates, Submarines, Corvettes, and Offshore Patrol Vessels)), By Component (Ceiling & Wall Panels, Lighting, Furniture, Galleys & Pantries, and Others), By Material (Aluminum, Steel, Composites, Joinery, and Others), and Regional Forecast, 2024-2032

The global marine interiors market size was USD 3.66 billion in 2023 and is projected to grow from USD 3.94 billion in 2024 to USD 8.23 billion by 2032 at a CAGR of 9.64% during the forecast period. Europe dominated the marine interior market with a market share of 28.96% in 2023.

In recent years, the marine interiors market witnessed significant growth due to increased demand for passenger ships such as luxury yachts, river cruises, and ferries. The interiors solutions include the design, modification, and refit of the ship’s public area, passenger area, utility area, and crew area with interior products such as ceiling & wall panels, lighting, furniture, galleys & pantries, and wet units. These facilities can help to improve the passenger travel experience. Therefore, several shipbuilders are focusing on the development of luxury vessels with modern interior facilities. Furthermore, key players are focusing on using advanced material to develop interior solutions for vessels to enhance their stability and improve the ability to handle harsh environmental conditions such as humidity or moisture.

The COVID-19 pandemic changed several scenarios for the marine industry and ship OEMs globally. The COVID-19 outbreak caused months of production shutdowns due to severe global shutdowns. Shipbuilders were hit hard as their shipyards were temporarily closed during shutdowns in emerging economies. The limited availability of labor during the pandemic also affected the production of interior components. In addition, several shipbuilders could not generate significant returns, which limited their investments in new construction.

Marine Interiors Market Trends

Development of Composite Interior Solutions to Improve Vessel Efficiency and Stability is Prominent Market Trend

Over the last few years, the efficient design and development of commercial and navy ships have increased. To further modify vessel structure and reduce overall ship weight, the adoption of new material to design interior solutions is surging across the globe. The composite material is one of them. The demand for the composite material is increased to offer lightweight and highly efficient interior systems and components for cruise ships and navy vessels to enhance travel experience, efficiency, and stability. PE Composites and its partners, including Innovate UK, Carnival, and Trimline Ltd., have designed a lightweight composite cruise cabin called ‘LiteCab.’

Marine Interiors Market Growth Factors

Increasing Ship Interior Refurbishment Projects to Boost Market Growth

Composite internal solutions are becoming increasingly popular as they improve vessel stability, reduce weight, and improve efficiency. The growing demand for composite solutions is increasing the replacement of existing inland marine solutions with composite solutions. In addition, the ever-increasing number of aging ships is leading to an increase in refurbishment projects globally. In October 2018, INS Vikramaditya, India’s only aircraft carrier, had undergone refurbishment. The refit had taken place at the Cochin Shipyard for five months, and the required cost of USD 94.7 market is segmented (₹705 crores). During the refit, the carrier’s hull got treated and painted.

Moreover, a large number of tanks and spaces got cleaned and painted too. Also, 16 shaft bearings were changed as part of the refit. In November 2021, the 68-meter Nobiskrug motor yacht Triple Seven will undergo a six-month refit at the Amels and Damen Yachting facilities in Vlissingen. The yacht will mainly undergo for a modifications and full respray to the stabilizers, shaft lines and interior galley, and its general interior works as per part of 15-year survey.

Growing demand for Passenger and Cargo Vessels to Propel Market Growth

In recent years, spending on luxury and leisure traveling has increased in the developed and developing regions. The increased expenditure on luxury living has increased the demand for luxury yachts. Such a yacht offers a high-end traveling experience by providing modern interior facilities, well-designed ship cabins, and security solutions, supporting the growth of the market during the forecast period. Moreover, the growing interest in cruise travel helps to expand the size of the maritime tourism industry. The global number of ocean cruise tourists has increased from 17.8 million passengers in 2009 to 30 million in 2019.  According to the Cruise Lines International Association (CLIA) 2020 report, 28.5 million tourists enjoyed a cruise holiday in 2018.

Furthermore, maritime transport is the backbone of international trade and the global economy. Therefore, the demand for cargo vessels is increasing worldwide. The rising number of cargo vessels is fueling the market growth during the projection period. In the past decade, the total container ships in the global fleet increased from 4,966 ships in 2011 to 5,371 boats in 2020. According to the International Chamber of Shipping, more than 50,000 merchant ships operate in the oceans.

RESTRAINING FACTORS

Long Material Lead Times to Hinder Market Growth

Various materials are used to develop the ship's internal components, including aluminum, steel, composites, and carpentry. The limited availability of these and other raw materials can increase shipbuilding time. In addition, the situation has worsened since COVID-19 due to the increase in cargo ships. However, long lead times, limited availability, and high raw material costs of materials may result in delivery delays or order cancellations. This factor directly limits the growth of the market.

Marine Interiors Market Segmentation Analysis

By Ship Type Analysis

Commercial Segment to Dominate the Market in 2023

By ship type, the market is classified into commercial and defense. The commercial segment is further divided into passenger vessels, cargo vessels, and others. The defense segment comprises aircraft carriers, amphibious ships, destroyers, frigates, submarines, corvettes, and offshore patrol vessels.

The commercial segment held the dominant share in the base year. The large percentage of the commercial ship type segment is due to the increased demand for passenger and cargo vessels.

• 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.

The surge in sea trade has fueled the demand for different cargo vessels such as tankers, bulk carriers, general cargo ships, and gas tankers. Therefore, the rising number of passenger vessels is surging the demand for advanced marine interior solutions.

On the other hand, the defense segment is predicted to showcase the highest growth rate during the forecast period. This growth is attributed to the increasing demand for highly advanced combat vessels such as destroyers, frigates, and submarines. In addition, the rising defense investment in the maritime industry to strengthen naval capabilities supports expanding the segment size during the forecast period.

By Component Analysis

Lighting Segment to Boost at Faster Pace During 2024-2032

Based on component, the market is bifurcated into ceiling & wall panels, lighting, furniture, galleys & pantries, and others. The others segment includes components such as windows and doors, wet units, and laundry.

The lighting component segment is anticipated to grow at the highest compound annual growth rate during the forecast period due to the growing adoption of OLED lighting solutions.  The demand for OLED lighting technology is rapidly growing to enhance cabin illumination, and this is anticipated to drive the segment growth during the forecast period.

• In March 2020, Energy Focus, Inc. announced that it had received USD 1.7 million worth of contracts from the U.S.-based shipbuilder with LED lighting tubes and fixture products. The company also states that these new LED lights will be installed on four new navy ships.

The ceiling & wall panels segment registered the largest share in 2023. This dominance is due to increased demand for a modern commercial vessel with improved ceiling & wall panels.

By Material Analysis

Composites Material Segment to Grow at Highest CAGR During Forecast Period 

Based on material, the market is classified into aluminum, steel, composites, joinery, and others.

The steel segment held a dominant share in 2023. This large share is due to the increased adoption of steel material to fabricate the ship’s ceiling & wall panels and galleys & pantries.

The composites segment is anticipated to witness the highest CAGR during the forecast period. The growth of this segment is attributed to the rising demand for composited-based interior components by ship OEMs to reduce the overall ship weight efficiently. Moreover, the demand for composite material-based parts increases to enhance marine interior as it can produce complex structures and shapes.

REGIONAL INSIGHTS

The market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.

The market in Europe registered the highest share with the market size of USD 1.06 billion in 2023. The large share is attributed to the presence of several large shipbuilders and interior component providers in the region such as STX Europe AS, Meyer Werft, Fincantieri S.p.A., Trimline Ltd., Kaefer GmbH, Marine Interiors Spa, and Mivan Marine Ltd.

Asia Pacific is anticipated to grow at the highest compound annual growth rate during 2024-2032. The growth is due to the rapid growth of the maritime industry in developing countries such as China and India. In addition, several procurement initiatives, demand for modern amenities in the cruise ship, and a growing number of shipyards in China support the market growth in Asia Pacific.

The market in North America registered the second highest share in 2023 due to the region's flourishing marine industry, presence of largest marine lines, and the large investment in the marine sector. These factors are driving the demand for marine interior solutions in North America.

In the Rest of the World, the market will witness significant growth during 2024-2032. The market development is due to growing investment in marine tourism, rise in travel and business opportunities, changing passenger preference, demand, or modern amenities.

List of Key Companies in Marine Interiors Market

Rising Focus on Adoption of New Material and Design Technology to Intensify Market Competition

The major market companies such as R&M Group, Almaco Group, Trimline Ltd., and Kaefer GmbH focus on constant innovation and adoption of new material to offer lightweight and highly efficient interior solutions for ships. Moreover, they are also increasing their investment and interest in technological adoption and strategic acquisition to design and develop modern marine interior solutions. Furthermore, the other key companies are adopting organic and inorganic growth strategies such as new product launches, entering into long-term contracts with ship OEMs and defense authorities to withstand their market position.

LIST OF KEY COMPANIES PROFILED

• Almaco Group (Finland)


• Aros Marine (Lithuania)


• Bolidt Systems (Netherlands)


• Forbo Flooring Systems (Netherlands)


• Kaefer GmbH (Germany)


• Marine Interiors Spa (Italy)


• Mivan Marine Ltd (U.K.)


• NORAC AS (Norway)


• Precetti Inc. (U.S.)


• R&M Group (Germany)


• Trimline Ltd. (U.K.)

KEY INDUSTRY DEVELOPMENTS

• 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.


• May 2021 – Norac signed a contract with Myklebust to deliver wall panels, interior A and B doors, and prefabricated wet units. The contract is for Myklebust's next project, build no 76, a good boat commissioned by solvers.

REPORT COVERAGE

The global marine interiors market research report provides a detailed analysis of the market and focuses on key aspects such as key manufacturers, ship types, and interior components. Moreover, the report offers insights into marine interior trends and highlights key industry developments. In addition to the factors mentioned above, the market report encompasses several direct and indirect factors that have contributed to the market growth in recent years.

Report Scope & Segmentation