Persistence Market Research
Ship decorative panels are durable and luxurious finish materials used as a floor or ceiling covering in a ship. Ship decorative panels are usually made of wood, aluminum, steel or other metals. It ensures easy and fast installation and high standard. Certain ship decorative panels offers fire resistance property and acoustic insulations. Apart from a basic scope of ceiling and floor panels, ship decorative panels are also designed for wet areas.
Ship Decorative Panels Market: Drivers and Challenges
Among the various types of ship decorative panel’s materials, luxury vinyl panels are the trending luxury grade flooring with better quality and overall value. Also, Ship decorative panels are available in wide varieties such as inlaid or printed types. Inlaid type panels are those which maintain their color even when damaged or scratched as the inlaid pattern extends through the depth of the flooring. This gives the flooring a deeper and attractive look as gravel or concrete are embedded into it. Printed type panels are manufactured using 3D pattern or normal pattern printing on a material. Thereby, contributing towards the ship decorative panel’s demand significantly.
Further, interior decoration is a worldwide passion with lifestyle trends and needs in areas, such as design, architecture, and technology guiding consumers with contemporary decoration. A wide array of ship decorative panels are available and they are easy to install, maintain and clean. Moreover, most of the ship decorative panels are inherently waterproof, making it the preferred choice for marine application. Also, ship decorative panels is considered to be a decorative product owing to the recent innovations, such as resemblance to ceramic or other contemporary looks. Also, it is preferred cruise ships as it is durable, trendy and available with built-in adhesives. Increasing sea-tourism is expected to drive the ship owners towards decorated or attractive cruises, thus driving the demand of ship decorative panels market.
Furthermore, ongoing activities related to current initiatives, such as “One Belt, One Road”, initiative for expansion of Suez and Panama Canal, is estimated to potentially affect the global seaborne trade. Growing technological advancement and e-commerce, thus the freight forwarding, coupled with industrial revolution in emerging countries, has the prospectus of reshaping the marine industry and in turn driving the demand for ship decorative panels market.
Moreover, the increasing fleet of ships is expected to drive the demand of ship decorative panels over the projected period of time. Furthermore, shipping of goods via cargos is comparatively economical than shipping via air, hence cargo shipping is witnessing significant demand in recent past. This, in turn, will augment the growth of the ship decorative panels market over the forecast period. However, high installation cost could hinder the growth of the ship decorative panels market.
Global Ship Decorative Panels: Market Segmentation
On the basis of material type, the global ship decorative panels market has been segmented as:
Ship Decorative Panels Market: Regional Overview
As the ship decorative panels market is expected to be fragmented, various market players across the globe are focusing on strengthening their partnerships with local companies, and they are strategically deploying prime distributors in emerging regions. The key players of ship decorative panels are also involved in marking their direct presence in the local markets through mergers and acquisitions with regional players across the emerging regions. Thus, regions, such as China, India, and South East Asia Pacific are expected to expand at a significant rate in terms of manufacturing base of ship decorative panels. North America is anticipated to register significant growth in the ship decorative panel market, after Asia Pacific as a result of the region’s increasing export and import business, and passenger traffic, which in turn will drive the regional ship decorative panel’s market share of the ship decorative panels. Expanding import and export of oil and gas in Middle East Africa via sea-cargos, is stipulated increase the trade of ship decorative panels in coming years.
Global Ship Decorative Panels Market: Key Players
Ship decorative panels market is expected to be fairly fragmented market, owing to a vast number of local as well as global manufacturers. Examples of some of the market participants in the global ship decorative panels market identified across the value chain include:
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