Ship Decorative Panels Market Analysis 2020-2027:

Ship decorative panel is made of aluminum, wood, steel, and other metals. Ship decorative panels are durable and luxurious finish materials used as a floor or ceiling covering in a ship. They exhibit fire resistance and acoustic insulation properties. Majority of the ship decorative panels are inherently waterproof, making them the preferred choice for marine application. They are considered as decorative panels due to the recent innovations such as resemblance to ceramic or other contemporary looks. 

Market scope and structure analysis

COVID-19 impact analysis

The global market for ship decorative panels is severely impacted by the outbreak of the COVID-19 pandemic. The COVID-19 pandemic impacted the economic growth in almost all the major countries, thus affecting consumer spending patterns. There have been complaints of shipment delays between India and China. Furthermore, serious concerns have been faced regarding the overall earnings of Indian shipping companies in the first quarter of 2020. A sharp drop in the dry bulk cargo movement since the third week of January 2020 has been reported, as the shutdown in China has shuttled marine operations. The similar scenario is being experienced by other neighboring countries of India, thereby affecting the marine trade as well as tourism. With no marine operations, the demand for ship decorative panels has been declining considerably. 

Top impacting factors: market scenario analysis, trends and drivers 

Ship decorative panels are majorly used in cruise ships due to their durability, trend, and availability with built-in adhesives. Increase in trend for sea travelling, tourism, and vacation has led ship owners to spend on improving the aesthetics. Thus, ship decorative panels are witnessing increased adoption to increase attractiveness of ships, thereby driving the growth of this market.  

Among all types of ship decorative panel materials, luxury vinyl panels are the trending luxury grade flooring in the market. This can be highly attributed to the high quality and great values associated with them. Moreover, shipping of goods via cargos is comparatively economical than shipping via air. This factor further supplements the growth of this market, as sea trade has grown substantially.  

However, high cost of installation related to ship decorative panels emerged as the key factor restraining the growth of this market. On the contrary, innovation in the panel design is expected to offer profitable growth opportunities during the forecast period. Introduction of waterproof, scratch resistance, and rust proof Panels is anticipated to be opportunistic for the market.  

Key segments covered

Key benefits of the report

• This study presents the analytical depiction of the global ship decorative panels market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global ship decorative panels market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global ship decorative panels market research report:

• Which are the leading players active in the global ship decorative panels market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?