Marine Fender Market
Marine Fender Market By Component (Mounting Structures, Face Pads), By Fender (Rubber, Pneumatic, Foam, Timber), By Manufacturing Process (Molding,Extrusion), By Ownership, By End Use, By Region - Global Insights to 2030
Marine fenders protect ships and berth structures from damage. These fenders give protection to the port and vessels against a collision with other vessels.
The global marine fender market is driven primarily by high demand for minimum test and inspection procedures, along with greater focus on infrastructure development.
Market players are working on innovative pneumatic fenders that solve the challenging problem of crude oil transfer between vessels. If a spill occurs, a small momentary exposure to it can cause environmental damage. So, to avoid oil spill accidents, manufacturers are producing strong fenders that satisfy both safety and quality.
Seaborne trade is continuously expanding and is propelling the market for marine fenders. The global marine fender market is growing at a steady pace due to the growth in international trade and the stringency of port regulations.
The growing trend of leasing ports and their infrastructure development is further driving the demand for market fenders. Moreover, the expansion of existing seaports is also forecast to augment the market throughout the projection period.
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New Developments Augmenting Growth
Manufacturers are working on new innovations to consolidate their position. For instance, the innovation of combining synthetic rubber and its blend with natural rubber aids to get a better ratio between high energy absorption and reaction force.
Manufacturers are developing innovative foam fenders, which can also help in reducing accidents and spillage. Also, the market is observing growth in the production and sales of foam fenders owing to their high life expectancy in saline water and deterioration of rubber fenders.
Research is going on for the development of fenders with new materials that offer high-performance and are subject to influence energy absorption and subsequent berthing forces more efficiently.
Furthermore, inclination towards an eco-friendly approach with its major sustainable aspects like re-use and recycling of components has emerged as a cost-effective alternative for players.
Concerns About Marine Fender Quality
Ideally, a marine fender system should be cost-effective, with high durability and low maintenance cost. But, concerns about the quality of marine fenders have led to lack of end-user confidence. Furthermore, the market is experiencing a decline in demand for rubber fenders owing to their deteriorating quality when they come in contact with saline water.
COVID-19 Impact on Marine Fender Market
Since the COVID-19 virus outbreak in November, 2019, the disease has spread to nearly 200 countries across the globe.
The global impact of the coronavirus disease is strongly felt and has severely affected the marine fender market in 2020.
COVID-19 has affected the global market in three main ways: by directly reducing production and demand, by disrupting the supply chain and, and by its financial impact on firms and employees.
The outbreak of COVID-19 has impacted many aspects that are directly linked to the market.
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Asia Pacific accounts for The growth of the region is primarily attributable to the ongoing marine projects proposed for the expansion of seaborne trade in emerging countries of the region like India and China.
For instance, the active Sagarmala Project in India, which intends to reach the broad goals of intensifying the capacity of major and non-major ports and encouraging them to become drivers of port-led economic development by optimizing the usage of existing and future transport assets and developing new linkages for transport.
It also proposes simplified procedures practiced at ports for cargo movement. Furthermore, increased production of pneumatic fenders in the region to deliver high-grade berthing solutions is driving the growth of the regional market.
Europe is another lucrative market for marine fenders globally. Growing focus on infrastructure development, combined with stringent regulations for environmental protection are likely to drive the market during the assessment period.
North America is projected to remain the prominent region in the marine fender market during the forecast period. Owing to existing ports, shipyards, and active port construction activities, the region is exhibiting significant growth. The presence of some leading players in the region is supporting the growth of the regional market.
Marine Fender Market: Competitive Landscape
The global marine fender market is highly competitive. Due to the expansion of seaborne trade in the economies, the market is witnessing the entry of several newcomers in the field.
Key players are getting involved in research and development joint ventures with leading R&D companies for developing high-performance fenders to cater to their end use consumers with a more desirable amalgamation of new materials.
For instance, INMARE manufactures marine fenders with E.V.A. compound (Ethylene-vinyl acetate), a non-toxic and eco-friendly material that is UV-resistant, neither stains nor scratches boats. These fenders do not deteriorate in the marine environment, even if left a long time in the water.
Fact.MR gives an in-depth study on the current market dynamics and like some of the key players operating in the global marine fender market.
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The Analysts Viewpoint
"Europe and Asia Pacific will continue to be the key growth markets for marine fender globally. Growth in Europe will be driven by stringent environmental concern, whereas in APAC, it will be due to greater impetus on infrastructure development"
Marine Fender Market: About the Report
Fact.MR has recently published an exclusive in-depth forecast report on the marine fender market for 2020 and 2030. The principal objective of this report is to outline spearhead insights on the market scenario, demand generators, and competitive landscape in the market.
Also, the study speaks key dynamics that are anticipated to increase the sales and future possibilities for the market. The report on the marine fender market commences with an executive overview, in which, product description has been presented.
The report further proceeds with the taxonomy of the marine fender market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key factors favoring investment within the market.
Supply chain analysis and pricing analysis of the market have also been incorporated in the report, to help readers clearly understand the product framework map in the market.
Fact.MR has studied the marine fender market with detailed segmentation on the basis of by component, end-use, fender, ownership, manufacturing process, and key region.
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