Marine Fender Market Analysis
The marine fender market generated revenue of USD 743.5 million in 2023, which is expected to witness a CAGR of 3.4% during 2024–2030, to reach USD 936.4 million by 2030. The biggest driver for the market is the rise in the volume of global trade. The international shipping industry is accountable for the carriage of 90% of the goods globally, which highlights its importance to economies and modern life. The expansion of trade between countries, the construction of new ports and terminals, as well as the rise in defense budgets are set to drive the market.
In addition, the rising popularity of marine tourism and leisure activities is propelling the shipbuilding industry and raising the need for advanced fender systems at ports and terminals. High-quality marine fenders are in huge demand as they offer both quality and safety.
Moreover, the growth in the network of offshore oil and gas platforms, offshore wind farms, and marine renewable energy projects is driven by the rising demand for energy and the shift toward cleaner energy sources. This has caused an increment in the need for specialized marine fender systems to protect such infrastructures from vessel collisions, waves, and environmental factors.
Manufacturers are working on innovating these products to solve the complexity of crude oil transfer between vessels. A brief exposure to a spill has the potential to harm the ecosystem. Thus, in order to prevent spill incidents, manufacturers are creating durable fenders that meet the prevailing safety and quality standards. They are also incorporating sensors and monitoring systems, as well as using advanced materials, such as nanocomposites, in order to provide high performance and lessen maintenance requirements.