The global inflatable marine life rafts is forecast to grow at a CAGR of 3.87% during the period 2017-2021.
The report, Global Inflatable Marine Life Rafts 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
The latest trend gaining momentum in the market is the increase in participation of sea sports. The increase in participation of sea sports will likely contribute to the demand for inflatable marine life rafts over the next few years. Recreational sea sports are a growing trend across countries. For instance, the Great Barrier Reef, in Australia, is an attractive location for snorkeling and scuba diving.
According to the report, one of the major drivers for this market is the growth in sea borne trade. The seaborne trade has been growing gradually compared with the past decade and this is expected to drive the demand for more shipbuilding propelling demand for inflatable marine life rafts which is one of the necessary safety equipment on a ship. The seaborne trade contributes hugely in economic expansion and economic growth of countries and their respective regions. The rise in economy of any region will enhance the global economy which will witness in increasing seaborne trade.
Further, the report states that one of the major factors hindering the growth of this market is the collapse of shipbuilding industry in China. There has been a downtrend in the shipbuilding industry in China since 2016. The fact that shipbuilding companies in country are refraining from taking new orders is one of the major reasons for the downtrend. Approximately, 60% of shipbuilding enterprises took no new orders in China in 2016. Some of the large shipbuilding enterprises, including Jiangsu Rongsheng, Shuntian Shipbuilding, Nantong Mingde, Zhejiang Zhenghe, and Zhejiang Shipbuilding, were dramatically influenced and even encountered bankruptcy.