A marine propeller is a type of fan like rotating arrangement used to drive a ship. Pressure is created between the forward and rear surfaces of the airfoil shaped blade and a fluid (i.e., water) is accelerated behind the blade. The market was USD 4.51 billion in 2018 and is estimated to reach USD 5.36 billion by 2025 at a CAGR of 2.49% during the forecast period
Growth by Region
Asia Pacific will have the largest market in global marine propeller which is driven by the demand for new shipbuilding activities, due to which it may witness high CAGR growth. North America, Europe and Asia Pacific are expected to hold over half of the market share.
Drivers vs. Constraints
The market is mainly driven by the growth in international seaborne trade, maritime tourism and significant growth in shipbuilding industry. Increasing production and sales of ships globally and the rising demand for crude oil are other important drivers of the industry.
On the other hand, factors such as volatile prices of raw materials and huge capital investments for setting up new factories are affecting the market growth.
Industry Trends and Updates
The acquisition of fuel distributor Conquest Oil Company by Oil NRG, parent company of Propeller Fuels, will boost the UK bunker firm’s capability to supply marine distillates across the UK
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