Marine Life Raft Market 2025 Insights Key Trends USD 2.03 Billion Forecast and Innovations Driving Growth

Marine Life Raft Market Size, Trends, Share and Innovations

The marine life raft market is anticipated to grow from USD 1,371.32 million in 2025 to USD 2,032.30 million by 2034, with a compound annual growth rate (CAGR) of 4.54% during the forecast period from 2025 to 2034.

The growing awareness of maritime accidents coupled with rapid expansion of commercial shipping activities has driven the market growth. Additionally, the rising investment by market players to open up new production facilities along with numerous government initiatives aimed at enhancing maritime safety is playing a vital role in shaping the industrial landscape. The increasing use of biodegradable materials for manufacturing life raft is expected to create ample growth opportunities for the market players in the future.

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Introduction

The marine life raft market is an integral branch of the marine industry. This industry deals in development and distribution of inflatable vessels in different parts of the world. There are different types of life raft developed in this sector comprising of inflatable life rafts and rigid life rafts. These rafts come with a carrying capacity ranging from 6 persons to over 20 persons. It is manufactured using various type of materials consisting of PVC, Hypalon, neoprene and some others. The application of these vessels consists of commercial shipping, passenger shipping, offshore oil and gas, yachting and leisure, fishing vessels and some others. This market is expected to rise significantly with the growth of the shipbuilding sector across the globe.

Highlights of the Marine life Raft Market

• North America generated highest revenue of the marine life raft market.
• Asia Pacific is expected to rise with a significant CAGR during the forecast period.
• By type, the inflatable life rafts segment led the market.
• By type, the rigid life rafts segment is expected to rise with a considerable CAGR during the forecast period.
• By material, the PVC segment held the largest share of the market.
• By material, the hypalon segment is expected to grow with a notable CAGR during the forecast period.
• By application, the commercial shipping segment dominated the industry.
• By application, the oil and gas segment is expected to grow with a significant CAGR during the forecast period.

What are the Trends of the Marine life Raft Market in 2025?

The major trends in this market consists of partnerships, business expansions and rising cases of ship accidents.

Partnerships

• Numerous ship manufacturers are partnering with life raft companies to develop high-quality vessels for enhancing maritime safety.

Business Expansions

• Various market players are investing heavily for opening new manufacturing plants to increase the production of marine life rafts.

Rising Cases of Ship Accidents

• The rising cases of cruise accidents has increased the demand for marine life raft for protecting passengers during emergency situations.

Type Insights

How did the Inflatable Life Rafts Segment Led the Marine Life Raft Market in 2025?

The inflatable life rafts segment dominated the market. The increasing use of portable boats in large ships to protect passengers during any maritime disaster has driven the market expansion. Additionally, these rafts are equipped with several features such as canopies for weather protection, emergency supplies, and self-righting mechanisms, thereby driving the growth of the marine life raft market.

The rigid life rafts segment is expected to expand with a considerable CAGR during the forecast period. The growing adoption of foam-based life rafts in passenger ferries to provide buoyancy and stability has boosted the market growth. Moreover, numerous advantages of rigid life rafts including enhanced durability, high stability, long-term reliability and some others is expected to boost the growth of the marine life raft market.

Material Insights

What Made the PVC to be the Most Dominant Segment of the Marine Life Raft Market in 2025?

The PVC segment led the market. The increasing use of PVC materials for manufacturing high-quality life rafts has boosted the market expansion. Additionally, various benefits of PVC-based life rafts such as enhanced longevity, superior versatility, high recyclability, flame retardant capability and some others is expected to drive the growth of the marine life raft market.

The hypalon segment is expected to rise with a notable CAGR during the forecast period. The growing use of hypalon for producing highly durable life raft is playing a vital role in shaping the industrial landscape. Moreover, numerous advantages of hypalon-based life rafts including high longevity, superior UV resistance capacity, better abrasion resistance and some others is expected to boost the growth of the marine life raft market.

Application Insights

Why did the Commercial Shipping to be the Most Dominant Segment of the Marine Life Raft Market in 2025?

The commercial shipping segment held the largest share of the industry. The growing use of life rafts in commercial ships for providing additional safety to workers has driven the market expansion. Additionally, rapid investment by e-commerce sector and logistics companies to deploy high-quality marine life rafts in their vessels is expected to foster the growth of the marine life raft market.

The oil and gas segment is expected to rise with a significant CAGR during the forecast period. The rising investment by government of several countries for developing the oil and gas industry has boosted the market growth. Moreover, the integration of advanced life rafts in petrochemical vessels to help workmen during emergency is expected to boost the growth of the marine life raft market.

Geographical Insights

Why North America Dominated the Marine Life Raft Market in 2025?

North America dominated the marine life raft market. The increasing adoption of luxury cruises by passengers to travel long distances has boosted the market expansion. Additionally, rising cases of ship accidents coupled with numerous government initiatives aimed at enhancing maritime safety is playing a vital role in shaping the industrial landscape. Moreover, the presence of several market players such as Safe Marine, Revere Survival Products, West Marine Pro, Winslow and some others is expected to boost the growth of the marine life raft market in this region. 

• In April 2025, West Marine Pro launched a new mobile app. This app is designed for ordering marine parts across the U.S.

Asia Pacific is expected to grow with a significant CAGR during the forecast period. The rising commercial shipping activities in different nations such as India, China, Japan, South Korea and some others has driven the market growth. Additionally, technological advancements in the shipbuilding sector coupled with increasing consumer awareness to adopt passenger ferries for traveling from one country to another is contributing to the industry in a positive manner. Moreover, the presence of various market players such as Fujikura Composites, SCH Life Raft, Ningbo Asian F.R.P Manufacturing and some others is expected to propel the growth of the marine life raft market in this region.

• In January 2025, ASK Ningbo announced to open a new manufacturing plant in Zhejiang Province, China. This new production facility is inaugurated to increase the production of life rafts for the consumers of the APAC region.

Industry Leader Announcement

• In June 2025, Stavros Lalizas, the Founder & CEO of Laliza made an announcement stating that, “This acquisition is a testament to Lalizas’ global strength – not just as a manufacturer of safety equipment, but as a trusted partner known for empowering companies, transforming them into even more successful and profitable businesses, while always respecting their roots and people."

Competitive Landscape

The marine life raft market is a highly competitive industry with the presence of several dominating players. Some of the prominent companies in this industry consists of RFD Beaufort Ltd., AirCruiser, HanseLiferaft, Ocean Safety, Survitec, Survival Products, Viking LifeSaving Equipment, Mizuno Corporation, Fortress Rescue, Eurovinil, Revere Survival Products, Zodiac Milpro, Plastimo, Safe Marine, Canor Plass, West Marine Products and some others. These companies are constantly engaged in developing evacuation craft and adopting numerous strategies such as launches, business expansions, partnerships, collaborations, acquisitions, joint ventures and some others to maintain their dominance in this industry.

• According to the annual report of Mizuno Corporation, the revenue of the company in 2023 was around 229.7 billion JPY that increased to 240.3 billion JPY in 2024.

Recent Developments

• In May 2025, Survitec announced to open a new manufacturing plant in UAE. This manufacturing facility is inaugurated to enhance the production of liferaft in this nation.
• In July 2024, Ocean Safety launched the Jon Buoy Recovery Module MK 6 Valise. This system consists of several features including tailored buoyancy design, boarding assistance, integrated water stability system, lifting harness and some others.

Top Marine Life Raft Market Players

• Survival Products
• Viking Life-saving Equipment
• Ocean Safety
• AirCruiser
• HanseLiferaft
• Fortress Rescue
• Eurovinil
• Revere Survival Products
• Zodiac Milpro
• Plastimo
• Safe Marine
• Canor Plass
• West Marine Products
• Survitec
• RFD Beaufort Ltd.

Marine Life Raft Market Segments

By Type

• Inflatable Life Rafts
• Rigid Life Rafts

By Capacity

• Up to 6 Persons
• Up to 12 Persons
• Up to 20 Persons
• Over 20 Persons

By Application

• Commercial Shipping
• Passenger Shipping
• Offshore Oil and Gas
• Yachting and Leisure
• Fishing Vessels

By Material

• PVC
• Hypalon
• Neoprene

By Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific
• The Middle East and Africa