Saudi Arabia Lifebuoy Rings Market (2022-2028) | Revenue, Size, Share, Growth, Industry, Outlook, Forecast, Analysis, Trends, Value, Segmentation & COVID-19 IMPACT

Saudi Arabia Lifebuoy Rings Market Synopsis

The Saudi Arabia Lifebuoy Rings Market is expected to grow during the forecast period. This growth can be attributed to increased maritime traffic, as well as the increasing awareness about the importance of using lifesaving products during emergencies. Moreover, there is increased maritime trade in the Middle East due to the growth of economies and navies in the region. However, this increase has led to an increase in accidents and deaths at sea. This has resulted in an increasing demand for lifesaving products such as lifebuoys.

According to 6Wresearch, the Saudi Arabia Lifebuoy Rings Market size is expected to grow during 2022-2028. These rings help in rescuing people from drowning or getting caught in shallow water and offer a sense of security to those who use them. The Saudi Arabia Lifebuoy Rings Market has been experiencing a slowdown in recent years due to the worsening regional economy. There is a definite need for lifesaving products, such as lifebuoys, in the region, however this demand may not be met by existing suppliers.

However, the safety conscious populace in Saudi Arabia has a growing demand for lifesaving accessories and products. This growth is owing to the increasing incidence of maritime accidents, which are proving to be fatal for many people in the country.

Drivers in the Saudi Arabia Lifebuoy Rings Market

The Saudi Arabia Lifebuoy Rings Market growth can be attributed to increasing awareness among consumers about the importance of personal safety and health, as well as an increase in the number of accidents and natural disasters.

The Saudi Arabia Lifebuoy Rings Market revenue is mainly driven by the increasing awareness about the benefits of these rings among consumers. These rings are used to detect drowning and other aquatic emergencies in children. The market is also witnessing a rise in demand from parents who want to always keep track of their children’s whereabouts.

The growth can also be attributed to factors such as increasing awareness about the importance of preventing drowning and the launch of innovative lifebuoy rings products.

Restraints in the Saudi Arabia Lifebuoy Rings Market

Export restrictions are the main constraint on the growth of the Saudi Arabia Lifebuoy Rings Market. The country has limited capacity to produce lifebuoys, which has led to a restriction on exports. The government has approved only a limited number of exports each year and these have been targeted at specific markets. In addition, export tariffs apply to lifebuoys manufactured in Saudi Arabia, which makes them expensive for buyers in other countries. As a result, the Saudi Arabia Lifebuoy Rings Market is expected to grow slowly over the next few years.

High import costs are also restraining the growth of the Saudi Arabia Lifebuoy Rings Market. Lifebuoys are imported into the country mainly from China and Taiwan, which account for most of the imports. Imports are expensive due to heavy taxes that are levied on these products. This makes it difficult for small businesses to compete with larger companies that can afford higher import prices. In addition, there is also a shortage of raw material due to restrictions imposed by regulatory authorities on suppliers from other countries. This problem is expected to persist until more suppliers from different parts of the world are allowed into the market.

Impact of COVID-19 on the Lifebuoy Rings Market

The COVID-19 pandemic has created a ripple effect on the Global lifebuoy rings market. Several manufacturers have either announced or implemented measures to safeguard their product portfolio against the virus. The impact of this event on consumers is vast, as they are now reluctant to purchase Lifebuoy rings.

Some affiliates have reported that sales of Lifebuoy rings have decreased. Additionally, offline retailers have also seen a decline in business due to the inconvenience caused by COVID-19. 

On the other hand, governments and health organizations across the globe are investing in research and development to find new ways to prevent and combat this virus. This investment is expected to create opportunities for the lifebuoy rings market in the long term.

Market Analysis based on Raw Material

Based on Raw Material, Nylon is the most used raw material for making lifebuoy rings owing to its strong properties and low price. Foam is also widely used in this market owing to its low cost and light weight nature. Plastic, on the other hand, is gaining prominence due to its high durability and resistance against corrosion.

Impact of Regulations on the Saudi Arabia Lifebuoy Rings Market

For years, the Saudi Arabia Lifebuoy Rings Market has been witnessing an increase in demand from regional customers. This is mainly because of increasing awareness about the importance of wearing lifebuoys. The Regulations on the Import and Export of Hazardous Chemicals and Wastes (2008) also played a significant role in boosting the growth of this market. 

The Regulations on the Import and Export of Hazardous Chemicals and Wastes (2008) imposed restrictions on the import and export of hazardous chemicals, which led to increased demand for lifebuoys made out of non-toxic materials. Moreover, this legislation also mandated that all coastal countries must create a national system for managing chemical waste. As a result, manufacturers started producing lifebuoys out of biodegradable materials such as bamboo, jute, and coir.

In addition to regional demand, the Saudi Arabia Lifebuoy Rings Market is also attracting tourists who are interested in buying these products to use during their travels. Moreover, many online retailers are selling these products at lower prices than traditional stores due to increased competition from online retailing platforms. However, stringent government regulations governing environmental safety may hamper the growth of this market in the near future.

Competitive Landscape for the Saudi Arabia Lifebuoy Rings Market

The companies are focusing on developing new products and services for the Saudi Arabia lifebuoy rings market share. Some of these products include life jackets with embedded sensors that send alerts to emergency responders if a user falls overboard, personal flotation devices (PFDs) with LED lights that make it easier for rescuers to find stricken sailors at night, and waterproof audio-visual systems that allow passengers on vessels to watch movies or listen to music while they are waiting to be rescued.

The domestic market is projected to be larger in terms of value, owing to the higher population density and the presence of large industry players. The international market is expected to grow at a faster rate, owing to the increasing investments in the offshore sector.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2018 to 2021.
• Base Year: 2021.
• Forecast Data until 2028.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Saudi Arabia Lifebuoy Rings Market Outlook
• Market Size of Saudi Arabia Lifebuoy Rings Market, 2021
• Forecast of Saudi Arabia Lifebuoy Rings Market, 2028
• Historical Data and Forecast of Saudi Arabia Lifebuoy Rings Revenues & Volume for the Period 2018 - 2028
• Saudi Arabia Lifebuoy Rings Market Trend Evolution
• Saudi Arabia Lifebuoy Rings Market Drivers and Challenges
• Saudi Arabia Lifebuoy Rings Price Trends
• Saudi Arabia Lifebuoy Rings Porter's Five Forces
• Saudi Arabia Lifebuoy Rings Industry Life Cycle
• Historical Data and Forecast of Saudi Arabia Lifebuoy Rings Market Revenues & Volume By Product Type for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Lifebuoy Rings Market Revenues & Volume By Inherently Buoyant for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Lifebuoy Rings Market Revenues & Volume By Inflatable for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Lifebuoy Rings Market Revenues & Volume By Raw Material for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Lifebuoy Rings Market Revenues & Volume By Nylon for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Lifebuoy Rings Market Revenues & Volume By Foam for the Period 2018 - 2028
• Historical Data and Forecast of Saudi Arabia Lifebuoy Rings Market Revenues & Volume By Plastic for the Period 2018 - 2028
• Saudi Arabia Lifebuoy Rings Import Export Trade Statistics
• Market Opportunity Assessment By Product Type
• Market Opportunity Assessment By Raw Material
• Saudi Arabia Lifebuoy Rings Top Companies Market Share
• Saudi Arabia Lifebuoy Rings Competitive Benchmarking By Technical and Operational Parameters
• Saudi Arabia Lifebuoy Rings Company Profiles
• Saudi Arabia Lifebuoy Rings Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product Type

• Inherently Buoyant
• Inflatable

By Raw Material

• Nylon
• Foam
• Plastic

Saudi Arabia Lifebuoy Rings Market: FAQs