[Edaily Reporter Kim Se-yeon ] As the construction slump drags on, the furniture and building materials industries are turning their attention to the shipbuilding market. They appear to be focusing on the shipbuilding sector—which requires higher technical expertise than other business areas such as construction—in an effort to secure new growth engines.

According to the small and medium-sized enterprise sector on the 15th, companies such as HYUNDAILIVART(079430), KCC Corporation(002380), and LX HAUSYS, LTD.(108670) are accelerating the diversification of their portfolios by strengthening their competitiveness in related businesses, including marine furniture, paint, and flooring materials. This is interpreted as a strategy to reduce dependence on the construction sector—which has been in a slump for several years—and to capitalize on the boom in the shipbuilding industry.
HYUNDAILIVART, a leading domestic furniture manufacturer, has recently been cultivating its marine furniture business as one of its future growth engines. Last year, sales from the marine furniture business reached approximately 30 billion won, setting a record high. Compared to 2022, the business has doubled in size in just three years. In particular, growth has accelerated as the company has expanded its business scope beyond simply supplying furniture to offering “comprehensive interior solutions” that involve designing and constructing the entire interior space of a vessel.
Demand for interior design in cabins and common areas is steadily increasing not only on cruise ships but also on general merchant vessels. According to HYUNDAILIVART, there is a growing trend toward creating and improving welfare facilities to attract crew members. In fact, the company recently signed a contract with a domestic shipyard in Geoje, South Gyeongsang Province, to supply ship furniture and interior design services for crew welfare facilities on container ships. Under this contract, HYUNDAILIVART will design the interiors of crew welfare spaces—including cabins, community lounges, restaurants, movie theaters, and gyms—on 13 container ships, each measuring 399.98 meters in length and 61 meters in width (equivalent to the size of four soccer fields), and will supply and install custom-made ship furniture. In addition, the company secures contracts to supply interiors and furniture for approximately 60 ships annually.
HYUNDAILIVART established a “Design Lab” last year to enhance its comprehensive interior design capabilities. This organization is designed to strengthen the company’s ability to provide customized designs by holistically reviewing furniture, finishing materials, and spatial design. Building on these capabilities, the company plans to focus intensively on the ship interior business.
The market for marine materials is generally considered to have higher barriers to entry than that for general construction materials. This is because the materials must maintain their performance even under harsh conditions, such as salt content in seawater, strong ultraviolet rays, extreme temperature fluctuations, and vibrations. Since durability, flame resistance, lightweight design, and eco-friendliness must all be ensured simultaneously, continuous research and development is essential. In other words, while the barriers to entry are high, once a company breaks into the market, business is stable and profitability is relatively good.
KCC Corporation, South Korea’s leading paint manufacturer, has also recently recognized these advantages and is maintaining its competitive edge in this sector by promoting its proprietary marine paints. Marine paints not only protect ship hulls from corrosion and contamination but are also considered a key material directly linked to fuel efficiency.
Lee Jin-myung, an analyst at Shinhan Investment Securities, commented on KCC Corporation, stating, “Stable profits are expected based on a high-value-added portfolio centered on automotive and marine coatings,” and added, “Demand for marine coatings continues to grow due to the boom in the shipbuilding industry and the expansion of eco-friendly ships.”
LX HAUSYS, LTD. is also steadily maintaining its portfolio of industrial products, such as marine flooring and interior films. Flooring and surface finishes applied to ship interiors are considered a product category where technological competitiveness is crucial, as they must simultaneously offer wear resistance, flame retardancy, and high design quality.
An industry official remarked, “As the shipbuilding boom continues, companies are managing to weather difficult circumstances—such as the construction industry slump—to some extent through related businesses,” adding, “Expanding the share of high-performance products (such as marine product lines) could be even more advantageous in terms of operating profit.”