Demand for Marine Polyurethane Adhesives to Remain High through 2031, States Fact.MR
Published : 13 Aug 2021 Industry: Chemical & Materials
As per Fact.MR - a market research and competitive intelligence provider, the global marine adhesives market is expected to grow 1.5X in value by 2031.
Marine adhesives display higher bonding strength, elasticity, greater absorption of vibrations and impact, strong affinity with paints, and resistance to UV rays. These factors, along with their high compatibility with environmental factors such as exposure to moisture and water, make these adhesives a viable option for varied uses in the marine industry.
Marine adhesives are extensively used in the construction and repair of naval vessels such as commercial boats, cruise ships, yachts, leisure boats, and ferries. They are also used to enhance the durability, strength, stability, and water resistance of bonds in decks, windows, portholes, spider hulls, and inflatables.
Rising use of marine adhesives to bond the metal, composite, and plastic components of water vessels is expected to propel market growth over the coming years.
Key Takeaways from Market Study
- Current market valuation of marine adhesives stands at US$ 323 Mn.
- Demand for marine polyurethane adhesives to remain high across assessment period.
- Market in Asia Pacific expected to amass a major share due to low production cost, better marine vessel manufacturing facilities, and increasing naval bases in the region.
- Marine adhesives can be used only within specific temperatures, causing major restrictions in their applicability.
- Demand in China to expand at CAGR of 6% across analysis period.
“Consumption of marine adhesives to witness significant growth due to increasing application in water vessels over coming years,” says a Fact.MR analyst.
Major Players are focused on creating marine adhesives that offer better strength and efficiency. They are working on innovating and developing adhesives that can be used in varying temperature ranges.
Increased spending on leisure activities has contributed to the growth of the marine sector, which is directly aiding market expansion. Popularity of underwater sports has increased opportunities for players due to rising equipment innovations. Players are now focused on launching innovative and advanced products.
Some of the key players in the global market are Engineered Bonding Solutions, Henkel, 3M, Sika, ITW, Ashland, LORD Corporation, Scott Bader, Permabond, Bostik, H. B. Fuller, Huntsman, Anabond, Gurit, Master Bond, Hernon Manufacturing, Parson Adhesives, Chemique Adhesives & Sealants, MAPEI, and Gougeon Brothers.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the marine adhesives market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of resin (epoxy, polyurethane, and acrylic), substrate (metals, composites, and plastics), vessel (cargo ships, passenger ships, and boats), and application (deck systems, glazing deck systems, panel bonding, carpets, wood, construction, and vinyl), across major regions of the world (North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa).