Marine Adhesives Market: About the Report
The ship building sector has seen substantial growth over the past years, and this trend is projected to continue in times ahead as well. Marine adhesives are widely used in ship construction, and also in the making/repairing of water vessels such as boats, cruise vessels, yachts, and the like. Fact.MR’s report also talks about why the polyurethane resin type of marine adhesives are more sought-after across regions. Over the next decade, Asia Pacific will lead the growth of the global marine adhesives market, due to a booming ship building industry, followed by Europe and North America.
Marine Adhesives Market Overview
Marine adhesives are a blend that obstruct the flow of fluids between joined surfaces or openings in materials. These adhesives are employed in glass bonding, decorative applications, and in the construction of yachts and inflatable boats for military or leisure use.
Increasing replacement of traditional methods with marine adhesives is a key factor driving the expansion of the global marine adhesives market size. Owing to their high durability and good flexibility, they are easy to use, which makes them more favored over traditional methods.
Shipbuilding requires high-performance marine adhesives for product quality. As a result, demand for marine adhesives has grown significantly in this sector in the last few years. Marine adhesives are also used to provide security, stability, and ability to water vessels. Moreover, governments of both, emerging and developed countries are consistently proposing initiatives to promote port-led trade. According to Fact.MR, this is forecast to play an essential role in the growth of the marine adhesives market over the coming years.
Harmful Emissions & Regulatory Policies Hampering Market Progress
Adhesives, including marine adhesives, emit volatile organic compounds (VOCs). VOCs contribute to the formation of ozone, which protects the planet from harmful UV rays. Its ground-level, in contrast, is hazardous to the environment. Besides, it also has a negative impact on marine life. Hence, VOC emissions by these adhesives are hampering the growth of the marine adhesives market. Rising regulatory policies, as a result of growing environmental concerns, are further posing challenges to the market.
Regional Outlook of Marine Adhesives Market
Asia Pacific is forecast to account for a lions' marine adhesives market share. Growth witnessed in the region is attributable to large-scale usage of the product, owing to increasing government initiatives for establishing port-led trade. In addition to this, increasing concerns regarding marine life conservation in the region is creating lucrative opportunities for the players operating in the market. For instance, the Marine Conservation Project in China aims at protecting the marine life of the country. Such projects are likely to fuel demand and production of eco-friendly marine adhesives in the region. Besides, economies such as Taiwan, China, Vietnam, South Korea, the Philippines, and Japan are some of the major manufacturers of ships and water boats. This is further posing a positive impact on the overall growth of the marine adhesives market in Asia Pacific.
Europe is also an attractive market for marine adhesives. Stringent regulatory norms by the European Union (EU) and REACH on product requirements and their usage account for enhanced product demand in Europe. Besides, increasing focus of governments on tourism is encouraging the production of yachts and cruise ships, which, in turn, is augmenting demand for marine adhesives.
Besides Asia Pacific and Europe, North America accounts for a sizeable share of the global marine adhesives market. According to Fact.MR, shifting trend towards sustainable products, technological advancements, and increasing R&D initiatives are forecast to drive the marine adhesives market in the region. Furthermore, expansion of manufacturing capacity, competitive production costs, and several strategic developments in this industry are fostering market growth.
Marine Adhesives Market Insights by Resin
Based on resin, the polyurethane segment is projected to observe the highest growth in the global marine adhesives through the forecast period. Growth witnessed in the segment is attributable to rising use of polyurethane adhesives in deck to hull bonding, general-purpose bonding, above and below the waterline, and glass window bonding. Besides a range of applications, factors such as manufacturers' production feasibility and price points are improving the product stance in the marine adhesives market.
Marine Adhesives Market Insights by Vessel Type
Based on vessel type, the boats segment is projected to witness a surge during the forecast period. With rising disposable income and increasing spending on recreational and leisure activities, the population in many countries across the globe is expected to engage in recreational boating activities. This, in turn, will create numerous growth opportunities for the segment. Furthermore, coastal and maritime tourism is anticipated to significantly aid the growth of the boats segment in marine adhesives market in North America and Europe.
Marine Adhesives Market Insights by Application
Based on application, the above the waterline segment is projected to witness rise in demand. Excellent gap filling capability of marine adhesives along with the ability to be painted over and sanded easily are key factors responsible for the growth of the segment. Besides the above the waterline segment, the window sealing segment is forecast to grow at a significant rate over the coming years.
Marine Adhesives Market: Competitive Landscape
The global marine adhesives market is extremely competitive in nature, owing to the presence of small as well as multinational players operating on regional and global levels. Increasing trend of development of sustainable and environment-friendly products is creating lucrative opportunities for players in the market. This has also led manufacturers to engage in R&D activities. Furthermore, manufacturers are also adopting key market strategies such as mergers and acquisitions to expand their product portfolios.
Some of the key players operating in the industry include SABA, Dow Corning Corporation, 3M, Bostik, Henkel AG & Company, Adshead Ratcliffe & Co, Sika, and Bostik among others.
The Analyst’s Viewpoint
"The marine adhesives market will gain significantly from growing interest of the population in recreational boating activities. Furthermore, rise in R&D activities for the production of environment-friendly products will create major growth opportunities for the market."
COVID-19 Impact on Marine Adhesives Market
The global marine adhesives market has slowed down owing to decrease in demand due to the COVID-19 outbreak. Restrictions imposed by governments to contain the spread of COVID-19 have posed a negative impact on the market.
Raw material is a fundamental part of manufacturing activities in this space. Owing to constraints on travel and transportation, manufacturers have suffered a shortage of raw material. This, in turn, led to the shutdown of manufacturing activities. Besides, disruption of the supply chain and fluctuations in taxes and currencies have further triggered the situation.
However, as time goes by, with a rise in production activities across the industry, a positive effect for the marine adhesive market is set to be observed.
Marine Adhesives Market - Scope of the Report
A recent study by Fact.MR on the marine adhesives market offers a 10-year forecast for 2020 to 2030. The study analyzes crucial trends that are currently determining the growth of the marine adhesives market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders. The study also provides the dynamics that are responsible for influencing the future status of the marine adhesives market over the forecast period.
A detailed assessment of marine adhesives value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the marine adhesives market along with their product portfolios enhances the reliability of this comprehensive research study.
Marine Adhesives Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the marine adhesives market across the globe.
A comprehensive estimate on the marine adhesives market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of marine adhesives during the forecast period. Price point comparison by region with global average price is also considered in the study.
Marine Adhesives Market: Segmentation
Fact.MR has studied the marine adhesives market with detailed segmentation on the basis of by resin, application, vessel type, and key region.
Key Questions Answered in Fact.MR’s Marine Adhesives Market Report
- Which regions will continue to remain the most profitable regional markets for marine adhesives market players?
- Which factors will induce a change in the demand for marine adhesives during the assessment period?
- How will changing trends impact the marine adhesives market?
- How can market players capture the low-hanging opportunities in the marine adhesives market in developed regions?
- Which companies are leading the marine adhesives market?
- What are the winning strategies of stakeholders in the marine adhesives market to upscale their position in this landscape?
Marine Adhesives Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the marine adhesives market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of marine adhesives market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the marine adhesives market report as a primary resource.
Marine Adhesives Market: Analysis on Market Size Evaluation
The marine adhesives market has been analyzed for each market segment in terms of value (US$ Mn).
Market estimates at global and regional levels for marine adhesives are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent marine adhesives market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global marine adhesives market.
Marine Adhesives Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the marine adhesives market report, which have helped deliver projections on regional markets. These chapters include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the marine adhesives market during the forecast period.
Country-specific valuation on demand for marine adhesives has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
Marine Adhesives Market: In-depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of marine adhesives, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of marine adhesives has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolio and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status and predicting the competition level in the marine adhesives market. Prominent companies operating in the global marine adhesives market include SABA, Dow Corning Corporation, 3M, Bostik, Henkel AG & Company, Adshead Ratcliffe & Co, Sika, and Bostik, among others.
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