Marine Adhesives Market
Marine Adhesives Market Analysis By Resin (Epoxy, Polyurethane, Acrylic), By Substrate (Metals, Composites, Plastics), By Vessel (Cargo, Passenger Ship, Boat), By Application & By Region - Global Market Insights 2023 to 2033
Analysis of Marine Adhesives Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Marine Adhesives Market Growth Outlook (2023 to 2033)
The global marine adhesives market is estimated to be valued at US$ 3.3 billion in 2023 and it is expected to grow at a CAGR of 5.2% to reach US$ 5.4 billion by the end of 2033.
Marine adhesive provides high bond strength between materials, elasticity, and strength against UV rays. Marine adhesives have the ability to absorb vibration and its impact.
The high compatibility with paints is achieved with the help of marine adhesives which creates a high demand for marine adhesives in the manufacturing of ships, submarines, boats, and vessels, among others.
Estimated Market Value (2023E)
US$ 3.3 Billion
Forecasted Market Value (2033F)
US$ 5.4 Billion
Global Market Growth Rate (2023–2033)
North America Market Share (2023)
East Asia Market Growth Rate (2023–2033)
Europe Market Growth Rate (2023–2033)
Key Companies Profiled
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Historic and Future Path for Marine Adhesives Market
Marine adhesives are special adhesives that are highly effective in environments involving water and moisture. Marine adhesives are widely utilized in the manufacturing or repair works of water vessels such as commercial boats, leisure boats, cruise, ships, and ferry boats.
Marine adhesives are highly responsible for providing durability, stability, weather resistance, and strength to bonds between the wood and artificial decks, windows, and inflatables. Marine adhesives are also useful in bonding gears to shafts, repairing or replacing spun bearings, bonding bushing, and sealing & gasketing gearbox housing.
- Short Term (2023–2026): Rising investment in the marine industry by numerous governing bodies is likely to have a positive impact on the growth of the marine adhesives market.
- Medium Term (2026–2029): Increasing the replacement rate of traditional bonding methods used during ship or vessel manufacturing with marine adhesives is considered the key factor for the growth of the marine adhesives market.
- Long Term (2029–2033): Efforts by market players to remain competitive in the market and investment in research and development to uncover new areas of application are likely to drive the marine adhesives market during the projection period.
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Market Dynamics Overview
“Growing Ship-building to Drive Marine Adhesives Market”
With the growing initiatives by the government of both developed as well as developing economies to strengthen their military power on land and in water. The government is investing a surplus in shipbuilding, patrolling boats, submarines, and others. On the back of this, the global fleet count of ships expanded from 4,966 ships in 2011 to 5,589 ships in 2022.
Also, in order to develop the tours and travel industry government-owned cruise ships are gaining traction. In light of such factors, the demand for water vessels is likely to increase during the forecast period. Owing to this the demand for marine adhesives will increase, in order to keep vessels intact and make them durable and water corrosion-resistant.
“Government Regulation to Hamper the Marine Adhesive Market”
Some marine adhesives emit volatile organic compounds (VOCs). These are some of the compounds that have high vapor pressure and low water solubility. VOCs react with other gases present in the air and form air pollutants that are considered harmful to the environment. Also, it can have a negative impact on marine life as well.
Increasing government regulation on the use of adhesives emitting VOCs is likely to have a negative impact on the growth of the marine adhesive market.
The resins such as epoxy are considered toxic to the marine ecosystem and can lead to water pollution. It also has negative health effects such as skin irritation, eye, and nose infection, and others. The toxicity associated with epoxy adhesives can have a negative impact on the growth of the marine adhesives market in the coming years.
Why the USA Projects High Demand for Marine Adhesives?
USA marine adhesive market is anticipated to grow at a CAGR of 5.3% during the forecast period. An increasing number of recreational activities is anticipated to create high demand for marine vessels. Also, people opt for small boats and cruises for family holidays, water sports, and others, such activities create high demand for water vehicles for which marine adhesives are used during manufacturing, repairing, and maintenance is likely to drive the marine adhesives market.
Boaters across the country are finding ways to spend time on the water. This is projected to increase the demand for small ships, boats, cruises, and yachts. Retail unit sales of new powerboats in the USA have crossed the market of 300 thousand units in 2019, and the count is still rising, which is the second-highest total since 2007.
Why China is Emerging as a Lucrative Market for Marine Adhesives?
China’s marine adhesives market is anticipated to grow at a CAGR of 5.4% between 2023-2033. China’s economic growth is highly dependent on the marine industry. Increasing demand for shipbuilding in China for logistics or transportation purposes is likely to create high demand for marine adhesives in the coming years.
Furthermore, marine conservation projects in China aim to protect marine life. Such projects are likely to fuel the demand and production of eco-friendly marine adhesives in China.
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Which Resin Type is Expected to Capture the Highest Market Share?
Polyurethane adhesives are likely to capture over 50.0% of the market share under the resin type in 2023. Polyurethane is the most common resin type used in the marine industry. Polyurethane adhesives are widely used in deck-to-hull bonding, general-purpose bonding, above and below-waterline bonding, and glass window bonding.
Polyurethane adhesives create powerful bonds due to their high tensile strength, and it is not easy to pull apart it, they need to be disassembled. Due to this polyurethane finds high demand in deck bonding and joints by offering strong and permanent bonding strength.
Which Vessel Type Drives Marine Adhesives Market?
Based on the vessel type, the boat segment is projected to witness high demand during the forecast period. With rising disposable income and increasing recreational and leisure activities, developed as well as developing countries are anticipated to drive high demand for boats. This is projected to create high demand for marine adhesives for manufacturers’ boats to meet the growing demand.
In addition, coastal and maritime tourism is anticipated to significantly aid the growth of the boat segment in the North American and European regions. These factors are anticipated to create high demand for new boat manufacturing throughout the forecast period.
Market Titans Key Strategies
Marine adhesive’s prominent players are Henkel, 3M, Sika, ITW, Huntsman, H.B. Fuller, Ashland, and Bostik LORD Corporation.
The marine adhesive market is highly fragmented. Companies are focusing on increasing production capacity to meet the growing demand from various countries due to increasing water sports and recreational activities. For instance, in December 2022, Henkel a global leader in adhesives and sealants increased its production capacity in North Carolina. This is likely to create immense growth opportunities for the marine adhesives market.
Fact.MR has provided detailed information about the price points of key manufacturers of marine adhesives positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Marine Adhesives Industry Research
- Passenger Ship
- Deck System
- Glazing Deck System
- Panel Bonding
- Carpe Adhesives
- Wood Adhesives
- Construction Adhesives
- Vinyl Adhesives
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
The global marine adhesives market is estimated to be valued at US$ 3.3 billion in 2023.
During 2023-2033, the consumption of marine adhesives is estimated to increase at 5.2% CAGR.
The North American market is estimated to capture over 1/4th of the market share.
Deck system application to hold maximum market share in the marine adhesive market.
Marine adhesives going to register a growth rate of 4.9% in Europe during the forecast period 2023–2033.
Henkel, 3M, Sika, ITW, Huntsman, H.B. Fuller, Ashland, Bostik, and LORD Corporation are some of the prominent players in the marine adhesives market.