Fact.MR’s industry analysis reveals that the global marine adhesives market was valued at US$ 323 Mn in 2020, and is projected to accelerate at a CAGR of 5% across the assessment period of 2021 to 2031.
Demand for marine adhesives from the marine industry has substantial increased over the past years, and this trend is projected to continue over the years 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, and yachts.
Key Points Covered in Marine Adhesives Market Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise and Region-wise Analysis
- Competition Mapping and Benchmarking
- Assessment by Product Grade / Purity / Formulation Standards
- Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
- Certifications and Compliance Requirements
- Market Share Analysis
- COVID-19 Impact on Marine Adhesive Demand and How to Navigate
- Recommendation on Key Winning Strategies
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Consumption Analysis of Marine Adhesives from 2016 - 2020 Vs Market Outlook for 2021 - 2031
As per Fact.MR - a market research and competitive intelligence provider, the marine adhesives market size was estimated at US$ 255 Mn in 2016, and is projected to reach US$ 500 Mn by 2031.
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 binding methods with marine adhesives is a key factor driving the expansion of the global market size. Marine adhesives possess high durability and good flexibility, they are also 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 growth of the market over coming years.
Which Key Factors are Nudging Growth of the Marine Adhesives Market?
High bond strength between materials, strength against UV rays, elasticity, ability to absorb vibrations and impact, and high compatibility with paints are some of the advantages achieved through application of marine adhesives.
Marine adhesives are special adhesives that are highly effective in environments involving exposure to moisture and water. These adhesives are widely employed in new construction or repair works of water vessels such as commercial boats, leisure boats & yachts, cruise ships, and ferry boats.
Marine adhesives form an integral part of the vessel they are used for, as security, stability, and ability of the vessel is impacted by the quality of adhesives used. Marine adhesives are responsible for providing durability, stability, strength, and weather resistance to bonds between teakwood and artificial decks, portholes & windows, deck to spider hulls, and inflatables.
Attributable to these factors, adoption of marine adhesive products will continue rising across the forecast period.
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Which Key Restrains are Denting the Demand Outlook of Marine Adhesives?
Adhesives, including marine adhesives, emit volatile organic compounds (VOCs). These VOCs react with other gases to form air pollutants which are detrimental for the environment. Besides, they also have negative impact on marine life.
Hence, VOC emissions by these adhesives are hampering the growth of the market. Rising regulatory policies, as a result of growing environmental concerns, are further posing challenges to the market.
Many R&D projects are going on to develop eco-friendly marine adhesives.
What are the Regional Opportunities on Offer for Manufacturers of Marine Adhesives?
The market in Asia Pacific accounts for the largest share of around 34%. Growth witnessed in the region is attributable to large-scale usage of marine adhesive products, 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 market in Asia Pacific.
Europe is also an attractive market for marine adhesives. Stringent regulatory norms by the European Union (EU) and Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) on marine 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 also accounts for a sizeable share of the global market. According to Fact.MR, shifting trend towards sustainable products, technological advancements, and increasing R&D initiatives in the marine sector are forecast to drive the market in the region.
Furthermore, expansion of manufacturing capacity, competitive production costs, and several strategic developments in this industry are fostering market growth.
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What are the Insights on the China Marine Adhesives Market?
In China, the market has grown rapidly in recent years and is projected to expand at a CAGR of 6% from 2021 to 2031. Growth is due to the establishment of marine adhesive production facilities by several global manufacturers in the country.
Rising port trading in the country is propelling the cargo ships market, subsequently nudging the sales of marine adhesives as well.
What is the Marine Adhesives Production Analysis for the U.S.?
The market in the U.S. is anticipated to expand at a CAGR of 4.6% over the next ten years. Growth is attributable to the presence of major marine adhesives manufacturers in the country.
Also, many R&D projects are going on in the country for the development of eco-friendly marine adhesives that can used at varied temperature ranges.
What is Driving Demand for Marine Polyurethane Adhesives?
Based on resin, the polyurethane segment is projected to observe the highest growth in the global market through the forecast period. Growth witnessed in the segment is attributable to increasing use of polyurethane adhesives in deck to hull bonding, general-purpose bonding, above and below the waterline bonding, 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 market.
Will Demand for Marine Sealants & Adhesives in Manufacturing of Boats Remain High?
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 the market in North America and Europe. These factors will, in turn, boost demand for marine adhesives in the production of new boats across the analysis period.
Why is Demand for Application of Marine Adhesive Glues above the Waterline High?
Based on application, above the waterline segment is projected to witness rise in demand. Excellent gap filling capability of marine adhesive glues along with the ability to be painted over and sanded easily are key factors responsible for the growth of this segment.
Besides the above the waterline segment, the window sealing segment is forecast to grow at a significant rate over the coming years.
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The global marine adhesives market is extremely competitive in nature, owing to the presence of small as well as multinational manufacturers and raw material suppliers of marine adhesives 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 of marine adhesives to engage in R&D activities.
Furthermore, as per ratings on the basis of market share, market reach, clientele, etc., top marine adhesive distributors and manufacturers are also adopting key market strategies such as mergers and acquisitions to expand their product portfolios.
Marine Adhesives Market Report Scope
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
|Key Regions Covered||
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Segments Covered in Marine Adhesives Industry Research
- Marine Epoxy Adhesives
- Marine Polyurethane Adhesives
- Marine Acrylic Adhesives
- Marine Adhesives for Metals
- Marine Adhesives for Composites
- Marine Adhesives for Plastics
- Marine Cargo Adhesives
- Marine Passenger Ship Adhesives
- Marine Boat Adhesives
- Marine Adhesives for Deck Systems
- Marine Adhesives for Glazing Deck Systems
- Marine Adhesives for Panel Bonding
- Marine Carpe Adhesives
- Marine Wood Adhesives
- Marine Construction Adhesives
- Marine Vinyl Adhesives
Marine Adhesives Market- Scope of Report
A recently revised study by Fact.MR on the marine adhesives market offers a 10-year forecast for 2021 to 2031. The study analyses crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering marine adhesives.
The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, cost structure analysis, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies offering marine adhesives, along with their product portfolios, key strategies, and SWOT Analysis, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including revenue growth, and revenue generation across the globe.
A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the revenue of marine adhesives market during the forecast period.
Key Questions Answered in Report
- Which are the most lucrative markets for marine adhesives?
- Which factors will impact the growth of marine adhesives market?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the marine adhesives industry?
- What are the winning strategies of stakeholders in the market?
Market Size Evaluation
The market has been analysed for each market segment in terms of volume (`000units), and value (US$ Mn).
Market estimates at global and regional levels for marine adhesives are available in terms of “US$ Mn” for value and in ‘’’000 units for volume. A Y-o-Y growth contrast on prominent 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 revenue perspective in the global marine adhesives market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the 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 market during the forecast period.
Country-specific valuation on revenue for marine adhesives have been offered for each regional market, along with market scope estimates and forecasts, 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 for key countries has also been included in the report.
The report sheds light on leading providers of marine adhesives, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering marine adhesives have 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 portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the 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.
- FAQs -
Massive popularity of water adventure sports coupled with humungous utility of marine adhesives & sealants for the bonding of metal, composite, and plastic surfaces is driving market growth.
The global marine adhesives market is expected to reach a valuation of US$ 500 Mn by 2031.
Asia Pacific is expected to make notable contributions to global market revenue. Market growth in this region is attributable to large-scale usage of adhesives and sealants for marine manufacturing.
Henkel, 3M, Sika, ITW, Huntsman, and WEICON are key players leveraging market growth. 3M adhesive sealants for marine manufacturing are highly demanded in the market.
The polyurethane adhesives market is one of the dependent sub-markets in the marine adhesives market, and is anticipated to expand at a CAGR of 6.5% from 2021 to 2031.
The global marine adhesives industry is expected to expand at a CAGR of 5% across the analysis period.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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