The Marine Adhesives Market will witness growing pressure of environmental conservation, and manufacturers will need to take a sustainable approach, opines a new study by Dubai-based consulting firm Fact.MR. The shift away from chemical-based adhesives is not an outlier – entire categories are facing pressures from tightening regulations. However, as vaccine development invokes optimism of a recovery in 2021, marine adhesive companies can look forward to demand picking up from key industries.
“Increasing R&D activities for the manufacturing of eco-friendly products will remain central to the long-term strategy of market players.” says the Fact.MR report.
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- Use of marine adhesives in building, repairing, and management of boats will be the highest
- The ‘above the waterline’ application segment will continue to remain lucrative
- Polyurethane will remain key beneficiary segment owing to its extensive applicability range in marine vessel production
- APAC will be a key revenue generator and will offset sluggishness in traditional strongholds
Marine Adhesives Market – Driving Factors
Increase in substitute of traditional methods with marine adhesives due to their good flexibility, high durability and easy to use, is a major aspect driving the growth.
Increase in shipbuilding has spurred demand for high-performance marine adhesives for product quality. Consequently, marine adhesives demand has grown substantially in this sector.
Growing use of marine adhesives to plastic, composite, and bond metal components is likely to create opportunities
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Harmful emissions such as volatile organic compounds are hindering market growth
Growing regulatory policies, due to growing environmental concerns, are posing as a challenge
Anticipated Market Impact by COVID-19 Outbreak
Demand has decelerated due to a slump induced by the COVID-19 outbreak. Limitations imposed by governments to avert the spread of COVID-19 have impacted negatively on the entire value-chain.
Key marine adhesive manufacturers are focusing on research & development activities as well as are implementing key market strategies such as mergers & acquisition to extend their product portfolios.A few of the leading players operating in the global market include Dow Corning Corporation, SABA, 3M, Henkel AG & Company, Bostik, Adshead Ratcliffe & Co, and Sika.
More on the Report
The Fact.MR’s market research report provides in-depth insights into the marine adhesives market. The market is scrutinized based on application (frame to hull bonding, window sealing, deck hatch sealing, below the waterline, above the waterline, and others), resin (epoxy, polyurethane, silicone, and others), vessel type (luxury cruise, passenger ships, cargo ships, boats, and others), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).
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Research Insight: https://www.factmr.com/report/5412/marine-adhesives-market
Press Release: https://www.factmr.com/media-release/1761/global-marine-adhesives-market