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.
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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 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
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.
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
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.