Industry News

Marine Adhesives Market to Reach USD 466.2 Million by 2022

Published on 2017-11-03. Author : SpecialChem

The report "Marine Adhesives Market by Resin Type (Epoxy, Acrylic, Polyurethane), Substrate (Metals, Composites, Plastics), Vessel (Cargo Ships, Passenger Ships, Boats), Application (Deck System, Glazing System, Panel Bonding), and Region - Global Forecast to 2022", The marine adhesives market is estimated to reach USD 466.2 Million by 2022, growing at a CAGR of 4.6% from 2017 to 2022, in terms of value.

Marine Adhesives
Marine adhesives are widely used as substitutes for rivets, and welding, among other traditional fastening methods due to improved cost, weight, time, performance, and aesthetics. The adhesive bonding technique leads to the reduction in weight and provides a larger design space for lightweight ship constructions. The adhesive bonds are also durable in highly corrosive environments. These factors are expected to drive the adhesives market in marine applications during the forecast period.

Boating Segment

  • Based on vessel type, the boats segment is projected to grow at the highest rate during the forecast period. Recreational boating is expected to be driven by accelerations in personal consumption expenditures and disposable personal incomes, and due to rising spending on recreation and leisure activities, and aging used boat fleets that are expected to demand marine adhesives. The Asia-Pacific, South America, and the Middle East & Africa are the fastest-growing marine adhesives markets.
  • Growing coastal and maritime tourism makes significant contribution to the growth of recreational boating market in North America and Europe, and also acts as a major driver for market growth.

Polyurethane Segment

The polyurethane segment is expected to grow at the highest rate during the forecast period. The growth of this segment can be attributed to the increasing use of polyurethane adhesives for deck to hull bonding, general purpose bonding above and below waterline, glass window bonding, wood deck caulking, bonding hatches & port lights, bonding deck hardware and interior & exterior decorative panels. Polyurethane adhesives can be elastic or rigid, depending on the structure of thermoset or elastomer and curing techniques. They have relatively high shear and peel strength and are moisture sensitive.

The Asia-Pacific is expected to be the fastest-growing market for marine adhesives, owing to rapidly growing economies such as China and Philippines in the region. Various companies in the market are shifting their production bases to the Asia-Pacific, owing to the low cost of production and ease of serving emerging local markets. The global shipbuilding industry is expected to be led by the Asia-Pacific, and particularly by China, South Korea, and Japan due to cheaper wages, strong government backing, and strong forward & backward linkage industries. The top five shipbuilding groups of 2016 in terms of order book value are Hyundai Heavy Industry (South Korea), Daewoo Shipbuilding (South Korea), China State Shipbuilding Corp. (China), Samsung Heavy Industry (South Korea), and Imabari Shipbuilding (Japan) which are present in the Asia-Pacific.

Key players in the marine adhesives market are Henkel (Germany), 3M (U.S.), Sika (Switzerland), ITW (U.S.), Huntsman (U.S.), H.B. Fuller (U.S.), Ashland (U.S.), Bostik (France), LORD Corporation (U.S.), Scott Bader (U.K.), MAPEI (Italy), Permabond (U.K.), SCIGRIP (U.S.), WEICON (Germany), Gurit (Switzerland), Master Bond (U.S.), Parson Adhesives (U.S.), Anabond (India), HYBOND (U.K.), SABA Dinxperlo (The Netherlands), Chemique Adhesives & Sealants (U.K.), Riëd B.V. (The Netherlands), Hernon Manufacturing (U.S.), Engineered Bonding Solutions (U.S.), and Gougeon Brothers (U.S.).

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Source: MarketsandMarkets
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