Marine Adhesives Market - Forecast(2024 - 2030)

Report Code: CMR 83182 Report Format: PDF + Excel

Marine Adhesives Market Overview

The Marine Adhesives Market size is estimated to reach US$540.3 million by 2027 after growing at a CAGR of 5.9% during the forecast period 2022-2027. Marine adhesives are mechanical sealants that are used for blocking the fluid passage as these adhesives pose superior flexibility, durability, better performance, UV resistance and effectiveness for marine and water applications. Various adhesives based on epoxy, polyurethane, silicone rubber sealant, acrylic and others have a growing demand for applications in the repairing of ships, commercial ships, passenger ships, cargo and others, which acts as a driving factor in the marine adhesives market. In addition, rising production for passenger and commercial ships and seawater activities and interregional trade activities are propelling the growth of the marine adhesives industry. The covid-19 outbreak disturbed the functioning and growth of the marine adhesives market size due to the closure of marine and offshore production and a halt in ship manufacturing, logistics disruptions and supply chain issues. However, with recovery and an established base for the maritime sector post-pandemic, the applications of marine adhesives are rising, thereby offering major demand in the market. Thus, the Marine Adhesives industry is anticipated to rise during the forecast period.

Report Coverage

The “Marine Adhesives Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Marine Adhesives Market.

By Resin: Epoxy, Polyurethane, Acrylic, Polyether, Silicones and Others.
By Component: One Component and Two Components.
By Substrate: Composites, Plastics (High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE) and Others), Metals (Steel, Aluminum and Others) and Others.
By Application: Deck Systems, Panel Systems, Glazing Systems, Boat Frames, Exterior Seals, Sealing Electronics and Others.
By End-Use Industry: Cargo Ships, Passenger Ships, Naval Ships, Offshore Ships and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World [Middle East (Saudi Arabia, UAE, Israel and Rest of the Middle East) and Africa (South Africa, Nigeria and Rest of Africa)]

Key Takeaways

  • Asia-Pacific dominates the Marine Adhesives Market, owing to growing sea-borne trading activities and projects, maritime transportation, defense marine projects and expansion of the shipbuilding activities in APAC, thereby boosting the growth of the Marine Adhesives industry.
  • The growing cargo ships sector offers flourishing demand in the Marine Adhesives industry owing to rise in the commercial shipping and trade activities, thereby boosting the applications of marine adhesives for deck systems, panel systems, boat frames and others.
  • The demand for polyurethane resin type for Marine Adhesives is rising due to its advantageous features over silicone rubber sealant, epoxy, acrylic and others for resistance, durability, long-term finishing and performance, thereby boosting the growth in the market.
  • However, toxicity associated with the high volatile organic compounds (VOC) based adhesives poses a major environmental threat, thereby creating a major challenge in the Marine Adhesives market.

Figure: Asia-Pacific Marine Adhesives Market Revenue, 2021-2027 (US$ Million)

Marine Adhesives

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Marine Adhesives Market Segment Analysis – by Resin

Polyurethane held the largest share in the Marine Adhesives Market share in 2021 and is forecasted to grow at a CAGR of 5.8% during the forecast period 2022-2027. The demand and applicability of the polyurethane resin in the marine adhesives industry are high compared to other resin types due to its superior advantages such as unrivaled resistance, long-lasting finish and better adhesion compared to acrylic and epoxy types. Due to its superior advantages over other types, the demand for polyurethane resin for marine adhesives is growing for applications in deck bonding, hull, below the waterline, glass window bonding and others. In addition, the growing maritime trading and seaborne trading activities are influencing the growth of marine adhesives. Thus, with comparatively beneficial and superior advantages of polyurethanes in marine over other resin types, the polyurethane resin segment is anticipated to grow rapidly during the forecast period.

Marine Adhesives Market Segment Analysis – by End-Use Industry

The cargo ships segment held a significant share in the Marine Adhesives Market share in 2021 and is forecasted to grow at a CAGR of 6.3% during the forecast period 2022-2027. The marine adhesives are widely used in cargo ships for above and below the waterline, repair, sealing, bonding and others. The cargo ships sector is flourishing rapidly owing to factors such as a rise in commercial shipping activities, sea-trading projects and growing maritime transportation for goods import and export. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), the commercial fleet grew by 63 million DWT between January 2020 and January 2021. The general cargo ships fleet rose from 4,616.4 thousand DWT in 2015 to 6,333 thousand DWT in 2020 for China. According to BIMCO, the production orders for cargo container ships grew by 119% in the first five months of 2021 compared to 2020. With an increase in various cargo ships production and shipbuilding trends, the applications of marine adhesives for the hull, deck panels, bonding, boat frames and others in commercial ships are rising, which in turn is anticipated to boost the Marine Adhesives market size in the cargo ships sector during the forecast period.

Marine Adhesives Market Segment Analysis – by Geography

The Asia-Pacific region held the largest share in the Marine Adhesives Market share in 2021 up to 41%. The robust growth of marine adhesives in this region is influenced by surging seawater or marine trade activities and rapid growth in the shipbuilding sector. The marine sector is rapidly flourishing in Asia-Pacific owing to factors such as growing sea trade, rise in port activities and established marine shipbuilding production facilities in major countries such as China, Indonesia, India and others. For instance, according to the China State Shipbuilding Corporation (CSSC), the marine vessel newbuilding and equipment orders accounted for worth US$1.9 billion in China, with construction orders for 8 marine vessels and 8 marine equipment projects in December 2021. According to United Nations Conference on Trade and Development (UNCTAD), the shipbuilding in Indonesia accounted for 36,388 GT in 2020 and a rise of 6.7% for the national fleet capacity in 2020 over 2019. With the increase in marine production and shipbuilding activities, the demand for marine adhesives for various applications in deck systems, exterior seals, boat frames and others is rising, which in turn is anticipated to boost the Marine Adhesives industry in Asia-Pacific during the forecast period.

Marine Adhesives Market Drivers

Surging Sea Trade Activities & Projects:

Global maritime transportation and trade activities are growing rapidly. Marine Adhesives are widely used in passenger ships, cargo ships, offshore ships and others for application in deck systems, panel systems, glass window glazing, under the waterline and others. The maritime transportation and shipbuilding sector is flourishing rapidly owing to factors such as rising sea trading, technological advancements and growth in marine recreational and commercial activities. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), the annual growth in the marine trade was estimated to grow at 4.3% in 2021 after a contraction of 3.8% in 2020. Furthermore, an increase in projects for sea- trading and ports are influencing the growth. According to the India Brand Equity Foundation (IBEF), the total cargo capacity of all Indian ports rose from 1399.99 MTPA in 2014 to 2562.85 MTPA in 2021. Furthermore, the under Union Budget 2021, the total allocation for Ministry of Shipping accounted for US$233.48 million in 2020-21. With the increasing sea-borne trading projects and transportation activities, the applicability of marine adhesives in the deck, hull, ship repair and others is growing, which is boosting the growth prospects and driving the Narine Adhesives industry.

Rising Number of Shipbuilding Projects:

The Marine Adhesives have major demand for their applicability in various maritime vessels such as cargo ships, passenger ships, naval ships and others. The shipbuilding sector is growing rapidly owing to factors such as a rise in sea transportation, establishing sea-trade-related activities and demand for shipping services. For instance, the Daewoo Shipbuilding & Marine Engineering Co. received shipbuilding orders worth US$1.5 billion from Europe in February 2022. According to the National Marine Manufacturers Association (NMMA), the monthly shipment report states the growth in shipments of new boats by 6.1% in the US in January 2022, compared to January 2021. With an increase in shipping and marine vessel production, the demand for marine adhesives in applications for deck, hull, panel systems, waterline and others is rising, which in turn is driving and boosting the growth opportunities in the Marine Adhesives industry. 

Marine Adhesives Market Challenges

Environmental Hazards Associated with Adhesives:

The toxicity associated with various Marine Adhesives containing high volatile organic compounds (VOCs) creates a major impact on the environment due to hazardous emissions to marine life. The resins such as epoxy are considered toxic to marine ecosystems and lead to severe pollution and health effects involving skin irritation, burn and others. For instance, according to the U.S. Environment Protection Agency (EPA), Annex VI of MARPOL addresses marine pollution and checks for NOx emissions and VOC from marine equipment. Thus, toxicity associated with epoxy and high VOC-based adhesives in marine results in a major growth hamper and slow down and hinder the demand for various marine-based applications, thereby creating a challenge in the marine adhesives market.

Marine Adhesives Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Marine Adhesives market. The top 10 companies in Marine Adhesives Market are:

  1. 3M Company
  2. MAPEI
  3. Bostik
  4. Hunstman
  5. LORD Corporation
  6. Permabond
  7. H.B. Fuller
  8. Sika
  9. ExxonMobil Corporation
  10. Fujia Group

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1. Marine Adhesives Market - Market Overview
    1.1 Definitions and Scope
2. Marine Adhesives Market - Executive Summary
    2.1 Key Trends by Resin
    2.2 Key Trends by Component
    2.3 Key Trends by Substrate
    2.4 Key Trends by Application
    2.5 Key Trends by End-Use Industry
    2.6 Key Trends by Geography
3. Marine Adhesives Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis - Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Marine Adhesives Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Marine Adhesives Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Marine Adhesives Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Marine Adhesives Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Marine Adhesives Market – By Resin (Market size – US$ Million/Billion)
    8.1 Epoxy
    8.2 Polyurethane
    8.3 Acrylic
    8.4 Polyether
    8.5 Silicones
    8.6 Others
9. Marine Adhesives Market – By Component (Market size – US$ Million/Billion)
    9.1 One Component
    9.2 Two Component
10. Marine Adhesives Market – By Substrate (Market size – US$ Million/Billion)
    10.1 Composites
    10.2 Plastics
        10.2.1 High-Density Polyethylene (HDPE)
        10.2.2 Low-Density Polyethylene (LDPE)
        10.2.3 Others
    10.3 Metals
        10.3.1 Steel
        10.3.2 Aluminum
        10.3.3 Others
    10.4 Others
11. Marine Adhesives Market – By Application (Market size – US$ Million/Billion)
    11.1 Deck Systems
    11.2 Panel Systems
    11.3 Glazing Systems
    11.4 Boat Frames
    11.5 Exterior Seals
    11.6 Sealing Electronics
    11.7 Others
12. Marine Adhesives Market - By End-Use Industry (Market Size - US$ Million/Billion)
    12.1Cargo Ships
    12.2 Passenger Ships
    12.3 Naval Ships
    12.4 Offshore Ships
    12.5 Others
13. Marine Adhesives Market - By Geography (Market Size -US$ Million/Billion)
    13.1 North America
        13.1.1 the USA
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 the UK
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 the Netherlands
        13.2.6 Spain
        13.2.7 Belgium
        13.2.8 Rest of Europe
    13.3 Asia-Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 India
        13.3.4 South Korea
        13.3.5 Australia and New Zeeland
        13.3.6 Indonesia
        13.3.7 Taiwan
        13.3.8 Malaysia
        13.3.9 Rest of APAC
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Colombia
        13.4.4 Chile
        13.4.5 Rest of South America
    13.5 Rest of the World
        13.5.1 the Middle East
            13.5.1.1 Saudi Arabia
            13.5.1.2 UAE
            13.5.1.3 Israel
            13.5.1.4 Rest of the Middle East
    13.5.2 Africa
            13.5.2.1South Africa
            13.5.2.2 Nigeria
            13.5.2.3 Rest of Africa
14. Marine Adhesives Market – Entropy
    14.1 New Product Launches
    14.2 M&As, Collaborations, JVs and Partnerships
15. Marine Adhesives Market – Industry/Competition Segment Analysis Premium
    15.1 Company Benchmarking Matrix – Major Companies
    15.2 Market Share at Global Level - Major companies
    15.3 Market Share by Key Region - Major companies
    15.4 Market Share by Key Country - Major companies
    15.5 Market Share by Key Application - Major companies
    15.6 Market Share by Key Product Type/Product category - Major companies
16. Marine Adhesives Market – Key Company List by Country Premium Premium
17. Marine Adhesives Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10 and more
    * "Financials would be provided to private companies on best-efforts basis."

LIST OF TABLES

1.Global Marine Adhesives Market By Resin Market 2023-2030 ($M)
1.1 Epoxy Market 2023-2030 ($M) - Global Industry Research
1.2 Polyurethane Market 2023-2030 ($M) - Global Industry Research
1.3 Acrylic Market 2023-2030 ($M) - Global Industry Research
2.Global Marine Adhesives Market By Substrate Market 2023-2030 ($M)
2.1 Metals Market 2023-2030 ($M) - Global Industry Research
2.2 Composites Market 2023-2030 ($M) - Global Industry Research
2.3 Plastics Market 2023-2030 ($M) - Global Industry Research
3.Global Marine Adhesives Market By Resin Market 2023-2030 (Volume/Units)
3.1 Epoxy Market 2023-2030 (Volume/Units) - Global Industry Research
3.2 Polyurethane Market 2023-2030 (Volume/Units) - Global Industry Research
3.3 Acrylic Market 2023-2030 (Volume/Units) - Global Industry Research
4.Global Marine Adhesives Market By Substrate Market 2023-2030 (Volume/Units)
4.1 Metals Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Composites Market 2023-2030 (Volume/Units) - Global Industry Research
4.3 Plastics Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America Marine Adhesives Market By Resin Market 2023-2030 ($M)
5.1 Epoxy Market 2023-2030 ($M) - Regional Industry Research
5.2 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
5.3 Acrylic Market 2023-2030 ($M) - Regional Industry Research
6.North America Marine Adhesives Market By Substrate Market 2023-2030 ($M)
6.1 Metals Market 2023-2030 ($M) - Regional Industry Research
6.2 Composites Market 2023-2030 ($M) - Regional Industry Research
6.3 Plastics Market 2023-2030 ($M) - Regional Industry Research
7.South America Marine Adhesives Market By Resin Market 2023-2030 ($M)
7.1 Epoxy Market 2023-2030 ($M) - Regional Industry Research
7.2 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
7.3 Acrylic Market 2023-2030 ($M) - Regional Industry Research
8.South America Marine Adhesives Market By Substrate Market 2023-2030 ($M)
8.1 Metals Market 2023-2030 ($M) - Regional Industry Research
8.2 Composites Market 2023-2030 ($M) - Regional Industry Research
8.3 Plastics Market 2023-2030 ($M) - Regional Industry Research
9.Europe Marine Adhesives Market By Resin Market 2023-2030 ($M)
9.1 Epoxy Market 2023-2030 ($M) - Regional Industry Research
9.2 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
9.3 Acrylic Market 2023-2030 ($M) - Regional Industry Research
10.Europe Marine Adhesives Market By Substrate Market 2023-2030 ($M)
10.1 Metals Market 2023-2030 ($M) - Regional Industry Research
10.2 Composites Market 2023-2030 ($M) - Regional Industry Research
10.3 Plastics Market 2023-2030 ($M) - Regional Industry Research
11.APAC Marine Adhesives Market By Resin Market 2023-2030 ($M)
11.1 Epoxy Market 2023-2030 ($M) - Regional Industry Research
11.2 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
11.3 Acrylic Market 2023-2030 ($M) - Regional Industry Research
12.APAC Marine Adhesives Market By Substrate Market 2023-2030 ($M)
12.1 Metals Market 2023-2030 ($M) - Regional Industry Research
12.2 Composites Market 2023-2030 ($M) - Regional Industry Research
12.3 Plastics Market 2023-2030 ($M) - Regional Industry Research
13.MENA Marine Adhesives Market By Resin Market 2023-2030 ($M)
13.1 Epoxy Market 2023-2030 ($M) - Regional Industry Research
13.2 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
13.3 Acrylic Market 2023-2030 ($M) - Regional Industry Research
14.MENA Marine Adhesives Market By Substrate Market 2023-2030 ($M)
14.1 Metals Market 2023-2030 ($M) - Regional Industry Research
14.2 Composites Market 2023-2030 ($M) - Regional Industry Research
14.3 Plastics Market 2023-2030 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Marine Adhesives Market Revenue, 2023-2030 ($M)
2.Canada Marine Adhesives Market Revenue, 2023-2030 ($M)
3.Mexico Marine Adhesives Market Revenue, 2023-2030 ($M)
4.Brazil Marine Adhesives Market Revenue, 2023-2030 ($M)
5.Argentina Marine Adhesives Market Revenue, 2023-2030 ($M)
6.Peru Marine Adhesives Market Revenue, 2023-2030 ($M)
7.Colombia Marine Adhesives Market Revenue, 2023-2030 ($M)
8.Chile Marine Adhesives Market Revenue, 2023-2030 ($M)
9.Rest of South America Marine Adhesives Market Revenue, 2023-2030 ($M)
10.UK Marine Adhesives Market Revenue, 2023-2030 ($M)
11.Germany Marine Adhesives Market Revenue, 2023-2030 ($M)
12.France Marine Adhesives Market Revenue, 2023-2030 ($M)
13.Italy Marine Adhesives Market Revenue, 2023-2030 ($M)
14.Spain Marine Adhesives Market Revenue, 2023-2030 ($M)
15.Rest of Europe Marine Adhesives Market Revenue, 2023-2030 ($M)
16.China Marine Adhesives Market Revenue, 2023-2030 ($M)
17.India Marine Adhesives Market Revenue, 2023-2030 ($M)
18.Japan Marine Adhesives Market Revenue, 2023-2030 ($M)
19.South Korea Marine Adhesives Market Revenue, 2023-2030 ($M)
20.South Africa Marine Adhesives Market Revenue, 2023-2030 ($M)
21.North America Marine Adhesives By Application
22.South America Marine Adhesives By Application
23.Europe Marine Adhesives By Application
24.APAC Marine Adhesives By Application
25.MENA Marine Adhesives By Application
26.Henkel, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Scott Bader, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Sika, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.3M, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Illinois Tool Works, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.H.B. Fuller, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Huntsman, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Bostik, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Ashland, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.LORD, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Gurit, Sales /Revenue, 2015-2018 ($Mn/$Bn)