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Asia Pacific expected to amass major share in the global marine adhesives market with positive CAGR:- finds Fact.MR
Marine Adhesives Market
These factors, along with their high compatibility with environmental factors such as exposure to moisture and water, make marine adhesives a viable option for varied uses.
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 durability, strength, stability, and water resistance to bonds in decks, windows, portholes, spider hulls, and inflatables.
Increasing popularity of underwater adventure sports along with luxurious cruise tours is expected to surge the growth of the marine adhesives market over the coming years.
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Key Takeaways from Marine Adhesives Market Report
The marine adhesives market is expected to grow at a positive CAGR due to their properties of high durability and flexibility.
Asia Pacific is expected to amass a major share in the global marine adhesives market, due to low production cost, better marine vessel manufacturing facilities, and increasing naval bases in the region.
Marine adhesives find various applications in the boats segments, further boosted by rising popularity of recreational boating and leisure activities.
The polyurethane segment showcases a major share in the marine adhesives market, due to high shear and peel strength, as well as its moisture sensitive nature.
Marine adhesives can be used only within specific temperatures, causing major restrictions in their applicability.
The COVID-19 pandemic has caused disruptions in various sectors, including the marine adhesives market.
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Ban on transport and subsequent lockdowns have caused a slowdown in production due to the unavailability of raw materials.
This has directly affected sales, causing shutdowns of various plants.
Increased Research & Development Efforts to Boost Growth
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 the marine adhesives market.
Popularity of underwater sports has increased opportunities for players due to rising equipment innovations.
Players are now focused on launching innovative and advanced products. In April 2020, Hexcel launched the HexBond 679 adhesive film, which boasts of containing low temperature quick cure properties.
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Some of the key players in the global marine adhesives 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.
Valuable Insights on Marine Adhesives Market Report
Fact.MR in its latest report, presents a detailed analysis on the marine adhesives market for the years 2020-2030.
In order to provide better understanding, the market has been divided into several segments, based on application into frame to hull bonding, window sealing, deck hatch sealing, below the waterline, above the waterline, and others.
Based on type of resin, the market is divided into epoxy, polyurethane, silicone, and others. Polyurethane is expected to dominate the segment due to its wide range of applicability in marine vessel production.
On the basis of vessel type, the marine adhesives market has been segmented into luxury cruise, passenger ships, cargo ships, boats, and others.
Increasing demand for boats is expected to help this segment progress fast. The global marine adhesives market is segregated based on geography into North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.
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About the Chemical Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over a thousand reports and 1 million-plus data points, the team has analysed the chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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